The Sandbox has engaged online threat detection firm BrandShield to protect metaverse users from NFT scams and cryptocurrency exploits.
The Sandbox hires BrandShield
The Sandbox has retained the services of leading online threat detection company BrandShield. The metaverse company wants to protect its users from NFT scams and cryptocurrency exploits.
This is what we call an exciting day – a surprise visit from our new partner Arthur Madrid, CEO of @TheSandboxGame, a leading decentralized #gaming world and a subsidiary of @animocabrands.
Stay tuned to see where this takes us!#BRSD pic.twitter.com/DIPRJ6Iue3— BrandShield (@BrandShieldltd) July 21, 2022
BrandShield identified and removed 120 phishing sites and 58 fake social media accounts in March and April. The cybersecurity firm analyzes and classifies cyber threats to mitigate cryptocurrency attacks.
The Sandbox has made this decision in the wake of a recent increase in cryptocurrency and bridging protocol exploits. The company’s metaverse platform allows users to earn revenue from their gaming activity and from trading in-game items.
Attacks on Blochckain Gaming Platforms
Recently, hackers have targeted blockchain gaming platforms by exploiting their bridging protocols that connect communities to third-party blockchains.
In late March, one of the world’s most popular blockchain gaming ecosystems, Axie Infinity exploited its Ethereum Ronin bridging protocol to the tune of a whopping $625 million and Vulcan Forged’s NFT gaming marketplace was also hacked, forcing the metaverse gaming company to refund $140 million to the victims of the hack.
With hackers stealing more than $1.2 billion from various NFT and cryptocurrency gaming platforms this year, The Sandbox is taking proactive steps to ensure its community does not become the next victim.
Often, hackers use phishing links to trick unsuspecting users, and BrandShield will be able to identify them before they become active.
Sebastien Borget, director of operations at The Sandbox, said:
“In the open metaverse, users should be able to enjoy their true digital property rights and have new ways to create, store and trade value while having fun, rather than having to worry about online threats.”
“With its ability to monitor and protect against these attacks, BrandShield is a strategic partner to help more quickly identify and take down phishing attacks and various online threats from brand impersonators and bad actors,” he added.
He concluded by saying that The Sandbox also wants to engage its users in an educational program on fraud prevention methods.
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