The cryptocurrency market has witnessed a rise in crypto-related cybercrime since the turn of the year. However most notably the discovery that many Initial Coin Offerings (ICOs) are turning out to be scams. A recent research carried out by cybersecurity company Carbon Black in June suggests that cryptocurrency investors lost about $1.1 billion to cybercriminals.
However, a new Google Chrome extension designed to detect potential ICOs scams has been made available. With this, investors are guaranteed an added layer of security and protection.
The Google Chrome extension called Uppward was launched on the 22nd of August by Singapore-based Uppsala Foundation. The developers who are also the team behind the Sentinel Protocol are naming the new extension the Search Engine for Secure Investing in ICOs.
Upward will be alerting users of spoofed sites posing as legitimate ICOs by using crowd-sourced threat intelligence. And data from Sentinel Protocol’s Threat Reputation Database implemented on a blockchain. In addition to this ground-breaking application, the extension will also flag suspicious wallet addresses.
This development comes after it was reported that Uppsala Foundation’s founder Patrick Kim lost about 7,218ETH to hackers. This motivated Kim to enlist the help of the Sentinel protocol and some ethical hackers to create a verification platform. Thus it is based on the blockchain which will be accessible in the Google Chrome browser.
How Does It Work?
Kim explained that the aim of Uppward is to collate addresses to phishing websites and record them in an accessible database. As a result, users will be able to easily verify the legitimacy of start-up companies with ICOs. After double checking, if there exist any suspicion, the link will be further tested via a segregated virtual environment by a sandboxing technology.
The launch of sentinel protocol intends to partner with wallets and payment services and crypto exchanges to terminate the circulation of stolen cryptocurrencies.