Protect digital assets, & Crypto wallets

Protecting digital assets and crypto wallets involves implementing a variety of security measures to ensure that the assets and funds stored in them.

Now that you have access to the metaverse, perhaps you want to deepen your experiences and purchase something on the metaverse. This could be a clothing item for your avatar or online persona, or maybe a non-fungible token, or maybe you like a new outfit displayed in the metaverse store of Prada, or perhaps you need to buy more Robux for your kid. Many types of purchases can be made in the metaverse, and you may or may not need a metaverse specific currency.

Some of the commonly used digital currencies that work on the metaverse in general are Ethereum, Mana for Decentraland, SAND for The Sandbox metaverse. AXS, oraccess, Robux for the Roblox metaverse. Some of these currencies are specific to their own metaverse and may not be interchangeable.

The first step in acquiring digital currency, or metaverse money, is to have a cryptocurrency wallet. There are many crypto wallets available, and while some have had a bad rap due to vulnerabilities and hacks, most of them promise security of your funds.

Crypto wallets work because they connect with your financial institution and convert your standard currencies such as dollars, pounds, or other major global currencies into a metaverse specific currency. Some wallets only offer conversion of a specific metaverse currency, while others may provide the conversion for multiple metaverse currencies.

Here is a list of some popular metaverse wallets: MetaMask, Coinbase, Enjin, Math,Alpha, Coinomi, Trust Wallet. You will need to create a wallet account and fundit through your financial institution in the real world to buy and sell anything on the metaverse.

Wallethacks have occurred many times recently, and this responsibility falls on the wallet provider. However, please do not rely on third parties as much as on yourself to do the due diligence needed.

Here are the top three possible attacks you can face and how to protect yourselves from them

Phishing attacks have been very common over the past decades. In these attacks, the bad guys lure their victims to fake links, to websites that either deploy a malicious code or copy information from users' browsers to the cyber criminal's server. This could be an act of simply clicking on a banner ad on the metaverse and ending up on a website. Organizations need to implement strict IT security policies that may include limiting bring your own device, or BYOD, shadow ID,and also keep devices under strict protocols for downloading third-party content.

Malware attacks come through a device installing unauthorized scripts. These downloaded software scripts are able to hold your computer for ransom, also known as ransomware, or they can create an inconvenience, such as not allowing you to access files. Malware happens by interacting with people you don't know and compromised metaverse sites.

IoT attacks. An Internet of Things, or IoT attack can happen when a cybercriminal hacks into your device. They vary in nature and range from smart TV hacks to specialized equipment hacks in a manufacturing plant. Access to IoT equipmentto the metaverse can usually occur to a point of interface, such as a VR headset or a hack that exploits a connection between a computer and a VR headset.

If cybercriminals are able to tunnel through the vulnerabilities in your VR headset and exploit any security shortcomings or flaws in the device's design,it could lead to trouble. Best ways to secure your organization from such a hack is to keep your VR headset software up to date by checking for updates and security fixes before every use.

Although we have seen three major types of cybercrime on the metaverse, there are at least 20 other types of hacks that can happen online. The metaverse complicates online participation, as there are less rules and regulations in place.

Rrahul Sethi
Updated on  
March 17, 2023
5 min read