“Payzero” Scams and The Evolution of Asset Theft in Web3

Web3 is a lucrative emerging technology where many participants seek quick profit via the different methods of monetization for their online assets. What makes Web3 different from what’s typically called Web2 is that its users are not only participants but are also the owners of digital assets. Web3 users no longer employ the traditional user and password method for authentication. Instead, the user owns a pair of cryptographic keys and sign the messages. The signature is then used to validate and authenticate user actions.

Compared to Web2, this adds a new layer of complexity as the new paradigm and authentication mechanism can be challenging to comprehend. In Web2, users can employ usernames and passwords for authentication with large online service providers.

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Source: Trend Micro