Misconfigurations in smart contracts are being exploited by scammers to create malicious cryptocurrency tokens with the goal of stealing funds from unsuspecting users.
The instances of token fraud in the wild include hiding 99% fee functions and concealing backdoor routines, researchers from Check Point said in a report shared with The Hacker News.
Smart contracts are programs stored on the blockchain that are automatically executed when predetermined conditions are met according to the terms of a contract or an agreement. They allow trusted transactions and agreements to be carried out between anonymous parties without the need for a central authority.
