Surely you have heard about burning  cryptocurrencies 🤔🤔Burning is the destruction of part of the coin. Its importance revolves around limiting the supply of that currency and thus raising its price - as we know -. All of these burning operations are recorded on the blockchain as a transaction, but how does the process take place?By sending the number to be burned ( on the platforms) to one of the burning or death wallets, the most famous one, the wallet (0x000000000000000000000000000000000000

Thousands of users are exposed daily to many forms of fraud and piracy. According to the latest statistics for the year 2023, approximately 889 million dollars in encrypted assets were lost. This is due to many reasons and loopholes, including technical, software, and some resulting from coincidence, perhaps due to the user’s ignorance, lack of awareness, or complacency. Most of the thefts that occur It is directly related to or based on one of these methods: - Social engineering: - ● One of the primitive methods, based on phishing, in which the attacker studies the victim’s interest - usually targeting naive victims - and relies on electronic promotional messages in which he uses reverse engineering and collects information from them to penetrate ● This method has a low risk rate. ● This type of attack can be avoided by carefully dealing with all spam emails and making sure to activate two-factor authentication (2Factor). Authentication).Guessing passwords Brute-force-attack:- Most of us use wallets based on the BIP39 protocol, which is an algorithm standard that relies on only 2048 words. If, for example, you download TrustWallet and create a wallet that gives you a private key for recovery and passwords as well (recovery phrase), this The list was not chosen randomly, but was chosen carefully, so that there is no more than one word that begins with the same first four letters. The wallet words are generated randomly based on these complex mathematical algorithms. The wallet then uses the random wallet words to generate the wallet encryption keys. Specific and general, usually consisting of 12 or 24 words. Of course, all of these conditions make the guessing process difficult, but with the recent AI wave and the development of quantum computers, the risk rate has increased and spelling guessing is not as difficult as expected.● The threat rate is low to medium.● This type of attack can be avoided by using trusted wallets only, as most of the thefts that occurred were the result of To share spelling checks with a third party. Cloned websites and mined contracts: - The majority of wallets are targeted by these methods, in which one of the official websites is forged by changing the domain or a number of characters, and once the user falls into the trap, the hacker can obtain the signature and complete control over the assets of the wallet. Among the common reasons Also dealing with forged smart contracts, which are usually injected with codes and calling functions such as initWallet, which can pass the wallet address and seize it.● The threat rate of these attacks is high.● We can protect ourselves by not interacting with contracts unless we are sure of their nature and also verify the HTTPS protocol when linking. On any site, when any suspicious movement is detected, the window must be closed. Also, continuous updating of all programs is sufficient to give us the necessary protection. Thefts related to security vulnerabilities: - ● They are usually few, but one must be alerted because they are of high risk, examples of which include cold wallet vulnerabilities and block chain vulnerabilities ( Nodes vulnerabilities: For example, immediate cancellation of transactions was not allowed, but increasing the commission contributed to passing the transfer. This mechanism allows changing the recipient and sending the currencies back to the sender. This requires advanced technological knowledge and is usually linked to the developer of the currency itself, as well as attacks associated with decentralized platforms such as sandwiching attacks carried out by bots by manipulating slippage levels and other vulnerabilities that we can discuss in more detail and understanding. Its mechanism in upcoming topics....#Write2earn#WalidCommUNITY @Walid-Cryptopedia