Cryptocurrencies are growing in popularity, but at the same time, threats are constantly evolving and growing. As more people invest in cryptocurrencies, it becomes increasingly profitable for attackers.
I'm victim of the scams as well so this is what we will discuss today how you can prevent from these hackers/scammers.
Hackers can steal cryptocurrency in a variety of ways, from stealing or guessing your password, to hacking trading platforms, to luring your information through phishing attempts, and more.
Before we get into #CryptoSecurity measures lets discuss the most common hacks.
Exchange Vulnerabilities
Exchanges facilitate cryptocurrency transactions and storage, making them prime targets for hackers. Hackers can exploit security weaknesses and steal significant amounts of digital assets from these platforms. You may have heard it multiple times that an exchange was exploit, The most recent example we have is Wazirx india exchange was hacked resulting in the theft of digital assets exceeding $230 million.
Bridge Exploits
Bridges connect different blockchain networks, enabling the transfer of cryptocurrencies like BTC to ETH. While essential for interoperability, bridges are susceptible to attacks due to their role in transferring assets between blockchains.
Wallet Insecurities
Wallets are essential for managing cryptocurrencies, and they are categorized as hot (online) or cold (offline). Because they are connected to the internet, hot wallets are vulnerable to hacking attempts.
Understanding these vulnerabilities is crucial for safeguarding your crypto assets effectively.
Tactics That Hacker Use
Phishing Attacks
A phishing attack in crypto is when scammers pretend to be trusted companies or people to trick you into giving them your passwords or other important information. They might use fake websites, emails, or messages that look real. Once they get your information, they can steal your cryptocurrency.
They can also send you a link and once you click on that or connect your wallet, your money will be gone.
Airdrop scams are very famous, hackers create fake websites of famous coins asking people to claim the airdrop and steal their funds.
Exploiting Vulnerabilities
Exploiting vulnerabilities in crypto means hackers find and use weaknesses in cryptocurrency systems. They use these flaws to steal money, change transactions, or cause problems. These weaknesses can be in the software, the blockchain, or the security of wallets and exchanges.
Private Key Theft
Private key theft in crypto is when someone steals your private key, which is like the password to your cryptocurrency. If a hacker gets your private key, they can access and take your funds without your permission. This can happen if you store your key insecurely or if you fall for scams or malware.
Ways To prevent from being hacked
User A Reputable Exchange
Before making any trades, understand that some exchanges are more secure than others. Do your research to find out which cryptocurrency exchanges have been attacked in the past, because if an exchange has been hacked, it indicates poor security or a vulnerability, so your investment may be at risk.
Most cryptocurrency exchanges will not legally secure your cryptocurrency investment in the event of a cyberattack, so you could lose your assets if it is compromised.
That’s why it’s important to choose an exchange that uses security best practices, such as requiring multi-factor authentication.
I would personally suggest you to choose binance as your exchange their multi layer security is so good that icludes
2FA (two factor authentication)
Email authorization
Number Authorization
Pass key
These security layers gives you a peace of mind that your funds will not be easy to hack.
Connect With Website or Clicking links
Do not connect your wallet with any website offering your some airdrop tokens and do not click on any link you see on social media or being sent to you privately unless you are sure that it's a trusted website or you trust that person.
Use Hardware Wallet
Your money on the internet will never be safe. The best way to prevent from hacks is use a hardware wallet to store your crypto.
if you're not using the money for trading or investing purpose then a much better and safe option is keep the money in hardware wallet.
Keep cryptocurrency separate from personal/work matters
Keep your cryptocurrency transactions separate from your personal and work devices and accounts. You should create an email dedicated to your crypto wallet rather than using a personal, school, or work email that you may not have access to.
Never access your crypto wallet on a work or public computer, and consider using a separate device for crypto transactions, such as a dedicated laptop or smartphone.
Protecting yourself can significantly reduce the risk of falling victim to such scams. It secures your investments and contributes to a safer crypto ecosystem overall. Stay Safe
