Cryptocurrency is attractive to thieves because they can instantly and discretely transfer from anywhere using only an encryption key or passcode.
It is politically non-affiliated and provides privacy for its users. While beneficial to users, these features also increase Bitcoin’s appeal to criminals. In some countries, the legal status of bitcoin is unclear.
This means that Bitcoin theft prevention is not a high priority for the local police. Despite this, Bitcoin usage continues to rise. Bitcoin trading is now conducted primarily on digital exchanges like Bitcoin Era. To buy or sell Bitcoin, users need a Bitcoin exchange.
Cryptocurrency exchanges are where people like Bitcoin can trade their currency for fiat currency. Recently, some people have lost money as a result of hacking crypto exchanges and having their Bitcoin transferred by fraudsters.
Coin Return Group, a company that deals with crypto recovery after fraud, believes that knowing what to look out for is the best way to avoid getting scammed. According to the Coin Return Group, the following are the most common ways thieves steal cryptocurrency.
Crypto Exchange Attacks
Thousands of customers flock to cryptocurrency exchanges every year. Furthermore, many keep millions of dollars in these systems. This makes them an easier target for people with bad intentions.
Hackers can steal Bitcoin from the wallets of reputable cryptocurrency exchanges. Many exchanges also offer P2P trading, making their customers target unscrupulous individuals. Due to the increased convenience of cryptocurrency exchanges, many traders keep their Bitcoin there.
There is a risk that hackers will target a legitimate cryptocurrency exchange and make off with user funds. In the case of stolen crypto, companies like Coin Return Group can help recover stolen crypto.
Phishing
Social engineering attacks, or “phishing,” are commonly used to steal sensitive information from users of cryptocurrency exchanges and wallets. During a phishing assault, a fake email trick the victim into visiting a malicious website and providing sensitive information.
This information can include private keys, mnemonic phrases, and login credentials. The target is duped into visiting a phishing site or installing malware after being sent to a malicious link.
The MyEtherWallet incident in 2017 was the simplest example of a successful phishing attempt. The hackers emailed the MyEtherWallet user base, warning them that they must synchronize their wallets to comply with the Ethereum hard fork.
Once the user clicked the link, they were redirected to a phishing website that appeared identical to the actual thing. Still, the URL has an extra, nearly undetectable character for tiny detail.
Users who weren’t paying attention gave up their private keys, passwords, and other sensitive information from their wallets to hackers, who subsequently stole their cryptocurrency.
Corrupted File Downloads
There are many zero-day and one-day exploits for Microsoft Word, Excel, and Adobe Programs. These exploits ensure that antivirus products will not identify malware and provide bad people complete access to victims’ workstations.
Through this, they can spy on the victims and have a backdoor to their information.
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