Hacking Methods Used to Access Cryptocurrency Wallets

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Ever since crypto has become a popular way to store your money, there have been numerous scammers lurking around. One such is hackers, looking to steal your digital currency.

Hackers use different methods to try and access people’s cryptocurrency wallets. One popular method is phishing, where hackers will send an email or message that looks like it’s from a legitimate source but is actually a fake. They’ll often include a link to a fake website where they can collect your login information.

Another common method is malware, where hackers will install malicious software on your computer or mobile device to gain access to your wallet. This can happen if you click on a bad link, download a fake app, or even just visit a website that has been hacked.

Finally, there have been cases of exchanges being hacked and users’ wallets being accessed that way. This is why it’s important to keep the amount of currency you’re willing to lose in the exchange and store the rest in a secure wallet.

Phishing Attacks

Phishing is an online attack where criminals pose as a trusted entity to trick victims into providing personal information or financial data. This information is then used to commit fraud or theft.

Phishing attacks can come from emails, websites, or even text messages. They often mimic the branding of well-known companies or organizations to appear legitimate. Sometimes attackers will even create fake customer service numbers that mirror those of the honest company to further their deception.

Fake Hardware Wallets

Many types of hardware wallets are on the market, but not all are created equal. Fake hardware wallets are a real problem and can be challenging to spot. Here are a few things to look out for.

If a hardware wallet is being offered at a meager price, it’s likely a fake.

Real hardware wallets will have multiple layers of security, including PIN codes and passphrases. If a wallet doesn’t have these features, it’s probably not legitimate. Fake hardware wallets are often made with cheap materials that look and feel flimsy. When in doubt, go with a well-known brand name.

Suppose you’re concerned about fake hardware wallets. Research before purchasing. Stick with reputable brands, and read reviews from other users before buying.

SMS 2FA Verification Exploits

There are several ways that attackers can exploit SMS-based 2FA to gain access to crypto wallets. One standard method is known as “SIM swapping,” where the attacker tricks the victim’s phone carrier into transferring the victim’s phone number to a new SIM card controlled by the attacker. Once the attacker has control of the victim’s phone number, they can then use it to request 2FA codes from any associated services, including crypto wallets.

Another way that SMS 2FA can be exploited is if an attacker can intercept the victim’s 2FA codes as they are being sent over the air. This can be done using a device known as an IMSI catcher, designed to mimic a cell tower and trick phones into connecting to it. Once connected, the IMSI catcher can intercept text messages, including 2FA codes.

While SMS-based 2FA is still better than no 2FA, it is less secure than other methods, such as hardware tokens or app-based 2FA.

Malware

Malware is a type of software that is designed to damage or disable computers and computer systems. Malware can be used to steal information, hijack computing resources, and disrupt regular computer operations. Crypto wallets are particularly vulnerable to malware attacks because they often store large amounts of digital currency.

How to Protect Your Crypto Wallet

There are different ways to protect your crypto wallet. Basically, you should choose a good wallet, avoid unregulated brokers and exchanges, and have some sort of security verification.

Following the simple instructions provided below can save you a lot of hassle. It’ll help you increase the level of safety of your crypto wallet and avoid being hacked.

Use a Non-Custodial Wallet

If you want to protect your crypto wallet from hackers, one of the best things you can do is use a non-custodial wallet. With a non-custodial wallet, your private keys are never stored on a centralized server. This means that even if a hacker were to gain access to the server, they would not be able to steal your private keys and access your funds.

Non-custodial wallets also tend to be more user-friendly than their custodial counterparts. They often come with built-in features that make it easy for users to send and receive payments without having to worry about the technical aspects of the underlying blockchain technology.

Avoid Unregulated Trading Platforms

There are a lot of crypto trading platforms out there, and not all of them are regulated. That means you could risk losing your money to a hacker if you use one of these unregulated platforms.

To avoid this, make sure you only use regulated crypto trading platforms. Government regulators have approved these, and they have strict security measures in place to protect your money.

If you’re unsure if a platform is regulated, you can check with the financial regulator in your country.

Further, you can check the reviews of brokers. If you find a firm with a large number of negative reviews, such as Titan CFD, for example, you should avoid it by all means.

Implement App-Based Two-Factor Authentication

There are a few different ways to implement two-factor authentication for your crypto wallet, but using an app-based solution is generally considered the most secure method. There are many different apps that can be used for this purpose, such as Google Authenticator.

Once you have downloaded and installed one of these apps, you need to link it to your crypto wallet. This typically involves scanning a QR code or entering a secret key. Once your app is linked to your wallet, you can generate a unique code that will be required in addition to your password whenever you log in or make a transaction.

Avoid Reusing Crypto and Email Passwords

It’s no secret that crypto wallets are a hot target for hackers. In fact, a recent report found that nearly 1 in 3 people have had their crypto wallet hacked. That’s why it’s so important to take steps to protect your wallet from hackers.

One of the best ways to do this is to avoid reusing passwords. Hackers are constantly on the lookout for people who reuse passwords across different accounts. If they find one account with a reused password, they can often gain access to other accounts as well.

That’s why it’s important to use unique passwords for each crypto wallet. If you need help generating strong passwords, plenty of password managers out there can help.

Conclusion

If you want to keep your crypto safe from hackers, the most important thing is to use a strong and unique password for your wallet. You should also set up two-factor authentication whenever possible and avoid keeping large amounts of currency in a single wallet. Following these simple tips can help protect your crypto assets from malicious actors. Also more useful info here – https://globalfraudprotection.com/

It’s important to educate yourself and learn more about crypto trading scams. That way, you can keep your funds safe and avoid financial losses.

I am a young digital marketer and a blog analyst, Author from Uttarakhand, India. I have been into blogging since 2013 and helping businesses with their SEO requirements. I have 12 years of experience; during the journey, I have worked on many websites and made good friends. I research and share my knowledge with everyone to help them succeed as solopreneurs, businessmen, and entrepreneurs. You can also find me on LinkedIn and see my entire journey.