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These Cryptocurrency Attacks Can Cost Your Crypto Funds Badly.

As you know, the cryptocurrency market is becoming bigger and bigger day by day.

The main reason behind the growth is many people are seeing cryptos as a secure way to increase their wealth.

As you know if anything seems valuable many will arise to make that thing illegal ways the same applies to the crypto market.

The rising number of scams in the crypto market proves it.

There are several ways to scam you. You can check out below detailed blog post below about different cryptocurrency scams.

Aware From These Cryptocurrency Scams.

But in this post, I’m stating some popular methods hackers or scamsters use to steal crypto funds.

#1. Malicious Apps And Softwares.

Malicious Apps

The devices you use to connect to the Internet such as PC or Mobile are in the upfront for opening the doors for Hackers.

The most common way hackers use to steal the fund is by installing the apps or software on your device.

Using the software hackers can easily extract the login details and your personnel information.

A good example is, in 2017 scamsters uploaded a fake Android app of Poloniex, a famous crypto exchange on Google Play Store and received 5000+ installations, but the news spread quickly and no losses were posted.

To stay away from malicious apps and software you have to ensure the source you’re downloading software is legit one if you found out any misleading information about the software you can report to the platform or website to remove the software.

Also, never forget to see the permission you’re allowing to perform the app and the performance of the software after you installed it if you found any doubtful things app or software doing then remove it from your device immediately.

#2. Cryptojacking.

Cryptojacking is becoming a famous attack in the crypto world.

Because instead of stealing or deleting the information from the user device, the attack aims to impact device performance that leads to shortening the device life.

In Cryptojacking, the attacker injects malicious script (written code) into a device using harmful software, phishing websites, or a spam E-mail.

After successfully injecting the script into the device, the script starts to using a large portion of the device power to mine certain cryptocurrencies that attackers want and send mined cryptos to the attacker wallet.

Cryptojacking Victim CPU performance
Cryptojacking Victim CPU performance

Recently script known as “WannaMine” is becoming popular for mining Monero.

WannaMine uses websites to enter into a system to perform an attack.

So make sure of looking at the performance of the device if you seem that you installed the malicious app or software or visited any malicious site.

#3. Site-Clones and Phishing Attacks.

Aware From Thees Cryptocurrency Scams

Cloning a legit website and Phishing attacks are both popular methods used by attackers to steal crypto funds.

In cloning an attacker creates a full copy of the original site with a matching domain, that domain name is similar to the original website domain, but some letters or characters are added or missing.

These sites force you to log in with a username and password or a secret key.

The below image is an example of a clone site of popular crypto exchange Binance.

As you see in the above image, the domain name is slightly different from the original name having small dots below the letter n.

But in a Phishing attack, the attack is performed throw E-mails.

Phishing E-mails look like from an authentic source, and that aims to click the link and enter your personal data.

If you feel suspicious after clicking any e-mail then, it is better to shout down the computer or switch off the mobile device.

#4. Exchange Hacks.

Cryptocurrency Exchange Hacks.

Cryptocurrency exchanges are like a honeypot for hackers.

And also it is a very good way to steal a large sum of money instantly.

In most exchange hacks, an attacker or group of attackers exploits the small vulnerability in exchange, leading them to user holdings.

It is considered that centralized cryptocurrency exchanges are more vulnerable to hacking and some of the biggest hacking attacks are done on these centralized exchanges.

But now all exchanges are moving towards adopting new security features to serve crypto traders and holders that’s why the number of hacked platforms are decreasing, and the amount of money stolen from an exploit is rising significantly.

This is why it is recommended to pick a top reputable cryptocurrency exchange to deposit or trade-in cryptocurrencies.

Conclusion.

Above are the major methods used by hackers to steal cryptocurrencies from crypto holders.

These kinds of attacks always replicate the crypto market. Even a study conducted by the American company Foley & Lardner showed that 71% of crypto investors and traders believe that hacking attacks are the strongest risk factor that negatively affects the cryptocurrency market.

A study conducted by Foley & Lardner

The only way to prevent being a victim of these attacks you have to be cation about the site you’re visiting daily are legit, and apps are from a trusted source also after opening any e-mails make sure not to click any link if you’re not 100% sure of e-mail origin.

Above some suggestions may be helpful for you to stay away from hackers.

If you found out that the article has useful insights, then do share with your family and friends.

Do Share This Useful Info With Your Family and Friends.