As you know cryptocurrencies are becoming more and more popular day by day.
Because more people are seeing cryptos as the secure way to increase their wealth.
That’s why the crypto market is growing day by day.
As the market expands it leads much vulnerability to scammers and hackers to steal crypto funds.
There are several ways to scam you, you can check out below detailed blog post about cryptocurrency scams.
Today we are looking at some of the hacking attacks used by a hacker to steal your crypto funds.
Malicious Apps And Softwares.
Now almost everyone uses mobile devices for all kind of internet activities.
That includes money transfers, managing bank accounts also managing crypto funds and many more financial activities.
Mobile requires Apps to perform certain tasks and Hacker can use those apps to steal your personal information’s, passwords and many more details.
If apps are installed from untrusted sources then ther is a higher chance of being a victim of hacking.
Google controlled Android is a famous and vulnerable system on mobile devices because there are so many third-party apps are available for this platform.
Once hackers uploaded fake Poloniex cryptocurrency exchange app on the Google Play store.
Hackers succeeded in presenting the platform as a mobile getaway for the popular exchange.
In fact, Poloinex had nothing to do with developing the application for Android and there were no links on the platform’s website to the false Android application.
Over 5,500 traders were affected by the malware before Google Play removed the software.
Same situations can occur with PC software, that’s why check before using any software or apps and I recommend using two-factor authentication for every accounts and app those you have.
This attack is becoming famous in the crypto world.
Because this attack cannot target cryptocurrency holder directly.
Instead of stealing passwords or social engineering a crypto holder, this attack target every computer user.
In Cryptojacking, the attacker injects malicious script (written code) into a computer by installing some harmful software or phishing websites and spam E-mail.
After opening a malicious software or website or E-mail, scripts run in the background and that script is starting to use computer power to mine Cryptocurrencies.
Recently script known as ” WannaMine” is becoming popular for mining Monero cryptocurrency.
WannaMine uses websites to enter into a system to perform an attack.
Cryptojacking attack can cause you and your computer badly by a slowing down performance of the computer and utilizing more electricity to mine.
Site-Clones and Phishing Attacks.
Both attacks are old but powerful to trick anyone.
An attacker creates a full copy of original site with matching domain, a usual domain name is similar to the original website but some letters or characters are added or missing.
These sites forces to log in with username and passwords or a secret key.
Below image is an example of one of popular crypto exchange Binance site clone.
Most phishing attacks performed throw the E-mails.
Those E-mails looks like from the authentic source and aims to force you to click the
That’s why always compare a link address with the original website and ensure that uses HTTPS connection.
If something feels you suspicious then shout down the computer or switch off the mobile device.
Yes, cryptocurrency exchanges are like a honeypot for hackers.
If hacker exploits the small vulnerability in exchange then it cost all of its crypto depositors.
Centralized cryptocurrency exchanges are more vulnerable to hacking and some of biggest hacking attacks are done throw these centralized exchanges.
Now all exchanges are adopting new security features to serve crypto traders and holders but the number of hacked platforms is decreasing and the amount of money looted from an exploited platform is rising significantly.
That’s why pic reputed cryptocurrency exchanges to deposit and trade in cryptocurrencies.
Above are some methods used by hackers to steal cryptocurrencies from crypto holders.
A study conducted by the American company Foley & Lardner showed that 71% off crypto investors and traders believe that the hacking attacks are the strongest risk factor that negatively affects the cryptocurrency market.
That’s why don’t install any fake or cracked software to your device, and always be sure with the trading website, at last, ignore any spam E-mails that promises to double your investments and never share your Private key.
Above some suggestions may helpful for you to stay away from Hackers.
If you have any suggestions or if you want to add some points then feel free to mention those in the comment section.