Today’s post is on Crypto Hacks – a term as old as cryptocurrency itself!
Yes…cryptocurrencies might be the talk of the town but that doesn’t mean it’s a smooth path to tread.
Believe me, it’s the wild West out there!!!
Newbies, as well as professionals in the crypto space, can fall prey to a crypto hack.
In this article, I’ll discuss common crypto hacks and how you can secure your wallet from getting hacked.
Click on any of these to go straight to the section you want to read.
1. What is a Crypto Hack?
A Crypto Hack is another way of saying that cryptocurrencies have been stolen from a wallet or an exchange.
But for this post, I will be focusing on wallet crypto hacks.
These thieves, otherwise known as scammers or hackers, steal cryptocurrencies strategically.
A hacker can steal your cryptocurrencies if they access your private key.
Anybody that has the private key of a wallet can send out crypto.
Think of your private key as your ATM card pin; only you and anyone who knows your pin can withdraw from your account.
This is why you should guard your private key with your all.
However, hackers do not necessarily need your private key to steal from you. They have other ways of getting what they want.
Hackers use different tactics to lure you into sending money to their wallets.
Yup! they’re that smart.
These hackers are so good at what they do that those unsuspecting victims fall prey easily.
More reason why you must always be careful when doing anything in the blockchain space.
Now that you know the meaning of crypto hacks, let’s dive into the everyday crypto hacks and how to avoid them.
2. 6 Common Crypto Hacks and How To Avoid Them
i. Fake Google Ads
These scammers might be thieves, but one thing we can’t deny is the fact that they’re smart.
Creating fake Ads that will appear as pop-ups on our screen is one of the ways crypto hacks are carried out.
To be honest, it’s challenging to detect a fake advertisement from a genuine one. However, never log into your wallet through a link provided by an ad.
To avoid this from happening to you, only log into your wallet through a legitimate website.
But, of course, if you don’t know the website, a simple google search will always save the day.
As a general rule of thumb, never log into your wallet on a site directed by an ad.
ii. Direct Messages on Telegram, Discord, or Twitter
Sometimes, these hackers boldly send you a direct message on a social media platform.
These scammers clone the account of a top official in an exchange or that of a crypto influencer. This single move can make them seem genuine.
They chat you up with some convincing story and then try to get you to send a given amount of crypto to an unknown wallet.
As old as this crypto hack is, scammers still use it to deceive people. Sadly, many people have lost their crypto this way.
Like I said before, these scammers are clever; they can come up with the most believable lie.
If the scammer attempting to steal your crypto is very good, it can be hard to detect till it’s too late.
However, you must never forget that no reputable official or legitimate person will chat you up asking you to send money to a wallet.
If anyone tells you to send money to any wallet, BLOCK THEM. They are definitely after your coins!
iii. Demanding Only Crypto Payments
Crypto-only payments aren’t wrong in and of themselves. Some organizations receive crypto-only payments to encourage crypto adoption.
But here is the thing, blockchain provides a decentralized platform that gives you total control over your money.
However, this independence means that transactions made on the blockchain are done anonymously.
In simple words, if you send money to a scammer pretending to be a vendor, it will be impossible to trace the wallet the money entered.
The absence of a centralized body means there’s no regularization in the space.
So, if you’re to send crypto as payment for anything, make sure you’re dealing with a reputable person or organization.
Always do your own research on any person or organization you’re dealing with or about to deal with. Don’t just believe what they say about themselves.
When you encounter unverifiable people or organizations, RUN. Doing business with such people is risky! You might never get what you paid for.
And since the transaction was done on the blockchain, you won’t be able to trace the wallet that received the funds.
iv. Crypto Hacks Through Phishing Emails
Emails criminals send claiming that your wallet has been blocked or barred are called phishing emails.
Out of the kindness of their dark soul, they ask you to click on a link in the email to help unblock your wallet QUICKLY.
You innocently click on this link, fearing that your wallet has been blocked. After which, you are redirected to a page requesting your wallet logins.
You input your details, and it’s all gone like magic!
Your coins are gone!
No, I’m not trying to sound scary or dramatic; this happens to people. Unfortunately, many people have been robbed of their cryptocurrencies this way.
It’s a sad way to lose money, but things happen, right?
However, here is how to ensure it doesn’t happen to you.
Firstly, NEVER CLICK ANY CRYPTO OR WALLET RELATED LINK IN AN EMAIL, don’t do that!
Always check the main website if you’re concerned about your wallet being blocked. Your wallet provider will inform you once you open your wallet that your wallet has been blocked or has a problem.
If you don’t get a message on your wallet, disregard such an email.
The network providers will make a general announcement on their official website or Twitter page if there is a technical issue with their wallets. They won’t send you an email.
If you can access your wallet, it isn’t blocked. Just ignore and block the email address. Your wallet is safe, provided you did not click on any link or carry out any action.
v. Hacking of Password
Hackers can easily crack your password if it’s straightforward. So make your password as complicated and as long as possible; use a mix of letters, numbers, and symbols.
Don’t use a single password for all your accounts and emails. Also, change your password often; a 6 months duration is okay.
Write down your password in a secure book so you don’t forget them. Also, ensure you are the only person with access to this book.
You can set up a 2-factor-authenticator; this provides an additional layer of security.
vi. Having Access to your Seed Phrase
As a general rule of thumb, you don’t share your seed phrase with anyone. No matter how convincing the person sounds, never share it.
In crypto, the one with the seed phrase is the owner of the wallet, not the actual owner. So anyone with your seed phrase can send money out of your wallet.
Hackers employ many manipulative tactics when they want to get your seed phrase. Unfortunately, we can’t keep track of all their schemes.
So to avoid a crypto hack, don’t share your seed phrase with anyone.
There you have the various crypto hacks and how to stay safe from them.
Join me in the next section to round up this post.
This part concludes today’s post.
No matter how rich you’re, no one ever wants to have their coins stolen.
But unfortunately, hackers do not care about you or how you feel. So there will always be a crypto hack.
These hackers are respecters of no one; it doesn’t matter your experience level in the space.
If you’re ever reckless with your wallet information, hackers will help themselves with your coins.
To avoid this, follow all the advice provided in this article.
Now, let’s talk:
Do you know more crypto hacks I didn’t discuss in this article or new schemes created by these fraudsters?
Let me know in the comment section; you might be saving someone’s crypto today.
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