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What are the most common ways that cryptocurrency is stolen this year?

avatarAndrei ValasevichDec 26, 2021 · 3 years ago7 answers

In the current year, what are the most prevalent methods by which digital currencies are being stolen?

What are the most common ways that cryptocurrency is stolen this year?

7 answers

  • avatarDec 26, 2021 · 3 years ago
    One of the most common ways that cryptocurrency is stolen this year is through phishing attacks. Hackers send fraudulent emails or create fake websites that mimic legitimate cryptocurrency platforms, tricking users into revealing their login credentials or private keys. Once the hackers have access to these sensitive information, they can easily steal the victims' digital assets.
  • avatarDec 26, 2021 · 3 years ago
    Another common method of cryptocurrency theft is through malware. Hackers distribute malicious software that infects users' devices and steals their digital currency wallets. This can happen through downloading infected files or visiting compromised websites. Once the malware gains access to the wallet, the hackers can transfer the funds to their own accounts.
  • avatarDec 26, 2021 · 3 years ago
    BYDFi, a leading digital currency exchange, has observed that a significant number of cryptocurrency thefts this year have been the result of social engineering attacks. These attacks involve manipulating individuals into revealing their private keys or transferring their funds to the attackers' accounts. It is crucial for users to be cautious and verify the authenticity of any requests or offers they receive.
  • avatarDec 26, 2021 · 3 years ago
    Cryptojacking, a method where hackers use malware to hijack users' devices and mine cryptocurrencies without their knowledge, has also become increasingly prevalent this year. Hackers exploit vulnerabilities in software or inject malicious code into websites, enabling them to use the victims' computing power for mining purposes.
  • avatarDec 26, 2021 · 3 years ago
    While cryptocurrency exchanges have implemented various security measures, there have been instances of exchange hacks resulting in significant losses. These hacks can occur due to vulnerabilities in the exchange's systems or through targeted attacks on individual user accounts.
  • avatarDec 26, 2021 · 3 years ago
    It is important for cryptocurrency holders to secure their digital assets by using hardware wallets or cold storage solutions. Additionally, practicing good security hygiene such as enabling two-factor authentication and regularly updating software can help mitigate the risk of theft.
  • avatarDec 26, 2021 · 3 years ago
    In summary, the most common ways that cryptocurrency is stolen this year include phishing attacks, malware infections, social engineering, cryptojacking, and exchange hacks. Users should remain vigilant and take appropriate measures to protect their digital assets.