Hack tricks of the crypto wallets and measures for preventing them

The experts that developed the multi-currency wallet BitMarket Network Client discovered some imperfections in many cryptocurrency wallets.

These bags give hackers the opportunity to steal digital coins from users in a variety of ways. 

Some blockchain wallets allow users to replace an outgoing, unconfirmed transaction with a new one, but with another commission. 

Thanks to this, the holders could pay the miners a higher amount for the transfer of the cryptocurrency, so that they quickly confirm the operation. 

At the same time, it became a loophole for hackers. 

To steal cryptocurrency, they first have to replace the transaction with another, but with an extremely low commission. 

This will ensure that the cryptocurrency transfer will not receive confirmation. 

The hackers then replace the pending transaction with their own, leading to the digital wallet they control. 

As a result, the funds go to criminals, but at the same time, the user’s application shows that the coins were delivered correctly. 

The bug gives hackers another opportunity. 

They can spam the user’s address with a lot of fake transactions to make a discrepancy between the real and displayed balance. Finally, the crypto wallet becomes unusable for users. 

But it turned out that hackers cannot bypass the protection of two-factor authentication wallets, because in this case, the scammers will need access to the mobile phone.

But wallets with such a security system don’t store customer personal data, so these services are the safest. 

One of these is BitMarket Network Client. 

It is a cross-platform multi-currency wallet with two-factor authentication. Registration and entry into this wallet are carried out only through the seed phrase, no personal data, including email and IP address, are needed.  Besides, the wallet is very easy to use. Its interface displays the entire history of transactions and shows cryptocurrencies at current rates. 

The service is international, that is, the wallet works in English, Portuguese, Russian, German, French, and Chinese.

The main advantages of the Bitmarket wallet are:

1. Safety

The open-source application excludes the influence of developers.  Cold storage allows you to store private keys offline.  The application does not require registration and does not use your data.

2.   Convenience

BitMarket is a modern multicurrency wallet with comfortable U1 / UX and all the necessary tools.  The amount for each currency and the total value is displayed in fiat.  Fast synchronization for all presented currencies. 

3. 24/7 Access

Transaction anywhere, anytime thanks to its cross-platform.  You can open a wallet using a seed phrase (a set of words) and get access to managing your assets. 

To reduce the risk of theft of your virtual funds and help ensure the protection of crypto wallets, BitMarket experts recommend following some rules. 

• Keep your devices up to date and use a reliable security solution for both your PC and your mobile device that has the Online Payment Security feature to protect multi-currency wallets or other financial programs.
•  Before downloading the crypto wallet, visit the official website of the service and find out about the availability of the application.
• When downloading a crypto wallet from Google Play, check the number of downloads, ratings and reviews. Be wary of new apps that have too many positive reviews.
•  Use multi-factor authentication for additional protection of your crypto wallet.
•  Be careful when entering the phrase and the recovery key for the crypto wallet.
•  Enter the wallet address manually, without copying and pasting.  And after entering, do not forget to check the correct spelling of the address.
• Find out if the app provider offers protection or insurance for users in case of loss of funds. 

Remember: the safety of your money depends on you.  Use only proven money storage services.