News Visualizing The Rising Problem Of Crypto Theft (And How...

Visualizing The Rising Problem Of Crypto Theft (And How To Protect Yourself)

-

- Advertisment -

Part of the appeal of cryptocurrency is that it exists “outside” of the system.

Using complex cryptography and decentralized ledgers, Visual Capitalist’s Jeff Desjardins explains, a blockchain can operate independently from the world’s most powerful countries, corporations, and banking institutions.

While this detachment from authority is extremely powerful, existing almost exclusively in the digital realm does have its drawbacks.

PREVENTING CRYPTO THEFT

Today’s infographic from CryptoGo shows that as cryptocurrencies rise in prominence, so does its appeal to hackers, criminals, and other bad actors.

With millions of dollars being stolen via crypto theft, investors and other dabblers in cryptocurrency must take precautions to protect their assets for the long haul.

Visualizing The Rising Problem Of Crypto Theft (And How To Protect Yourself)

Courtesy of: Visual Capitalist

Crypto theft comes in many different forms, and at least $225 million of cryptocurrency has been stolen as of mid-2017.

There are various forms of crypto theft that have made this possible, including brute forcing, phishing, phone-porting, mining malware, and Ponzi schemes.

STRATEGIES USED BY CRYPTO THIEVES

Here are the most prominent forms of crypto theft:

Brute Forcing

This is the form of hacking that most are familiar with. It involves automated software that simply tries different passwords until one works.

Phone-Porting

Using your phone number and a little “social engineering”, a hacker can convince a customer service rep that they are actually you. This allows them to reset your password and access your funds.

Phishing

In this case, a hacker will send you suspicious links through email or social media messages. By clicking on one of those links, malware is installed.

Ponzi Schemes

Multi-level marketing schemes that provide signing bonuses. These eventually collapse when prices change or signups stop. Once over, the thieves takes the money and run.

Mining Malware

Hackers hijack a computer’s power to mine cryptocurrency remotely.

Protecting Yourself

Crypto theft can be prevented by taking appropriate precautionary measures.

These include using encrypted backups to hold private keys and other data, using proper anti-virus software for crypto, and opting for multi-factor authentication.

Further, other general measures can also be taken to protect assets, such as holding only small amounts of cryptocurrency in hot wallets, using safety deposit boxes to store USB and private paper keys, turning off SMS authentication and email recovery options, and diversifying holdings through various exchanges.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -Visualizing The Rising Problem Of Crypto Theft (And How To Protect Yourself)

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -Visualizing The Rising Problem Of Crypto Theft (And How To Protect Yourself)Visualizing The Rising Problem Of Crypto Theft (And How To Protect Yourself)

You might also likeRELATED
Recommended to you