8 Ways Crypto Wallets Can be Hacked

According to Chainalysis 2022 report, hackers stole a record $14 billion cryptocurrency worth in 2021. That's 79% more than in 2020. The appetite of the bandits is growing, which is why I wrote this article. Now let’s discuss ways how to hack crypto wallet.

Phishing

Phishing means clone websites created by cybercriminals to extract your personal data. In the case of cryptocurrency, these are private wallet keys. Today, this is one of the most common and profitable types of fraud in the crypto world. Although now, its share in the total cybercrime number is decreasing. In 2017, this figure was 88%, and in 2018 it was less than 39%. But the danger is still there, so be prepared. Crypto criminals are attacking wallets on exchanges as well as cryptocurrency buying platforms.

What to do to avoid being caught by phishing? Be careful, check the HTTPS protocol, and be wary of the free distribution of crypto.

Trojans

A trojan is a virus that infiltrates the system under the guise of licensed software. How does this apply to cryptocurrency?

There is a virus - Win32.Rakhni, which finds a crypto wallet in your computer, encrypts your computer, and creators, later on, beg you for money to unlock it.

What else can trojan do? Steal your computer's processing power for hidden mining. The trojan is spread via e-mails that contain a pdf file. Once you open it, the virus is on your computer.

As in the case of phishing, there is only one way out: don't open any suspicious e-mails and be very attentive to any attachments.

Keyboard spy

They are also called keyloggers. This tool records everything you type on your keyboard. Accordingly, such a spy also writes passwords, including keys to your wallet. Your antivirus program already has protection from all known keyloggers, except that they multiply like mushrooms after the rain.

Use special software to keep them from harming you.

Public Wi-Fi

Public Wi-Fi is one of the most popular tools for cybercriminals. After all, authorized users actually gain access to your information. Hackers went further and learned to reconnect devices to their Wi-Fi networks. And now all hands in their hands: what you have going on as well as what passwords and keys you have there. All this becomes known to them.

How do you protect yourself? Upgrade your router and never do any transactions involving public Wi-Fi.

Bots

They send notifications to the user that something has happened to their wallet. The primary purpose is for the user to click on the button and enter a secret code.

The recommendations are logical: don't click anywhere you shouldn't and send complaints about these bots.

Authentification

This is done via SMS and is one of the most popular ways to verify transactions. By redirecting such messages to your number, fraudsters can get, reset and set your password at the post office, and then the key to the wallet is not far away. Also, criminals can hack your personal account in the mobile operator's app or even issue a duplicate of your SIM card so that they can use it to steal your data.

Don't use SMS verification but a particular two-factor authentication program to avoid this.

Apps on your smartphone

This threat concerns all Android users in the first place. Attackers create their applications and place them on Google Play, where verification is more lenient than on the App Store. The apps mimic crypto wallets or exchanges, through which fraudsters get the owners' personal data. And later, on the official websites (real exchanges and cryptocurrency wallets), take your crypto. There are even applications that run hidden mining on your device.

So what should you do to avoid falling for these fakes? Don't install applications you don't need. And be sure to check the links to the applications on the company's official websites.

Browser extensions and plugins

There are a lot of them, and all of them are needed to make it easier for you to handle crypto wallets. At the same time, they are almost always highly vulnerable to hacker attacks.

How to deal with this threat? Install a separate browser for trading and update your antivirus software more often. And yes, don't download unverified plugins and extensions.

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