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Top Methods Used by Hackers to Steal Cryptocurrency

cryptocurrency theft methods


To deal with cryptocurrencies in optimal conditions, one should pay very close attention to security features. Using digital money is more often than not a real challenge for the average Joe, given his lack of awareness about all the dangers from the online world. The internet had plenty of weaknesses, and when it comes to stealing cryptocurrencies, hackers generally use a few methods. Since there had been many of whom were left without their hard-earned tokens, here are some of the details you should know.

# Slack Bots

One of the most common methods involves a slack bot, which sends notifications to users about issues with their cryptocurrency wallet. The main goal is to convince the user to click on the notification and then type the private key, which is when the hacker gains full control over the funds stored. Since mid-2017, there had been many cases of cryptocurrency thefts using this technique, which means it is important to pay close attention to the notifications related to your cryptocurrency wallet.

# Social Engineering

The focus on social engineering is also on the rise, as cybercriminals ramped up their focus on cryptocurrency newbie users. Hackers manage to mimic the authorization pages of exchanges and manage to fool people into providing their authentication details. What’s even more concerning is that fraudulent websites and paid ads are still on the rise, even if most of them end up being banned. When it comes to crypto vs. fiat, both positives and negatives can be found. That’s not an excuse to keep your guard low and not focus on cryptocurrency security measures.

# SMS Authentication

Using mobile authentication as a second layer of security is very common, simply because a lot of people are constantly using their phones. Although this method is handy, hackers can use the SS7 protocol and intercept an SMS with a password confirmation. Some experts recommend to stop using SMS verification and instead focus on a software-based 2FA, which does not have the same vulnerability.

# Add-ons for crypto trading

Browser extensions are popular because of using cryptocurrency wallets is more comfortable with them. However, these pieces of software vulnerable due to JavaScript development. As seen in our previous article, cryptojacking is still a popular practice among hackers. You don’t want someone to find your wallet details, or use your PC resources to mine cryptocurrencies. In 2019 there were more than 11000 dark web platforms selling tens of thousands of offers. Keeping personal funds’ information private should be an even greater priority in 2020, considering hackers find new innovative methods.