Cyber threats such as hacking are among the most significant challenges to crypto adoption. While Bitcoin boasts enhanced network security and privacy, it is not hacker-proof. Stories of hackers stealing Bitcoin from crypto exchanges and personal wallets have made headlines for quite some time, and nothing suggests they will stop soon. Bitcoin is a tech-based currency and asset with unique potential cyber risks. Among the best ways to address the threats is to understand their root causes and how they occur. The following article discusses the five ways hackers can steal your Bitcoin.
Phishing
Many hackers find it much easier and more effective to steal people’s Bitcoin by tricking them into giving up access. They mainly use seemingly legitimate but forged websites to attract unsuspecting Bitcoin users to their schemes. For example, hackers can fake the address of a trustworthy website, such as Bitcoin Loophole, to position themselves as an authentic crypto exchange platform. Hackers usually send random emails to Bitcoin users with links to their fake websites. Clicking the links will prompt you to enter authentication codes that hackers will then steal and use to withdraw your funds. Ignore suspicious emails and always confirm every website address you visit before entering sensitive information or making any transaction.
Malware
Malware infections are also a common way for hackers to steal Bitcoin. It mainly involves infecting your device with harmful programs or viruses to steal passwords and other sensitive information for accessing your crypto wallet. Some also embed malware into web pages so that users are redirected to malicious websites whenever they visit them. That can also enable hackers to easily access your devices, passwords, and PINS without knowing it. Installing an anti-virus program on your devices can help keep malware attacks at bay and protect your funds from hackers.
Stealing Secret Keys
Transacting Bitcoin requires two sets of keys; a public key and a private key. Bitcoin users share the public key with others, but the private key is confidential. The private key acts as a digital signature for authorizing transactions; anyone who gets it can access your funds. You can no longer retrieve your funds if the private key is lost. The private key is the last line of defense to your wallet. Thus, it is a goldmine for hackers since getting it gives them unrestricted access to your funds. They use various ways to steal people’s private keys, including browser extensions, system vulnerabilities, and compromising specific applications.
SMS Verification
Some hackers also compromise SMS verification messages to steal Bitcoin from unsuspecting users. Many crypto apps have 2FA (two-factor authentication) procedures, whereby users confirm transactions via messages. Hackers take advantage of that provision to intercept the messages before reaching their intended recipients, enabling them to acquire Bitcoin users’ sensitive information. They can also clone people’s SIM cards or wiretap their phones to access crypto wallets under the radar.
Mobile Applications
Most mobile trading apps boast high-security standards, but that is not always true. Some have poor architecture and numerous security loopholes, such as data leakage that hackers can easily compromise. While some hackers compromise mobile applications to steal Bitcoin, others also do it to conduct unauthorized transactions to manipulate the markets. Nevertheless, it is a severe threat that could see you lose all your funds in a split second. Bitcoin’s high-value proposition makes it a lucrative asset to investors. However, those opportunities also attract criminals such as hackers seeking to make quick profits. The above article has discussed the key ways hackers can steal Bitcoin and how to stay safe from those threats.
