Cryptocurrency hackers are a significant threat to cryptocurrency holders. According to recent research, 13.7% of the global population has experienced the theft of digital assets, including cryptocurrency.
These thieves are fueled by the low cost of committing an attack and the minimal risk of detection. In the last five years, hackers have stolen over $11 billion from mining platforms, exchanges, and custodial wallets.
Cryptocurrency hacks are a growing concern for many financial institutions and government agencies. The US Treasury recently issued a warning about the proliferation of North Korean hackers, warning companies against hiring them.
This alert even cites an interviewer who claimed to have hired a North Korean hacker. Regardless of the method used, cryptocurrency companies should take all precautions to protect themselves from phishing scams and money laundering schemes.
When these cybercriminals target financial institutions and healthcare providers, the stakes are high.
Since cryptocurrency has become a global asset for trade, cryptocurrency hacking has become a significant issue. As the price of digital assets increases, these criminals are becoming more sophisticated, making it more difficult to detect them.
Nonetheless, these criminals pose a real threat to law enforcement agencies, businesses, and individual users. Here’s a look at a few of the largest cryptocurrency hacks of recent years.
Hackers who target cryptocurrency exchanges typically gain access to a victim’s computer through a phishing website.
The hacker then encourages the victim to click on a link that contains phishing malware. The malware loads a crypto mining code onto the victim’s computer. This code runs in the background while the victim uses the computer.
While white hat hackers can also steal cryptocurrency from users, they are less likely to be found in the first place. The process of white hat hacking is the result of the hacker exploiting a vulnerability in the system.
White hat hackers don’t reveal their identities to avoid legal risk.
How Can You Avoid Cryptocurrency Hackers?
As the popularity of cryptocurrency continues to soar, so has the potential for theft. Recently, a hacker stole $600 million from the online game Coincheck. The hacker gained access to the funds via an exploit that he had discovered, which was a bug in the Coincheck software.
The funds were stored in a wallet that was connected to a server – a hot wallet. A cold wallet, on the other hand, is not connected to a server, making it more secure.
In addition, we would like to point out that not only hackers but also websites where you keep your cryptocurrency assets may steal your assets. Cryptocurrency ownership is tied to tokens, or long strings of encrypted numbers, on the blockchain.
Each token is associated with a private key owned by the owner, or an administrator appointed by the owner. Tokens and numbers can be hacked, but the encryption method takes years to succeed.
This is the lack of private keys and makes your cryptocurrencies and blockchains vulnerable to danger. If you do not control the keys to your cryptocurrency, it means that you cannot control what happens to your cryptocurrency under any circumstances.
If you don’t have a private key to those assets, it means your assets go to the company and you can’t own anything that way. But when you have private keys and they are secured, your investment in your wealth is yours.
For example, in the last incident with Celsis Network, it is seen that people who invest their funds on the platform are waiving their legal rights, so the platform is free to do what they want.
To avoid such a situation, the best thing to do is to use hardware wallets, which is a physical electronic device invented to secure Bitcoins.
Mitlena Crypto Wallet
In today’s world, it’s extra vital than ever to preserve your private statistics safe. With hackers constantly looking for new ways to steal our data, we need to be vigilant about protecting our information.
One way to do this is to use a Mitilena Wallet. A Mitilena Wallet is a secure, digital wallet that stores your personal information and encrypts it with a PIN. This means that even if your wallet is lost or stolen, your information will be safe.
Visit Mitilena Crypto Wallet‘s official site and read more about how it can help you keep your personal information safe.