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The Simple Tools Hackers Use To Steal Your Coins Will Shock You: Part 1

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Stolen Cryptocurrency

As cryptocurrency continues to carve a place for itself in the global financial services industry and elsewhere, hackers are employing simple techniques that wallet holders may not be paying attention to in order to steal their cryptocurrency. You probably woke up to your depleted wallet with digital currencies moved to untraceable addresses. Guess what, you fell a victim to a technique which you are about to learn now.

Apps In Online Stores

The most notorious method of hacking victim’s phones is through an online store. A new survey shows that Android OS-enabled smartphone users are the hardest hit. To play it safe and avoid hackers, Android-powered smartphone users, which unarguably outnumber any other smartphone OS users the world over, must implement 2-factor identification. This security feature requires users to not only use login parameters for account access, but it also mandates them to use unique features, such as physical tokens.


Another worrisome tool is a bot. The method is very straightforward: users write bots to inform virtual currency users that something is wrong with their coins/tokens, emphasizing on how important it is that it should be corrected in a New York minute! With an instruction to use a private key to tackle the supposed abnormality, that’s all they need. The cryptocurrency can then be moved to a destination where they cannot be traced anymore. Yes, your private key does the magic. The preventive step is to block the bots the minute they pop up.

Crypto Trading Add-on

Add-ons are important in modern day internet technology. Though, when they appear as crypto trading add-ons, you must have a second look at them. The reason is simply that they are some of the tools hackers deploy to transfer your cryptocurrencies to a wallet of no return. Indeed, Ajax and Web 2.0, which are vulnerable to web tools, have exposed users further to add-on-related theft. To effectively manage this machination, use a separate browser for cryptocurrency activities. Also, by maintaining an incognito mode and avoiding cryptocurrency add-on downloads, you are introducing a reasonable level of safety to your trading, mining and other cryptocurrency-related activities. Lest we forget: installing antivirus also helps a lot.

Authentification Via SMS

It looks simple and sounds rather funny. Though the thing is, hackers are steadily going on spending sprees with the cryptocurrency they generate through this means. This is understandable, given that many smartphone users prefer the use of SMS authentification due to its convenience. A cybersecurity firm, Positive Technologies, has demonstrated that Signaling System (SS7) protocol can intercept SMS and with the help of personalized support tools, the scientists were able to hijack the messages. The avert this: simply turn off call forwarding, making it impossible to access your data.

Be on the lookout for Part 2 soon!


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