How Hackers Steal Millions in Crypto — And How to Stay Safe

Crypto is a world phenomenon today. Individuals purchase and provide coins such as Bitcoin, Ethereum, and lots more assuming they can make a profit. In Nigeria also a lot of the youth are rushing to the crypto as it is quick, international and seems like a means of getting out of the naira trap. However, as crypto has rendered some individuals wealthy, it has also come with a lot of tears.

Hackers are all around, and they seek to rob. Millions of dollars disappear annually in the hands of innocent individuals who end up in their traps. The unfortunate thing is that after your crypto is stolen, there is no bank to call or the police to arrest anyone. Your money is simply gone. That is why it is extremely important to learn more about the work of hackers and the way we can save ourselves.

Phishing is one of the most frequent tricks adopted by hackers. This is when they develop fraudulent sites, fraudulent emails, or fraudulent applications, which appear to be the ones. As an illustration, they are able to develop a web site which resembles Binance or Trust Wallet to a dot and be forwarded the link through Telegram or WhatsApp to people. Otherwise, they have the ability to empty your wallet within seconds, as long as you do not happen to be sharp and type in your password or seed phrase.

Phishing is so harmful as the fraud web pages may appear to look very authentic. I have once received a message that stated that there was free USDT airdrop, and the site resembled a well-known exchange. Had I inserted my particulars, I would have lost all. It is due to this that one must never forget to check links and should never write sensitive information on websites that are unfamiliar.

Malware and fake applications are also used by hackers. Malware is just a bad software that resides in your phone/computer. In some cases, it may be in form of free apps, pirated software or even a counterfeit wallet app. However, after downloading and installing it, the malware begins monitoring you by recording your keystroke or acquiring your private keys.

An example of this is that a person can post a false MetaMask application on Google Play Store. You believe that you are not in danger, but all your information is sent directly to the hacker, just in case you download it. Here you have lost your coins before you know it. This is our reason of being cautious as to only download wallet apps on the official websites or even trusted app stores.

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The other trick that is employed by hackers is referred to as social engineering. This is not the act of assaulting your phone but on your brain. They impersonate customer support of a crypto exchange, or pretend to be a friend you can trust and that they are going to assist you. Telegram and Twitter have been full of scammers who pose as Binance support.

They make direct messages, requesting you to give your wallet details to them in order to resolve your problem. And they empty your account the instant you hand over to them your seed phrase or password. None of the existing support teams will ever require you to provide keys privately, and none of the actual company will contact you initially. When anybody demands that type of information, then he is a hacker.

The big exchanges themselves are also victims of hackers. They make the perfect targets since billions of dollars flow through those platforms. Previously, exchanges such as Mt. Gox and Coincheck were hacked by hackers to the tune of hundreds of millions of dollars.

Although exchanges have endeavored to enhance security, they are still threatened. When a hack is made on an exchange, customers are likely to lose all their money. That is why, it is said that it is not your keys, it is not your coins. When you have your money in an exchange wallet you are not in control of it. The best course of action is to lock up your coins in a personal wallet with which only you possess key to.

Hacking is not the only form of scam. Others are in the form of counterfeit projects or counterfeit coins that are formed with an intention to defraud individuals. Developers will develop a new coin, market it on social media and make people invest. After sufficient funds have been pumped in, they take off with this money. It is what is referred to as rug pull. Nigerians have lost money through such scams.

The coins are cheap and purport to be good, therefore everybody is rushing to purchase as it may turn out to be the next Bitcoin. However, within several weeks the project fails and the money is lost. It is yet another method, which scammers and hackers steal millions without even laying their hands on your device.

What now remains to be asked is, how can we keep safe? The initial one is never to disclose your seed phrase or personal key to any person. As soon as you hand it out your wallet is used up. It should not be requested by any support team or friend. The second one is that one should always verify links and websites before filling in. One misplaced letter in a connection may be the only distinction between protection and complete loss. The third is to download applications only with the assured sources.

Do not just put any wallet you see in the internet. Access legitimate web sites or authentic apps stores. A hardware wallet should be used in case you have enough money in crypto. It is a compact physical device that stores your coins offline and it is extremely difficult to be touched by hackers. Lastly, hype projects are to be handled with care. Research on before investing. When something looks so good, then it is most likely as well.