Published on September 27th, 2021 | by Bibhuranjan

4 Ways Hackers Try and Steal Bitcoin

Given that cryptocurrency is traded in a 100 percent digital platform, it is quite concerning that hackers can run off with your assets. Once they gain access to your account or transaction, they can siphon off the funds. The worst part is that it is nearly impossible to recover the assets and almost unheard of actually to find the culprit. These instances of cyber criminals stealing digital currency have increased in 2021 due to cryptocurrency prices skyrocketing. This is why it is increasingly important to understand how hackers operate and what tools they are employing today in their efforts to steal bitcoin.

Watch Out for Apps

You probably use quite a few applications downloaded either from the App Store or from Google Play. The problem is that would-be hackers have as well. They frequently use apps to hack into crypto accounts. This is often a problem when you have not enabled some type of two-factor authentication on your account.

To safeguard yourself against such hacks, do not install mobile applications unless you really need them. When you decide to use an app, you will want to add two-factor authentication to identify you as the legitimate owner of the crypto account. You will also want to check all of the links that are used when downloading an app to make sure it is from a trustworthy source.

The Bots in Slack

Slack has turned into one of the most popular messaging and project organization applications used by businesses worldwide. This makes it a perfect target for hackers. You will want to be careful of Slack bots that appear and look legitimate. They may be asking you to do things with your crypto account from within Slack that will give the hacker instant access. When you receive a Slack bot, report it immediately so that it can be blocked. You will also want to use Avira antivirus software to help combat this problem.

Hackers Use Add-Ons Meant for Crypto Trading

Hackers have also become skilled at using browser extensions and other Internet add-ons to ply their trade. To help combat this, use a different browser for all of your cryptocurrency transactions than you use for other Internet activity.

For example, if you normally use Chrome for all internet activity then use something like Firefox for all things cryptocurrency like checking the Bitcoin prices or converting BTC to fiat when you need it for purchases. You should also use incognito mode and avoid downloading any crypto-related add-ons. It is also recommended that you get a separate computer or mobile device that you use exclusively for your crypto trading activities.

SMS Authentication is Not Perfectly Secure

Hackers can also gain access to the SMS system on your phone and intercept messages meant for you to authenticate a crypto account transaction. To keep this from happening, make sure that you turn off the call forwarding feature on your mobile device. Consider using a second authentication source that is not a text message, such as a software application, to confirm your identity.

These are just four of the tools that hackers are using to steal bitcoin today. There are plenty of others as well. The key is to be on your guard and ensure that you have your own security efforts implemented to keep hackers away. That is how you will rest assured that your crypto assets are safe and sound in the digital realm.

Cover Photo by Worldspectrum from Pexels

Tags: crpyot hacking, crypto, crypto trading

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.