Cryptocurrency was created as a secure transaction path and has found pride in that fact until recent years when hackers seem to have got the hang of the system and are now infiltrating wallets.
Millions of dollars have been lost from these fraudulent transactions, and the system that is claimed to be very secure now has a loophole.
Most of these hacks have been done to the customers and not the entire system, but to be honest, what is the system without its customers making transactions on the clock?
Recently, Solana users’ wallets got hacked. A lot of people saw that their coins had been drained. Researchers could not pinpoint the cause of this except the common factor, which was that most of the compromised wallets were Solana-based.
The attackers used seed phrases that were stored on a centralized network. With these phrases, they were able to infiltrate any wallet connected to it.
Another way that crypto has been hacked is through targeted bots. These bots are one-time password bots programmed to trick you into thinking that your account is getting hacked, but in reality, they want to get access to your account by stealing your 2 Factor Authentication Code.
Sometimes these bots are not used initially; instead, real people impersonate crypto company customer care representatives to gain access to your account.They will assure you that you are not giving access to any individuals but instead to a server (bots) to authenticate your account.
Sim swap is another way to hack accounts. This type of hack is done when hackers manipulate carriers to think that your sim is the one on their phones.That way, they can gain access to your wallet because most verifications will be sent to your sim (disguised as theirs) and carried away with your entire crypto savings.
As we now know that crypto is not as safe as we thought it would be, it is always wise to have preventive measures in place to secure your assets.Ensure that all of your cryptocurrency is not stored in a single wallet, and consider using a hardware wallet, which is not connected to the internet and cannot be accessed by hackers.
Have you had any experience of losing your crypto to hackers and have lost faith in the system, or do you still believe that crypto is impenetrable?
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Photo by Kanchanara
