How to Hide Bitcoins from Hackers?

A report from a study by Foley & Lardner, an

Annie Clain

• 3 min read
How to Hide Bitcoins from Hackers?

A report from a study by Foley & Lardner, an America company, revealed that 71% large investors in the cryptosphere are much concerned about theft. It is the greatest risk that negatively affects the whole market.

Hackers are rated top global threats for cryptocurrencies. The fintech strategy director at Autonomous Research, Lex Sokolin states that thousands of people fall victims of crypto-thefts. This happens mainly through phishing, voluntary sending money to fraudsters, which never returns among other ways.

There are over 250 million potential victims in the world. In 2017, Hackernoon compiled a report and data, which divided hacking activities into three categories:

  • Attacks aimed at blockchains, exchanges and ICOs
  • Software distribution for hidden mining
  • Attacks on user wallets

This means you can be easily affected, no matter how you use your Bitcoins. You can hide your Bitcoins safely away from hackers. Here are 7 ways hackers can get to you and how to avoid.

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Keep your Identity Safe

Your account credentials could be traced by the hackers. They can match your identity information left on different websites with data leaks from hacked sites.

Tips to avoid it:

  • Don’t register on exchanges or cryptocurrency wallets under your public email address
  • Use 2FA authentication
  • Use bitcoin mixer to cut all ties between your identity and your secured wallet. https://bitcoinmix.org recommended.

Mobile Apps

There are many apps on Google Play and the App Store. Those Smartphone owners on Android and iOS who don’t use Two Factor Authentication are most vulnerable to attacks from hackers. The sites make your phone open to viruses which can affect your private keys.

Tips:

  • Don’t install apps just because you see them there
  • Use 2FA authentication on all apps
  • Always double-check the links to apps on official sites

You May Also Read: Blockchain Security Issues Explained

Bots in Slack

Slack bots aimed at bitcoins theft have become a popular means since 2017. These are bots created by hackers to notify users about issues with their cryptos. The person may be forced to click the link and enter private keys; the bots then block the user almost immediately.

Tips:

  • Block such bots or block them
  • Ignore
  • Use security bots like Metacert or Webroot to protect the Slack-channel

Crypto Trading Ad-Ons

It is normal for search engines and internet browsers to offer extensions. These are used to customize the user interface to improve the experience. These extensions are built on JavaScript, making them vulnerable to hacking. These threats are becoming more apparent by the day.

Tips:

  • Don’t use the same browser with Bitcoins as other activities
  • Use the incognito mode
  • Avoid crypto add-ons
  • Have a designated device for crypto only
  • Use anti-virus and install network protection

You May Also Read: Why is Blockchain Secure?

Authentication via SMS

Mobile authentication has become common among many users. This is mainly because a Smartphone is much portable. However, it is very easy to intercept a mobile SMS bearing password confirmation. These texts are transmitted practically by the Signaling System 7(SS7) protocol.

Tips:

  • Disable call-forwarding. This makes it impossible for the attacker to access
  • Don’t use 2FA via SMS! Instead, use a two-factor identification software solution

Public WiFi

Those WiFi hotspots at the railway stations, airports, hotels and other areas are a huge threat.

Tips:

Site-Clones and Phishing

This is a popular hacking method that has been used for ages. It is old but still in effect.

Tips:

  • Avoid crypto-related sites without HTTPS protocol
  • Customize the extensions on chrome
  • Always copy any crypto-related link to the browser address field and compare with original sites
  • Immediately close the window and delete anything from your inbox if anything seems out of order

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