The 4 most common methods used by criminals who want to steal cryptocurrencies. Cryptocurrency users are constantly threatened by hackers and scammers who want to steal their digital assets. While some incidents are difficult to prevent, major security risks will arise that still persist for many years to come.. The following examples are ranked in order of popularity among criminals.
Criminals who want to steal cryptocurrency do so
1- Used to Steal Cryptocurrency Most Critical and Hard Method 51% Attack
While most cryptocurrencies’ networks seem to be protected from a 51% attack these days, this is not the case for some Altcodes. In 2017 and 2018, a “51% attack” against a large number of cryptocurrencies was attempted, and this attack was successfully applied to various cryptocurrencies.. This is how Bitcoin Gold got hacked. The same rumors circulated for The Verge, but this has not been officially confirmed by the developers.. This will always remain a persistent threat.
2- Cryptographic Flaws
Since DAO lost a lot of money due to smart contract coding issue, criminals are looking for other system weaknesses to exploit. Cryptocurrency and blockchain technology are still relatively new and there is currently no perfect solution.. Bitcoin holds the best cards ever, but other currencies don’t pay very well. The DAO was just one example and ran into issues as a fair few projects in the early stages using smart contracts.
These issues are not unique to smart contracts, either. A new cryptocurrency or digital token is created in a way that indicates it can be vulnerable. Many developers use existing code or templates to create their own. This means that they tend to copy existing flaws in this code.
3- The Most Common Method Used to Steal Cryptocurrency, ”Deceiving Users”
One of the “easiest” attack methods is, takes place in the form of attacking crypto currency users directly. The number of potential threats should never be underestimated, whether through malware, phishing sites or malicious apps and wallets.. Today and in such an era, crypto users need to be more vigilant than ever before.. Unfortunately, there is still a lot of work to be done to prevent such attacks.
Thodex and VeBitcoin are some of the hottest examples in our country.
Please See: South Korea can prevent the drop in Bitcoin! How?
4- ‘Hacking’ the Stock Exchange
As has become evident over the past 18 months, the cryptocurrency exchange – or at least the centralized – ecosystem has become a fatal flaw. continues. Because of their centralized infrastructure and control over user funds, exchanges are a ‘honeypot’ for hackers and other criminals to exploit.. In many cases, such attempts have been very successful and this has become a cause for concern.
Even in 2021, stock markets are prone to hacking.. This lethal weakness has continued to thwart cryptocurrency for years since the first hacks began in 2011.. Seven years later, the number of hacked platforms has decreased, but the amount of money looted from an exploited platform increases significantly. Tens of millions of pounds worth of cryptocurrencies are prone to theft today and in this era, further increasing the need for decentralized trading solutions.