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Avoiding Crypto Hacks

Posted on October 18th, 2018 by EM Search Consulting

The internet is full of scammers and hackers, and cryptocurrency investments are no different. However, as opposed to other purchases and transactions that take place on the internet, once you have purchased bitcoin, the transaction cannot be reversed. The network is decentralized, so it does not have a method to determine what transactions are made with legitimate versus stolen coins. There has been an estimated $1 billion in cryptocurrency hacks to date. You may be wondering just how thieves steal your crypto. If you buy Bitcoin in Miami or beyond, here’s what you need to know.

How It Happens

There are multiple ways that hackers can gain access to your Bitcoin if you aren’t safe. One way is through accessing your private key; hackers will be able to move your funds from your wallet from anywhere in the world if they have your credentials. Phishing attacks are another way of hacking your accounts, as the scammer will fake the appearance of a trustworthy entity to gain access to your accounts.

Phone porting is another example of a cryptocurrency hack. A scammer will pretend to be you and call your mobile carrier to ask to transfer your phone number to their SIM card. From there, they may attempt to reset your passwords and use your phone number as a security backup.

Protect Yourself

Next time you buy Bitcoin in Miami or beyond, make sure you take the necessary steps to protect yourself. Secure your private keys offline and away from where your wallet is stored, implement a multi-signature approach for your funds, and double check where you are sending your money before you send it.