The common Methods Used to Hack into a Cryptocurrency Exchange
The people who bought Bitcoin for $20, 000 consider selling their coins at the same rate without mentioning any chance of profit. It is still not possible for the cyber-terrorist to reach down to the critical psychological limit of $5, 000 as they cannot completely break the trunk support of digital coin traders.
Despite all the tragedies that uniswap v3 happened in the crypto industry still, the cryptocurrencies are growing. New investors are coming in the industry like Goldman Sachs and Intercontinental Exchange (ICE), the parent company of the New york Stock exchange (NYSE).
According to cryptocurrency news updates, it is planned by the Goldman Sachs that they’re going to allow the trading of Bitcoin futures. On the other hand, replace contracts to banks will be offered by ICE so your customers can get their coins on the other day of the transaction.
Several techniques are used by the cyber criminals for hacking the crypto transactions. In this article, we have highlighted the common attack vectors and in addition it presents the measures to avoid such incidents.
1) Phishing emails
It may happen that the security system registers some suspicious activity in your account and the crypto trading platform supplies you with a contact in which they ask you to follow the web link to change your old security password to conserve your funds.
In that link, you will have to insert your old security password, new security password, and confirmation of the new security password. In this way, the information is handed over to the cyber-terrorist unconsciously by the traders.
Follow the easy rules for keeping your account safe:
The emails from unknown sources ought not to be opened.
Do not share your personal information with third parties.
Inspect the email address of the sender: check whether the message is from official domain or not.
2) Phishing sites
A lot of people do not give attention to the misspellings and a missing security confirmation image in the internet browser while typing the name of the site. So, when the username and password are inserted in the phishing sites, the information is captured by the cyber-terrorist who then use it for accessing the crypto accounts of traders. So, to avoid this issue, make sure that you are opening the right site. The best way is to place the main trading website in Bookmarks and click the bookmark whenever you need to open it.
