Tools Used by Hackers to Steal Cryptocurrency: How to Protect Wallets

In this article, you will find out most popular tricks used to steal cryptos and get to know tools you can use to protect your wallet effectively.

Photo: Pavlos Giorkas / Flickr

Photo: Pavlos Giorkas / Flickr

It’s not a question; the cryptocurrency industry is booming. However, the industry faces certain security challenges and just recently, Bleeping Computer detected a doubtful incident where hackers attempted to swindle over 2.3 million wallets.

The attackers are said to have used malware to gain access to users email addresses. Surprisingly, Kaspersky Lab had predicted the attack that came to happen later.

Users are required to send coins to addresses that are not easy to remember. For that reason, a user needs to copy the address and paste it into the platform they are using when sending coins. On the other side, attackers are creating malicious programs that can be able to gain access to user’s information.

The malicious program created by attackers is called Cryptocurrency Clipboard.

The program works by keeping track of the users Windows clipboard to detect cryptocurrency addresses. After detecting a cryptocurrency address, the program replaces it with another address so that attackers can take over the control. When using the internet, users need to understand that there is a third eye wanting to monitor everything happening on the web.

It is therefore required that when copy-pasting a cryptocurrency, a user should double-check to ensure the address is not swapped with an address which can be controlled by attackers. That said, in this article, you will learn the tools used by hackers to steal cryptocurrency and how to protect wallets.

Tools Used by Hackers to Steal Cryptocurrency

Technology has made things simple and easy. However, only a few understand how to use the internet safely.

Well, it is good to be on the same page with the change in technology, but not many people understand the dark side of technology, especially when it comes to the cryptocurrency industry. This puts a user’s savings at risk, especially those who haven’t known the tools hackers use to steal Bitcoins. Thankfully, if you are reading this article, you will know the tricks and tools used as well as ways you can protect your wallets.

And without much ado, here are the tools.

Public Wi-Fi

Wi-Fi hacking is one of the leading Bitcoin-stealing tools. Most Wi-Fi routers use the Wi-Fi Protected Access Protocol. However, hackers have gotten smarter. They have created programs that enable them to monitor information sent through the Wi-Fi.

By executing a simple command on the web, hackers can control everything that takes place in your Wi-Fi, and you know what that means to your Bitcoin wallets.

How to Keep Your Wallets Protected: Ensure your router is updated with the latest security patches regularly. Also, avoid using public Wi-Fi when sending crypto coins.

Phishing

Email phishing is a method that has been used by internet hackers for many years, but unfortunately, it is still one of the biggest methods hackers use to steal cryptocurrency.

Hackers create a phishing page which looks so tempting that you just find yourself clicking on it. Once you click on it, you expose your private information which hackers can use to gain access to your sensitive online accounts.

Additionally, hackers can swap your address with one they have control over in the website.

Pro Tip: Avoid clicking links that look tempting and appealing. If you notice a cryptocurrency website that has HTTP instead of HTTPS in the address bar and it looks weird, just don’t click on it.

Unverified Social Accounts

Social media has made the world to look like a small playground.

We use it to interact, network, communicate and share our views; however, it can be a source of problems to our savings.

There are plenty of fake social media accounts currently that are creating by users who intend to steal on the internet.

Tip: Always follow genuine or verified social media accounts and click on social media links that look fake. In fact, to keep your wallets protected, ensure to click on social links for websites you trust.

Bots

Sometimes you will get a warning about security issues on your wallet from bots on slack but in the real sense it’s not security warning but a method hackers are using to steal your sensitive information including your passwords. Once you click on the security alert, the bot will then direct you to a URL that will request you to enter your private key to secure your wallet

Keep your wallets safe: Do not entertain bots on slack. They are meant to steal your cryptocurrency. Secure your slack channels with Metacert if possible.

Browser Extensions

Hackers have also created browser extensions that claim to make your experience on trading platforms a superb one but in the real sense, they want to gain access to your sensitive information. “Some browser extensions can detect everything you do on your browser which could mean a disaster if they steal your passwords” warns Erick Mathews, a software developer.

Be warned: NEVER install crypto extensions on your browser. You better work with your ugly user experience to stay safe than to download an extension that will leave with regrets forever.

In fact, you should access trading sites in private mode.

Final Thoughts

Cryptocurrencies are important as other things you consider important in your life. For that reason, you must ensure to keep your wallets protected. The first step to protecting your wallets is to know the tools hackers use to steal cryptocurrency.

In this article, we have mentioned only a few but there are plenty of tools and tricks you need to find out to know them as well as how to protect your wallets.

We would like to know more tips and tricks you know about securing cryptocurrency wallets in the comment section below.

Lauren Adley

Lauren Adley is a research paper writer and editor at Edu Birdie. She is dedicated to her family, work, and friends. Lauren is also a contributor to the MyAssignmentHelp blog. She is keen on reading, playing the guitar, and traveling. Besides, she offers online assignment help and thesis writing service at BestEssay. She is interested in educational, dissertation writing service, marketing, and blogging issues. During her university life, she used to offer custom essay service to other college and university students. She is currently Feel free to connect with her on Twitter.

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