Monday, 25 October 2021 01:52 GMT

5 Ways Somebody Can Hack Your Bitcoin


(MENAFN- Tomer & Alon Marketing and Publicity)

As technology evolves, things that once appeared like far-fetched dreams are becoming a reality. Some years back, nobody could imagine that the world would have a virtual currency that people could use to pay for services and commodities. However, this is now a reality as more people accept Bitcoin for services and goods.

Today, people do many things online, including ordering foods, clothes, and acquiring services. And this makes Bitcoin, a digital currency, an ideal type of money for many people. It's not surprising that many individuals and companies are rushing to acquire or trade this virtual currency on platforms like the Bitcoin Profit. Ideally, these are platforms where people use fiat money to buy Bitcoin.

The primary reason why many people want to use Bitcoin is that it doesn't involve banks to verify transactions. The underlying technology, blockchain, also makes this virtual currency more efficient and reliable. Ideally, Bitcoin transactions are almost instant.

Decentralization, a vital Bitcoin characteristic, makes this payment system almost impossible to hack. Ideally, blockchain creates a decentralized and distributed public ledger where the Bitcoin network records all transactions. Additionally, the details of this ledger are impossible to manipulate or interfere, and are permanent.

Unfortunately, Bitcoin is not hack-proof. Somebody can steal the funds in your digital wallet or crypto exchange. Here are the primary ways somebody can hack your Bitcoin.

1. Phishing

Phishing is the most common and effective method that criminals use to steam Bitcoin from users. With this approach, hackers prompt individuals to share their access information. A criminal can forge a legit site to make phishing look like the genuine and authentic people who want to exchange Bitcoin.

In some cases, criminals send phishing confirmation emails or potential hack emails to potential targets with links faking sites where recipients can enter their authentication details. That way, the hackers acquire the information they need to hack into crypto exchanges or wallets of their targets.

Bitcoin users should pay attention to any domain or SSL certificate before disclosing personal or sensitive details to avoid becoming phishing victims.

2. SMS Verification

With this method, Bitcoin hackers target specific people involved in cryptocurrency operations. People turn on two-factor authentication using mobile phones. Therefore, hackers find ways to intercept the SMS verification message. And they can do this via different methods, including SIM card cloning, voice phishing, and wiretapping. Once they have done that, they can access the target's crypto wallet or confirm a malicious Bitcoin transaction.

3. Malware

Malware infections are old techniques that hackers use. This method entails injecting a phone or computer with key-loggers and stealing PINs and passwords that a person enters in crypto exchanges and digital wallets. The cross-scripting injection is another hacking technique where criminals use web pages where legit users enter information, and the system redirects to malicious sites where hackers tap sensitive information.

4. Mobile Applications

Not every mobile application for trading Bitcoin is secure because of poor security backdoors and architecture. Therefore, some applications are simple for criminals to attack via data leakage like API keys, man-in-the-middle, and unencrypted databases with clients' sensitive information.

5. Stealing Private Keys

You require private keys to complete a Bitcoin transaction with a digital wallet. If somebody can access your private key, they can steal your bitcoins. Thus, some criminals steal private keys and use them to transfer funds from other people's digital wallets.

Final Thoughts

Bitcoin is an electronic or virtual currency, meaning it's not available in the physical form. And the internet is awash with people looking for opportunities to scam others and steam from them. Therefore, Bitcoin users should be wary of these methods that hackers can use to steal their funds and take appropriate protection measures.


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Tomer & Alon Marketing and Publicity

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