Cryptocurrency Investors Beware: These Are New Hacking Techniques To Steal Your Coins

Cryptocurrency owners are facing increased risks with hackers leveraging new techniques to steal digital assets, according to a new report.

As the realm of cryptocurrency becomes more mainstream, ensuring the safety of these digital assets is a challenge that both investors and investigators grapple with.

Against the backdrop of this rising threat, discussions at the Benzinga's Future of Digital Assets conference on Nov. 14 are expected to delve deeper into security measures and the evolution of hacking methods in the crypto space.

In its report, blockchain investigator Bitrace highlighted three specific techniques that have become particularly popular among hackers:

  1. Search Engine Wallet App Scams: Fraudulent websites are mushrooming on search engines, trapping unsuspecting users.

    These scam sites employ SEO and SEM techniques to promote phishing links.

    Unsuspecting users, when searching for wallet apps, might end up downloading fake wallet apps embedded with backdoors.

    A prominent example is the counterfeit Bitpie wallet.

    Even though the fake website mirrors the original, discrepancies in the URL give away its malicious intent.
  2. Clipboard Hijacking: This old but effective technique has found its way into the crypto world.

    Malicious software takes over a victim's clipboard and alters its content, often without the user realizing it.

    One prevalent method involves the Telegram APP, commonly used by crypto investors.

    Criminals manipulate victims into downloading or updating a fake version of Telegram.

    When users share a blockchain address via the chat, the malware identifies and replaces it with a malicious address, rerouting funds to the hacker.
  3. Liquidity Mining and Deceptive Coins: Promising high returns with low risks, crypto investment scams bait users into dubious schemes, such as liquidity staking arbitrage.

    These scams persuade users to deposit cryptocurrency, with the allure of a stable income.

Also Read: Taiwan's Crypto Regulatory Bill: This Could Be A Template For Other Countries To Follow

However, the embedded malicious codes in these website's smart contracts allow hackers to access and transfer tokens, pilfering user funds at their discretion.

Bitrace's report underscores the need for enhanced awareness and robust security measures in the digital assets domain.

As hackers evolve their tactics, crypto investors must remain vigilant, prioritizing safety to ensure their assets remain secure.

Read Next: Investors In This Country Prefer Altcoins And Tron Over Bitcoin, Ethereum: Here's Why

Industry titans BlackRockDTCCOCCState StreetSociété GénéraleHederaCitiBMONorthern TrustCitibankAmazonS&P GlobalGoogleInvesco, and Moody’s will join Benzinga on Nov. 13 for Fintech Deal Day and Nov. 14 for Future of Digital Assets. Secure a spot here to join them!

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