“CipherTrace 2018” is here and with it comes some very disturbing truths surrounding the cryptocurrency scene. Over the course of 2018 nearly 1.7 Billion USD was stolen from everyday cryptocurrency users like you and I. Despite 2018 being a bear market for the whole cryptocurrency world, the amount of coins stolen nearly tripled in 2018 from 2017. The scams have become overly technical and complicated. This new era of Hacks Phishing and exit scams now involve many layers and many participants. With new regulation about to take effect it will be very hard for these Bad Actors to cash out any ill gotten gains. Though this dose nothing for the people it was stolen from it is a positive step in curving the appeal of these Security breaches.
I write about these “scary topics” Not to scare away the new users but quite the opposite I’m trying to educate as many new users as I can to keep your cryptocurrency safe!
A new type of breach hit the scene running during 2018. SIM Swapping is becoming a huge problem. The criminals call your carrier’s support number pretending to be you. They tell your company that they “lost” their SIM card, requesting their phone number be transferred, to a new SIM card that is already in the possession of the hacker. Now they are able to bypass many security measure set in place because NOW they are now you.
These bad actors also stepped up their Phishing scams. Often times this took place by impersonating key members of a community. They then send out phony Airdrop promotions among other requests almost always trying to get the recipients to divulge there Private Keys.
It’s in the name keep your Private keys PRIVATE! There is no reason to EVER give your Private Key to anyone!
A private key is a complicated long string of numbers and characters used to secure a cryptocurrency wallet. A saying has popped up surrounding the possession of Private Keys. “Not your key, Not your Crypto” This stands very true as if you loose your Private Key you have just lost your cryptocurrency. This being said treat your Private Keys like gold! Keep them Secrete! Keep them Safe! I myself write down all my Private keys and Keep them in two different physical locations.
Though not a new threat these Cyber criminals have also stepped up there Ransomware attacks. These attacks take place when an attacker takes control of a computer network or website. They make the affected network unusable and demand compensation usually in the form of BTC to regain access. Without many options, many companies roll over and pay the money.
Below is a list of Ransomware Apps and the amount of damage done.
Ransomware Name - Bitcoin ransom received - USD value
CryptoWall - 5,351.2329 BTC -$2,220,909.12
CryptoLocker - 1403.7548 BTC -$449,274.97
DMA Locker - 339.4591 BTC -$178,162.77
WannaCry - 47.1743 BTC - $86,076.76
CryptoDefense - 126.6960 BTC - $63,859.49
NotPetya - 4.0576 BTC - $9,835.86
And theses are just the big names in the Ransomware scene. More and more malicious apps are being written every day.
This all said there are a few sure fire ways to keep your cryptocurrency is safe.
· Keep your Private Keys private!
· DO NOT keep funds on Exchange “Exchanges have become a popular target for hackers”
· Do NOT store cryptocurrency on your phone. “It may seem safe but it is NOT!”
· Store cryptocurrency in Cold wallets! This is the only sure fire way to know your cryptocurrency is safe.
*Any tips for keeping your cryptocurrencysafe I have forgotten/"don't personaly use" :) please add to comment section
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