Cryptocurrency hard wallet hack
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On Wednesday, it was featured in a hack of prominent Twitter accounts. Q: Is bitcoin actually money? A: We call bitcoin digital currency or money, but really it is just a computer program. People trade bitcoin with each other directly, or buy and sell through online exchanges. Anyone with a computer and an internet connection can download the software, which comes with something called a wallet, a place to store your bitcoin balance.
That wallet has an address—a long string of numbers and letters, called the public key—that lets people find the account on the network. Anybody can send bitcoin into a wallet. Taking money out of that wallet, though, requires control of what is called the private key, another long string of letters and numbers. Q: Why did the hackers ask for bitcoin in the first place?
Meanwhile, cyber crime is rising and is expected to be more profitable than global illegal drug trade by next year, according to data provider Cybersecurity Ventures. Q: Is bitcoin traceable? A: Every bitcoin transaction since the network launched in —billions of them—has been recorded and stored in a permanent, inalterable public ledger, which anybody can view and analyze at any time.
This ledger is called the blockchain. Think of that transaction history as a fingerprint. It can conclusively identify you, if it can be connected to you. SIM swaps are a surprisingly common method attackers use to gain access to accounts. If your phone is stolen, call your operator right away to cancel your old SIM card.
To avoid phishing, never log in to your cryptocurrency exchange unless you are sure you are on the correct site. Save the link to your favorites, or type in the URL rather than clicking on a link from someone else randomly sent to you.
Additionally, do not trust texts, emails or chats that ask for your personal information. Finally, always double check that the details are correct before sending any payments. Check out this blog post for 10 more tips on how to avoid phishing. You should create an email dedicated to your crypto wallet rather than using a personal, school or work email that you could lose access to.
Never access your crypto wallet on a work or public computer and consider using a separate device for your crypto trading like a dedicated laptop or smartphone. VPNs can be used on any device to maintain your data privacy and avoid eavesdropping or tracking of your activities.
A VPN essentially creates an encrypted tunnel that keeps your online activity private and secure, giving you control over your data. Furthermore, you should make this a part of your general online security practices, not just for cryptocurrency trading.
Install updates automatically Whatever device you decide to use, keep it up to date with the latest software. You can set updates to install automatically. Make sure that your device, including the applications installed on that device, are up to date. Equally as important is to utilize end point security such as anti-malware and anti-viruses. Many people trade cryptocurrency anonymously to remove any connection to their identity.
You should not post information about your trading activity, which exchange you are using or your gains or losses on social media.