Crypto hacking is a long-standing problem in the industry. The problem has been a persisting issue since crypto’s inception. And the fact that there are no means of dispute resolution is a huge contributing factor.
But that’s not the only reason why crypto hacking still rocks the industry. The lack of laws and regulations in addition to the fact that law enforcement agencies lack adequate knowledge on the subject are also to blame for the current quagmire.
The crypto community has, however, not gone out unbowed. Cases from the past have forced some crypto companies, and individuals to adopt stringent security measures to curb the threat. But hackers are always finding a way to circumnavigate the blockades. They are always finding a way to overcome the heightened security.
As the crypto price and profits increase, and there are fears that attacks will rise. It’s in light of this matter that it’s necessary to highlight some of the hacker’s favorite methods of operation.
Crypto attacks can be classified into two categories. One is where a software weakness is exploited; for instance, a computer infected by a virus. The other is utilizing deficiencies in human judgment. A typical example is where people are asked to hand over their credentials to their wallets.
Now, most common attacks are a combination of the two, a fault in judgment and a flaw in the software.
Clipboard Jacking
It’s the most common, yet most unknown to users and those affected. Victims usually don’t see it coming. And here’s how it happens;
Most of us are too lazy to remember and type the long alphanumeric private key. So what do we do? We copy paste. And that’s where the hackers get us.
The clipboard hijackers, sometimes known as clippers, is a malware that detects a clipboard event, especially when it’s used to store a wallet address. That’s all they need to access your funds and transfer them to their accounts.
CryptoJacking
With cryptojacking, no money is stolen. Instead, a malware mines crypto on your computer. Now, it may sound harmless, until you are hit with the huge electricity bills.
In addition to the bills is the loss of computer power as a result of the malware running from the background without detection.
Cloning Website
These are websites providing illegal services. Verifying their authenticity is usually a daunting hard. People using such services, for instance, drug users have limited knowledge of how to authenticate such websites. And that makes the websites an ideal target for cloning.
Hackers intention is tricking drug user into transferring crypto into cloner account. User, apart from being defrauded, may find his computer infected with clippers and hijack software.
Social Engineering
A favorite for scammers. Identity theft is common even beyond crypto. Using the identity of the actual user, scammers transfer funds from victims to their own. They can even spend the funds on your behalf without your knowledge.
These attacks are less technical and more of human error, although there are instances where mechanical methods have been applied. Sometimes it’s not the telecommunications company fault, though they make it easier for fraudsters. Most times, users are to blame.