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Common Methods to Hack a Cryptocurrency Exchange and the way to stop it

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Shivangi Mujumdar Follow

INDIA

Feb, 03 2021

Feb, 03 2021

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The painful downfall of the crypto market is that most amateur virtual currency traders and retail investors are losing their interest in the digital currency market. According to cryptocurrency news updates, it is planned by Goldman Sachs that they will allow the trading of Bitcoin futures. Several techniques are used by cybercriminals for hacking the crypto exchanges. 

 

1) Phishing emails 

 

The security system can detect some suspicious activity in your account, and the crypto trading platform sends you an email in which they ask you to follow the link to change your old password to save your funds. Inspect the sender's email address: check whether the message is from an official domain or not. 

 

2) Phishing sites 

 

Most people do not give attention to the misspellings and a missing security verification icon in the web browser while typing the site's name. So, when the username and password are inserted into the phishing sites, the information is captured by the hackers who then use it for accessing the crypto accounts of traders. So, to avoid this mishap, make sure that you are opening the right site. The best way is to place the main trading website in Bookmarks and click the bookmark whenever you need to open it. 

 

3) Hacking of Emails 

 

The hackers try to hack the crypto account of traders, but they also make several attempts to hack the emails linked to the crypto accounts. Cybercriminals can change your crypto account's password if they get access to your email address, and then they can transfer the funds to their wallet. So, you must activate the Two-factor authentication (2FA) method to prevent hackers from accessing your account. 


According to the newest cryptocurrency news, cybercriminals are all the time in search of getting access to the knowledge of traders. So, by following these guidelines, you'll reduce the safety risks related to crypto accounts.  


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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