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The Most Common Methods used for hacking a Cryptocurrency Exchange And How to Prevent it

A majority of traders who are amateurs in the trading of virtual currencies, as well as retail investors have stopped investing in digital currency markets due to the depressing loss of the cryptomarket, recommended site!

People who purchased Bitcoins for $20k are now considering selling them at this price without any mention of the possibility of earning a profit. It's still impossible for the hackers to reach lower than the crucial psychological threshold of $5,000 as they are unable to completely destroy the back-support of digital coin traders.

The cryptocurrency market is still developing despite many of the tragic events that have occurred in the field. New investors like Goldman Sachs, and Intercontinental Exchange(ICE), parent company of the New York Stock Exchange are getting into the crypto market.

As per cryptocurrency news updates the plan is being developed by the Goldman Sachs that they will permit the trading of Bitcoin futures. However, swap agreements with banks will be offered by ICE to ensure that customers are able to receive their cash at the end of the transaction.

A variety of methods are utilized by cyber criminals to hacking the cryptocurrency exchanges. In this piece we've highlighted some of the common attack vectors and it provides the steps to stop such events.

1.) Fraudulent emails

It is possible to receive an email from the platform, asking you to update your password, if you detect suspicious activity on your account.

It is required to enter your new password, and then confirm that you have entered it. The traders unknowingly give the data to hackers.

Protect your account from hackers by observing these easy steps:

Emails from unidentified sources should not be opened.

Don't share personal information with third parties.

Check the email sender's address for confirmation if the address is an officially registered domain.

2) Phishing websites

Many people don't pay attention to the spelling mistakes and missing security verification icon in the web browser while typing the name of the website. If the username and password are entered on phishing websites, they are accessed by hackers, who employ it to hack into the accounts of traders' cryptos. To stop this, be sure that you are opening the right site. Place the trading site in Bookmarks after which you select the bookmark each time you're trying to access it.

3) The hacking Emails

The hackers do not simply try to hack the crypto accounts of traders but they are also trying to hack into the email accounts which are associated with the crypto accounts. They can also alter the password on your crypto account once they have ability to access your email address and after that, they are able to transfer money to their account. Use two-factor authentication (2FA) to prevent hackers from gaining access to your account.

According to the latest crypto news, are constantly on the lookout for ways to gain access to trading information. If you follow these tips, you will reduce the chance of security associated with crypto accounts.

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