Arabic Arabic Chinese (Simplified) Chinese (Simplified) Dutch Dutch English English French French German German Italian Italian Portuguese Portuguese Russian Russian Spanish Spanish
| (844) 627-8267

2022 – A year when we lost our minds to Crypto hacking process | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #hacker


<!–

Uday Deb
–>

Every other fifth person on this planet who invested in Crypto has suffered almost the same fate. 

Started as a fun activity, something new to divert your attention from normal stocks and mutual funds. People started buying dogecoin early in 2014-2015 but no one knew that 25,000 dogecoin can turn into almost $18,000 in the year 2021 during Covid-19. Many people forgot the password, but some were determined to get their coins back which will ultimately make them a millionaire or a billionaire. This was the time that Crypto owners became desperate and exposed themselves to online hackers and password hacking. 

In this modern digitised world everyone relies on passwords to manage their digital lives. Crypto buyers started thinking about protecting their assets. Crypto pundits started emerging with various solutions in creating best passwords for digital accounts, and basic storage tradeoffs.

Crypto buyers have a wallet on a hard drive. The exchange could get hacked and many were even hacked with people losing password, getting personally hacked and coins stolen. But here is when crypto hackers come in the picture, actually giving a silver lining. Controlling wallets can give people a chance to hack their own wallet or find hackers to do the job for them.  

Dave Bitcoin, an anonymous hacker famous for cracking crypto wallets, has broken into many crypto wallets for people who forgot their own passwords in the year 2021-2022. He charged a standard 20 percent fee which was paid only if the hacking was successful. Apps like Pywallet or Jack the Ripper provided a user complete control into hacking a person’s own crypto wallet.   

Losing their passwords for online wallets made people store crypto on exchanges. With storing crypto on exchanges one can follow an easy and hassle-free process after forgetting the Coinbase password. The process was as simple as resetting the password and submitting identification to verify that one owns the account. On the surface, storing on big exchanges seems pretty secure. Coinbase keeps over 98 percent of deposits offline in secure cold storage facilities in addition to having an extensive insurance policy. Thus, it is difficult or almost impossible for cybercriminals to access most of the crypto Coinbase controls. Gemini, a US-based exchange, prides itself on its seemingly extensive security measures. At the same time, if one’s exchange suffers a major hack or goes bankrupt, it could take years to recover crypto. Thus analysts recommend users maintain control over their coins. Cyber Attackers started attempting to breach a major cryptocurrency exchange with billions in custody rather than the wallet of an individual with a few hundred dollars worth of funds. With the US and UK having very strong cybersecurity standards due to rotating talent between academia, the military, intelligence services, and the private sector. People started choosing a wallet that used bip44 recovery phrases, allowing recovering crypto with 12 or 24-word recovery phrases. 

People in the year 2022, accidentally making (and losing) perhaps the most incredible investment of their life were unable to cope with such a loss. Only some people of all had the foresight to invest in crypto early, even if it didn’t work out. While many crypto investors might have lost the dogecoin this time, that adventurous spirit will be a valuable lesson. Keeping the capacity to invest in these unexpectedly emerging, promising bets without putting the whole portfolio at risk is key to something that can be essential for future investments but the unbalanced crypto life provided hackers another chance to rob people out of their life time savings which they didn’t even knew existed. 

FacebookTwitterLinkedinEmail


Disclaimer

Views expressed above are the author’s own.

<!–

Disclaimer

Views expressed above are the author’s own.

–>

END OF ARTICLE



——————————————————–


Click Here For The Original Story From This Source.

National Cyber Security

FREE
VIEW