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The digital world is full of opportunities and is considered far and wide as far as its scope is related. Many people regard the digital platform to be like an ocean having drops of opportunities. Just like many drops make the ocean, similarly, the assets and other digital currencies support the entire digital infrastructure. Due to their high prices and increased popularity, cryptocurrencies are considered a potential source of economic benefits. The prices of these currencies have increased due to an increase in popularity as well as the increase in rates of return. You can start your trading journey and improve your trading skills by using a reputable trading platform like Big Money Rush.
Due to multifold returns, people are considering crypto as a prime option for their investment. Many evil-eyed people also have their eyes on this platform because being open it is susceptible to attacks and similar has happened in the past. Due to the greater exchange of funds, these attacks need to be checked and prevented as far as possible. In this article, we are going to discuss these attacks and will also learn the methods to prevent these attacks.
- Hacked Crypto Exchanges
These attacks pertain to hacked exchanges related to crypto. The operations of cryptocurrencies depend on the specifications of exchanges and as a result, a robust infrastructure related to crypto exchange should be developed. A hacked crypto exchange means exposed user information, passwords, and other sensitive information. A similar attack happened in the year 2019 when in May of the same year, around 7,000 bitcoins were stolen from the famous crypto exchange platform Binance. This showed that even the famous and most used exchange platforms are not safe from these attacks. Leading this attack, Binance developed many new security checks in the form of two-factor authentication and other OTP-related login options. One of the most important prevention from such types of attacks lies in the hands of the exchange itself. The development in technology and more secure features for login are some of the important preventive measures to prevent these attacks.
- SIM- Swap Hacks
As the name suggests, by swapping sim the attacker can use the information related to your SIM on his device. This attack got popular after two-factor authentication came into operation. As the whole radio traffic gets diverted to the attacker, there is no need to be in physical or communicative touch with the victim. The attacker can easily access SMSes and other important and sensitive OTPs. One should always be careful while sharing his phone with an unknown person and while calling if someone told you to press the key, you should refrain from doing some kind of doubtful step.
- Social engineering
The term sounds so friendly, but this is not true. The victims of social engineering regret their decisions and often question their wits and knowledge. The attack of social engineering involves tricking the users to transfer their economic valuables into their accounts by luring them with some offers or some other trap. The pyramid scheme is one of the most famous social engineering scams that promise huge returns but in the end, nothing remains in hand. The advertisements are so charming that people often fall into their trap. One should always verify the information being advertised and then act on it.
Conclusion
If we go through all these attacks, we will notice one common factor and that is the lack of attentiveness and knowledge. An investor should be thoroughly knowledgeable about the investment practices and other basic terminologies of the trade. His actions should be cautious and rigid so that if he by chance fell into the trap, can easily make his way out.
