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How Secure Are your Cryptocurrency Wallets? The Up-to-date Scams that Affect Users

The main principles of the blockchain in accordance with the Satoshi standard include security and privacy. The transactions made by users on the blockchain by simply providing the recipient with the wallet URL will certainly protect the recipient, who does not have to provide his personal or financial information to third-party companies to store on their servers.

Cybercriminals use servers like entering a locked door having a single entry point to the riches. However, the nature of blockchain is decentralization, which means that all information and transactions are stored across a multitude of computers around the world. For hackers, it involves going through a myriad of doors and putting together all the data which is time-consuming and isn’t worthy of the computing power and energy.

This will also mean that they won’t have to navigate through hoops to make an exchange, it totally removes the complexity of KYC procedures, which take a long time and can be difficult to navigate. In the present, when cybercriminals can sense the value that is being transferred and held in this field, it’s similar to playing the game of cat and mouse. They are working to create new methods and technologies to get ahead of the complexity of encryption for blockchain.

Passcodes are stolen from Twitter

Now, cybercriminals have found ways to steal passwords for cryptocurrency wallets. They accomplish this by observing tweets that contain crypto-related words and reply to the tweets by sending malicious hyperlinks. Criminals search for words that resemble the names of wallets, and when they find them, they respond by pretending to be support agents. They then send the link to the malicious website that allows the hackers to gain access to wallets and the contents inside. Cybercriminals do this through Twitter’s APIs that Twitter employs to keep track of every tweet. Similar scams can be made to get your credentials from and steal your betting funds.

One company created a fake test in order to test what happens. They wrote a blog post with a plethora of crypto-related words and were waiting for what would happen next. Keywords comprised “help”, “support”, “MetaMask”, ” TrustWallet” and “Crypto Wallet”. They didn’t have any time to sit around and, within a few seconds, they had received several responses to their tweets via Twitter Bots claiming to be MetaMask and TrustWallet support team.

The perpetrators created Google Docs as well as other forms which demanded that users submit their personal details in order to seek help with their email address as well as the issues they faced in their account, and the phrase that is used to recover the wallet which is a set that includes 12 or more seeds which only the wallet’s holder is aware of.

If the criminal managed to obtain this information, the criminal could log in to the wallet and then clear the account of coins and tokens by transferring the money to their own account. There is no chance of compensation for the victim.

This is a clever scam. The recommendation to victims is to not give your seed words to anyone, they’re only intended for you. While wallets are simple to install, they’re not the safest method to store your money.

One company has developed an incredibly secure method to safeguard your assets in all circumstances, through biometric authentication. Avarta is a four-in-one solution that works with both DeFi and blockchain that allows users to use their face as the sole key for accessing various blockchains.

As well as a biometrically-secured, multichain blockchain wallet, it also offers an anti-bot mechanism for public DEX listing, a multi-signature wallet for corporations and legacy planning, and multi-chain, decentralized identity management with the risk-based scoring mechanism.

What is certain is that as criminals get more sophisticated, so are the methods of protection designed to protect this sector. Avarta is a prime example of the tools that are designed to help users feel secure and secure their accounts.

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