Home » Blog post » What are some of the methods utilized to hack a crypto exchange? And how do you prevent it?

What are some of the methods utilized to hack a crypto exchange? And how do you prevent it?

Many amateur investors in virtual currency and retail investors have lost interest on the digital currency market because of the soaring loss of the cryptomarket, get the facts!

Anyone who has bought Bitcoins at the sum of $20,000 have been considering selling them for that price with no mention of potential profits. It’s still impossible for hackers to go lower than the crucial psychological threshold of $5,000 as they are unable to completely destroy the back support of digital coin traders.

Despite all the tragedies that happened in the crypto industry still, the cryptocurrencies are changing. The new investors such as Goldman Sachs, and Intercontinental Exchange(ICE) the parent company of New York Stock Exchange are getting into the crypto market.

In the latest cryptocurrency news according to the news updates, it’s planned by Goldman Sachs that they will allow the trading of Bitcoin futures. However, swap contracts for banks to trade will be offered by ICE in order that clients can get their coins at the end of the exchange.

There are a variety of techniques used by hackers to try attacking cryptocurrency exchanges. We have presented the most frequent attack methods in this post and the best ways to stop such attacks.

There is a chance that the security system detects some suspicious activities in your account and the crypto trading platform will send you an email that invite you to follow a hyperlink to reset your password to protect your funds.

On that page, you’ll be required to type in your previous password, the an updated password, and a confirmation of your new password. This way, your data is given to hackers in the absence of knowing by the traders.

Protect your account from hackers by observing these easy steps:

Mails sent from unknown sources should not be opened.

Be careful not to divulge information regarding your personal information with anyone.

Examine the email address used by the person who sent it: verify that the email is coming from an the domain of the sender or not.

Phishing websites

Many people don’t take note of misspellings or the missing confirmation of security on the browser when typing in the URL of the website. When the username and password are included into phishing sites it is then uncovered by hackers, who make use of it to gain access to cryptocurrency accounts for traders. To keep yourself from this occurrence, you must make certain that you’re on the proper website. Place the trading site in Bookmarks after which you make sure to click the bookmark each time you’re trying to access it.

Hacking Emails

Hackers don’t just attempt to steal crypto accounts from traders. They also make many attempts to hack email addresses associated with crypto accounts. Criminals who are able to access an email account could hack the crypto account and modify its password. They will then be able to move funds to their wallet. Therefore, it is essential to activate Two-factor authentication (2FA) method in order to block hackers from having access to your account.

According to the latest cryptocurrency information, hackers always in seeking to gain access to trading information. If you follow these rules, you’ll be able to reduce the security risks associated by crypto accounts.

Leave a comment

Your email address will not be published. Required fields are marked *