Why crypto theft is spreading worldwide
As more people use cryptocurrency, we’ll see more crypto theft happening. The world is starting to know just how valuable digital assets are. If you have some, read more to understand how to prevent this from happening to you.
First, let’s go into more detail as to why more people will steal digital currency. Then, we’ll explain how it’s done and how you can secure your cryptos against them. If you haven’t invested yet, crypto theft shouldn’t stop you!
Cryptocurrencies always wanted to achieve worldwide adoption. Besides, crypto investors have numerous ways to keep their assets safe and secure! That’s why we shouldn’t be surprised when people want to steal them.
Crypto theft follows the rising crypto trend.
The pandemic is a public health crisis. Yet, it has damaged other aspects of society. Specifically, it has ruined economies around the world.
Many people lost their sources of income. They either got fired from their jobs or closed down their businesses for good.
As a result, their fiat currencies will crumble. They will notice that their money cannot buy the same amount of goods from before.
Currency exchanges will reflect this too. Their fiat money will cost more when compared to the US dollar.
Eventually, more people are likely to go into crime. They will learn about cryptocurrencies and how valuable they are.
We already see other countries adopt bitcoin (BTC). El Salvador recently accepted it as legal tender! Venezuelans prefer buying things with BTC.
In the long run, we will see more cryptocurrency thefts happen in various parts of the world. But how do they do it, though?
How does crypto theft happen?
IN DEPTH: Fake crypto wallet apps are running wild in the app stores, stealing keys and locking coins. This isn’t a new problem, but Google and Apple are still ineffective in keeping it at bay.
Report by @benjaminopowers and @asilayhodlinghttps://t.co/hBLpAjeioT— CoinDesk (@CoinDesk) March 10, 2021
- Others get your account details – Let’s say you leave your cryptos in an exchange platform. If bad people figure out your username and password, they could take your coins away.
- Stealing via API keys – Another article warned about being careful when using a crypto trading bot. You might use one that sends your coins to another person!
- Downloading shady files – Even outside the crypto space, you should take care when downloading files. That’s because one wrong program could take your personal information.
- Fake crypto projects – New cryptocurrency projects often have anonymous backers. This makes it easier for scammers to make a site similar to theirs. The biggest scam so far is the YFDEX case that took away $20 million worth of coins.
- Investment/business opportunity – Have you heard of the infamous “Nigerian Prince” scam a few years back? Some crypto scams work the same way. They promise to give you more bitcoins if you send them a few. Of course, you don’t get your coins back.
- Blackmail via email – Other folks might send an email about having embarrassing photos of you. Then they’ll say the pics will spread around the internet if you don’t give money in cryptos.
- Social media scams – You might get a request from a social media friend to give them cryptos. Others may pose as celebrities to scam more people. The most recent ones involved impersonating Elon Musk.
- Fake websites – Others create convincing copies of other websites. You may blow their cover by checking if their URL is spelled right.
- Fake mobile apps – Some take it to the next level by making fake smartphone apps. They look like popular apps, but they take more of your personal information.
How do I protect my crypto investments?
You might be surprised by how simple it is to beat crypto theft. Most of the time, you need to be careful when using devices.
People often keep their credit card details hidden. Similarly, you should keep your cryptocurrency account details to yourself.
This means letting nobody know about your username, password, and private keys. What’s more, don’t leave your account open.
If you need to get up for a bit, close your cryptocurrency exchange window. Someone nearby might mess with the coins in it.
Other safety measures aren’t as simple, though. You’ll have to use methods and tools you haven’t before. Read more about them below:
- Don’t save details – Some people prefer letting websites save their username and password. That way, your browser data won’t give your logins away. Instead, memorize the details for your crypto account.
- Use a paper wallet – It’s another way of calling a piece of paper with your crypto details on it. If you forgot your username and password, take that out. Of course, you should hide it somewhere safe!
- Use safe internet – Don’t open your crypto account when using public wi-fi. Otherwise, you’re opening yourself to crypto theft. For better security, you might want to get a VPN.
- Secure your devices – Place the best antivirus apps for your computer and smartphone. What’s more, you should place password protection too.
- Get a hard wallet – These are small devices that can store your cryptos offline. This keeps them away from online attacks. Even better, they come in sleek and stylish designs!
What if I haven’t started investing yet?
If you were planning to invest in cryptocurrencies, you might have gotten scared of crypto theft. Instead, you should be more pumped to start!
People only want to steal valuable things. Despite their shady nature, scams take time, effort, and even money to perform.
If cryptocurrencies aren’t worth it, why would scammers bother taking them? Crypto theft proves that investing in crypto is truly worth it!
Moreover, theft is common for other assets. We’ve seen more people stealing credit cards and money. Yet, we continue to use them, right?
It’s just about being careful with your assets. Besides, crypto exchanges nowadays have far more security measures in place.
Even better, they make it easier to start! All you need is a few minutes to get started. Afterward, you’re ready to start building a crypto portfolio!
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Final thoughts
Cryptocurrencies may also be used for more serious crimes. For example, money laundering is becoming common for cryptos.
In response, countries have placed laws to beat these crimes. Make sure to check if you have such rules in your location.
Also, learn more about cryptocurrencies before you start investing. Check other crypto articles on Inquirer USA. Look for other resources as well.
Afterward, you’re ready to start investing. Only use the money you can afford to lose. Hear investment advice, then verify them on the internet.
Learn more about crypto theft
Can crypto be stolen?
People can steal cryptocurrencies. Some experts say we might see more crypto theft around the world. In response, investors should take care.
Can you recover stolen bitcoin?
It’s difficult to take back stolen bitcoin. Even law enforcement is having trouble tracking them down. That’s why you should keep your coins safe.
Can you get scammed on Bitcoin?
You can be a victim of various crypto scams, no matter if you have some or not. You might fall for a fake crypto project or send them to a scammer.
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Disclaimer: This article is not the official guide to the crypto theft process but is based on the author’s research or own personal experience.
