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Reasons Why Your Crypto Wallet Got Hacked.

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Written by   50
6 months ago

In a world full of opportunities and possibilities, scams, frauds and other risks also lies with it. This also goes when you are interacting in the crypto space. Cryptocurrency space is full of opportunities but carrying a lot of risks not with just investing and trading but also being prone to hacking. Scammers scam people by recommending to invest in the project that will eventually turned out to be a rugpull, slow rug or honeypot project while hacking your crypto wallet comes with different approach but can easily be prevented. And here are possible reasons why your crypto wallet can be hacked and how to avoid it.

Phishing Sites To Expose Your Seed Phrase.

This is the most common method hackers or scammers used to tricked people yet many people still fall on this one.

Basically, people or a group will message you that you won some amount of crypto, eligible for airdrop and etc. from a known project, and all you need is to click the link to the scam site and enter your seed phrase in order to claim. And that's where the scamming/hacking happens. Entering your seed phrase to any site is like giving them gateway or access to your assets.

Scammers or hackers can saved any inputted letters from the site and people who falls for this and entered their seed phrase, their seed phrase is now recorded to the hacker's sheet and if you are not fast enough to realize the mistake, the hacker can get access to your wallet and will eventually send all of your assets to a different wallet or address.

There are only 2 best approach to this to avoid it;

  1. Check the site and check the real project if they really are having the event.

  2. Never ever give, show or enter anywhere your seed phrase.

Scam Apps, Sites And Wallets.

This is probably one of the most riskiest and working way of scamming and hacking people especially to people who are just new in the space.

Back in early 2021, where decentralized exchange Pancakeswap was hot, there were lots of reports from people that they were losing their assets after connecting to the DEX. This turns out that most of these victims downloaded a scam Pancakeswap application on Google Play Store. The app almost looks like a legitimate app and newbie easily falls for this since it was the trend of DEXes back then and they have trusted the app since it was from Google Play Store. Eventually the application was removed from Google Play Store after a mass report of being a scam.

This scam applications also works like a phishing sites since people need to enter their seed phrase if they want to access their assets in a different apps or wallets. It will always be better to crowd source first and ask if the application is legitimately from the real project before you decide to import your wallet. But if you want to sure, it's better not to import your wallet to other apps/wallet and let it stay on your trusted wallets like Trust Wallet, Metamask and Safepal wallets

Ending Words.

Not only newbies are prone to this kind of scamming or hacking but also some people who are old enough in the crypto space can still be victimized and still prone to losing funds. Veteran traders can still fall in this scheme as degen plays or trading requires different wallet connection to a site where they want to participate in.

As a newbie, always be cautious in whatever your doing - connecting your wallet to a new site, download a crypto application or entering any giveaways. Always ask first before doing so. Ask I the project's community group, you can also ask and get the opinion of other people form different social medias like Facebook and Twitter. Being in a crypto space is always a risky play, never hesitate to seek guidance from others as prevention will always be better than losing your funds while learning.

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Written by   50
6 months ago
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Comments

No matter how careful we are if we are caught unawares, we might make the mistake of clicking phising links. Still we really have to be vigilant.

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6 months ago

Oh thank you for this wonderful and useful reminder not only for me as newbie but to everyone who are here.

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6 months ago

Yup, even me I almost got victimized with those scam schemes. Better to watch out.

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6 months ago

Thanks for the reminder.

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6 months ago