The Common Attacks in Crypto and How to Avoid Them
Security comes first in crypto
At DIFX, we value the security of your funds and that’s why we take extreme measures to keep your assets safe by offering fully-insured wallets. However, as a user, you can always improve the security of your assets as well. The first step is to familiarize yourself with the common practices and attacks used by scammers in the crypto space. In this way, you’ll be able to recognize scams or malicious applications, and won’t fall a victim to their traps.
Here’s a list of common attacks you should be aware of:
Phishing is one of the most commonly used techniques in the crypto industry and comes in different forms. In general, the attacker tries to steal your sensitive information (e.g. credentials, credit card information, private keys, etc) by posing themselves as a legitimate business, a famous figure, or your friends and family members.
Here the attacker tries to convince you that the email is sent by a specific person or organization you may know. These emails provide you with a link and try to inject a feeling of urgency like “your crypto account was hacked, change your password now!” to make you react immediately. The link will direct you to a malicious website or page that may look exactly like the original website asking for your personal information. By submitting your information, you’ll send them directly to the attacker!
This approach takes advantage of users that mistype a URL address. For example, an attacker may use the “IDFX.com” domain to target any user that mistypes DIFX.com, the original address of DIFX Exchange. The attacker will then have access to any information that you provide on the fake website or try to install malicious applications on your computer (See “Malicious Applications” section).
How to avoid phishing attacks:
- The best way to avoid phishing attacks is to check the content of your emails thoroughly before taking any action. If you weren’t expecting any email and the content seems suspicious to you, try to contact the sender through a different method.
- Always be cautious when someone asks for sensitive information like your credit card information or private keys. Your private keys and seed phrase are for your eyes only.
- Do not click on the links and try to access your platform directly.
- Always check the URL. You can also bookmark the websites you visit frequently.
Fake Social Media Giveaway
If you take a look at crypto-related pages on Twitter or Facebook, you may come across many giveaway messages that promise to 10x your investment. All you need to do is just send them a little crypto! You may even receive a DM from a well-known figure in the crypto space calling you a lucky one and promising you insane profits!
In reality, no true giveaway campaign will ask you to send them money or crypto first and Michael Saylor will not personally message you to manage your crypto assets for you. Just ignore these messages and you’ll be fine.
You can always check the official website or social media accounts (pay attention to the handle) to make sure that the giveaway campaign is legit. At DIFX, we always promote our giveaway campaigns on our Twitter, Medium, and Instagram accounts, so stay tuned!
As a digital form of money, cryptocurrencies are targeted by many malicious applications. Let’s go through some of them together:
A kind of malware that makes the data on the infected device inaccessible by using various methods such as encryption. You have to pay some ransom, mostly in the form of crypto, to retrieve your data, but there’s no guarantee that the attacker will keep their word.
A kind of malware that monitors the clipboard of your device for cryptocurrency wallet addresses. Once you paste your crypto address, this malware replaces your address with the one it controls which will send your crypto directly to the attacker.
A malicious application that uses the infected device’s processing power to mine cryptocurrencies.
A tool used for capturing keystrokes of the keyboard. Even though keyloggers were designed with good intentions in mind, they’re mainly used in malicious activities like stealing users’ sensitive information.
Fake Exchange Apps:
There are many fake exchange apps out there that target your account credentials. They may look exactly like the original application released by the exchange.
How to avoid malicious applications
- Email phishing is a common technique for attackers to install malware on your device by directing you to a malicious website. Be cautious of the links in your emails.
- Install a trusted antivirus and keep it updated
- Make sure that the company has released an app for your intended platform and always download the apps from the official website directly
- Always double-check everything such as your transaction address, contract address, links etc
The crypto journey is not always an easy one, there are plenty of scams to look out for in these rough digital waters. So make sure you follow these steps and always be vigilant of threats. We at DIFX are always here to protect our users’ wallets and provide you with the most secure exchange!
Hurry up and create your account with us to start a problem-free and safe crypto journey.
DIFX is an exchange platform that uses blockchain technology to incorporate centralized finance. It is an easy-to-use platform for both new and experienced traders, establishments, and investors. As covered by Cointelegraph, BeInCrypto, and many other media outlets, DIFX allows users to nominate anyone from their family, friends or loved ones and allows them to legitimize their claim upon the primary user’s demise.
Additionally, the company hopes to increase the use of digital currencies for direct settlement between beneficiary and payer by eliminating intermediaries. To begin your journey with Endless Possibilities, download the app now from the iOS or Google Play Store, or visit us at difx.com