How Secure Are Your Cryptocurrency Wallets Really?

July 01, 2018 Quick read

The cryptocurrency industry was found on the principle of establishing a secure currency module that can be helpful to the people. Nowadays the attacks on the same cryptocurrencies have been increased. This increase in this attack rate is not really anyone’s fault actually. The cryptocurrencies are making extensive efforts to make themselves prudent against attacks by making their system much robust. The real fault is of the user who doesn’t take the recommended caution while dealing with cryptocurrencies.

For instance, the major attacks are done on the cryptocurrency wallets where the crypto coins are stationary which is easy enough for hackers to access it. However, if you use a wallet that is not strong enough, you are running a risk with your cryptocurrencies. There are many wallets that provides state of the art security but which surely depends on the premium options if you choose to opt for it. As the market for cryptocurrencies heats up the cryptocurrencies obtained by the investors are safely stored in the wallets. Therefore, the investors should be aware regarding the wallets they use for storing their coins. Here are some facts that will help you know the security level of the cryptocurrency wallets that you use.

Old strategy, new devices

There are attackers that are using malware to detect the active applications on the device and steal the data of the user. The malware renders a fake page just as the same as the original one which the user cannot detect and just when the user enters the credentials the attacker comes to know about it. The attackers use malware such as ExoBot, BankBot, Mazer that are the renowned tools in the industry. This malware can also read personal data of the users along with the credentials. The favorite target of the attacker is Ethereum, Bitcoin, Litecoin, etc.

Why attackers love cryptocurrencies?

The cryptocurrencies are a hacker’s paradise because of the fact that cryptocurrencies are decentralized, anonymous, faster, and lacks regulation. Getting money from such platform is a dream come true for such people. Even if the cryptocurrencies are stolen there is nothing that other people can do to complain and get it back. There are many Online Bitcoin Exchange platform that makes sure that the regulation is maintained in such matters and the attackers don’t gain any access to cryptocurrencies whatsoever.

Mobiles and websites – all the same

The virus attack on the website can also be applicable to the mobile apps too. The Trojan virus affects the system of the app just as same as the website or desktop wallet. There are several Trojans that attackers use to inject malware into the system that compromises the security of the wallet. There are several wallets that are trying to make their system strong against attacks and other threats to cryptocurrencies.

Here are some of the fact that justifies the security of the crypto wallets. There are many methods that as a user that you can employ that can assure the security of the cryptocurrencies. The attackers are becoming smarter regarding the tools that they use for attacks and protecting your cryptocurrencies by yourself is the only option that you can afford. Make sure you know all about the wallet before you entrust that platform with your hard-earned crypto coins.