The cases of blockchain crypto hacks have been on the rise as new developments are implemented. The MistTrack.io team from SlowMist.io reported 467 stolen fund cases in Q2 2024, with 146 international and 321 domestic incidents. They managed to assist 18 victims in regaining about $20.66 million across 13 platforms.

Primary causes of theft

1. Private key leaks

It is common practice for many users to place private keys within an insecure and unknown cloud service or use WeChat to share their private keys easily. This vulnerability is the basis of hackers launching credential-stuffing attacks to gain access to these keys. Also, imitation wallets are equally a vulnerable issue.

2. Phishing

Phishing cases are also a regular occurrence, and hackers open new fake Twitter accounts to post the given links under existing and popular tweets. Bots guarantee that these phishing links are posted as the first comments, which leads users to compromise of their security.

3. Fraud

Employment scams offer target tokens that will increase with a large value, hence the use of honeypot schemes. After they have been bought, these tokens cannot be sold further which in effect traps the victims. 

Prevention Tips

Mentioned below are a few practical tips which can be adopted widely to avoid your crypto being stolen.

  1. Secure Storage: Secure private keys by storing them on hardware wallets or by encrypting the storage media. Do not use cloud services and messenger services for storing or exchanging keys.
  1. Cautious Clicking: Do not click on links especially those that are posted by people in the comment section or in the message box. Sometimes links can be fake; therefore, the authenticity of links should be checked from official channels.
  1. Token verification: When approaching tokens always ensure that they are genuine and have not been duplicated. To avoid any traces of a scam or duplicity, one can use basic tools to screen for such tokens from credible sources like MistTrack or GoPlus’s Token Security Detection.
  1. Awareness and education: Know the current trends in phishing and related scams. Teach everyone in the organization especially the workforce ways to identify scams and stay away from them.

It is important to contact market administrators as soon as you have become a victim of a theft or a scam. It is meant to be emphasized that the actions should be taken as soon as possible in order to enhance the likelihood of the funds’ return.

Read Also: Crypto Industry Fights Back Against Hackers! Losses Plunge 54% in June

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