The first thing that you should know about Cryptocurrencies is that they are impossible to be hacked. The network that runs them, Blockchain Technology, is impervious to attacks!

In other words, the basic nature, design, and development of cryptocurrencies like Bitcoin make them resistant to attacks!

You might be wondering that if this is the case, why are there so many news articles on hacking around crypto all the time?

To understand this better, you need to know that the security lies solely with the holder of the wallet. In other words, it is their oversights that contribute to somebody losing their crypto assets.

In this article, we are going to speak with leading experts at quantum ai, trading and investing platform specializing in cryptocurrencies. We will request them to highlight some ways and means to stay safe from crypto crimes on the internet.

Most Common Crypto Scams you should be aware of

In this section, we are going to list down three common crypto scams that accounted for nearly 90% of all cybercrimes in 2019-2021:

1. Fake Cryptocurrencies Giveaways and Offers-

Given the huge popularity of cryptocurrencies, hackers have realized that everyone wants to get their hands on some. As Bitcoin is expensive, cybercriminals have been proposing crypto offers and free giveaways. They ask you to deposit a percentage of your Bitcoins and then promise to return 2X or 3X the same. This is a major scam that new investors fall for.

2. Exit Scams and ICOs on Spurious Cryptocurrencies-

New cryptocurrencies are flooding the market left, right and center. Investors that missed the Bitcoin or Ethereum bus are not aggressively looking to get their hands on the next Bitcoin. This has encouraged sophisticated cybercriminals to set up new digital currencies and invite investments for Initial Colin Offerings (ICOs). PlusToken and WoToken were two such scams.

3. Software and Bots that Improve Winning Experiences-

In the last few years, there has been a proliferation of trading software and bots in the industry. Scammers publicize and promote them as pathbreaking technology that uses AI and ML to help improve trading chances. In reality, they are nothing but corrupted software that can infiltrate your systems and steal your password keys. It is best that you stay away from them.

In the last few major attacks, hackers were able to successfully impersonate famous personalities. If it looks too good to be true, it is always false! You need to run with this logic as far as cryptocurrencies are concerned.

5 Ways to Stay Safe from Crypto Crimes on the Internet

In this section, we are going to list down five key ways that can help you stay safe from crypto crimes on the internet-

  1. Do Not Open Unknown Emails– The first thing that you need to do is not open any email whose sender you do not identify. Sophisticated phishing attacks are on the rise and can easily gain access to your system. You will be demanded an extortion sum.
  2. Choose Credible Platforms– Secondly, you should only look to trade and invest in platforms that are genuine, credible, and authentic. Look at user reviews and ratings before opening an account. Check for the security protocols they have in place.
  3. Store your Wallet Offline– Most experts believe that it is best to store your crypto wallets offline. You should be using it always without the internet as you might never know the presence of malware or spam on your system.
  4. Use Antivirus Solutions at all times– You need to understand that investing in good antivirus solutions can help protect your system against the most common cyberattacks. The antivirus needs to be updated at all times as hackers are getting more advanced.
  5. Follow Cybersecurity Best Practices and Protocols– If you are someone that does a lot of trade online, you need to be conscious of your online security. From using tough passwords to not interacting with unknown individuals can help you stay protected.

The Final Takeaway

By following all the points in the article, you can rest assured that you will stay protected. Most of the time, it is the new investors who are eager to grab every opportunity that comes their way that is attacked. Hackers play on ignorance and eagerness to create trouble.

If you have any other questions, you would like us to answer on staying safe while trading crypto online, let us know in the comments. We will be more than happy to request our experts at quantum ai to help you out.