In the first place, for Bitcoin theft, you actually don’t necessarily need expertise or some big experience in hacking. There are multiple ways that people use to take over other people’s Bitcoin. It is important to keep your private keys safe. Safest way at this moment certainly is storing your private information on a hardware wallet.

In some cases, where individuals didn’t take care about their privacy and security, it was as easy as an e-mail adress theft. Literally, if someone doesn’t secure himself, there are some chances that all of the information needed is phone number and e-mail address. It is all based on SS7 which is shortened for Signaling System no. 7. It is a telecom flaw that allows hackers to intercept authentication messages regarding e-mail password confirmation. At that point theft is already possible since a person trying to steal Bitcoin already have access to most of the information needed.

There are numerous examples of such schemes regarding Coinbase. Since Coinbase has over 10 million users it is clear that there are many users at risk. SMS authentication is not quite safe method anymore, so users should be advised to cease two-way authentication and switch to using one-time codes similar to Google authenticator.

Besides this, there are other ways. Anybody can create their own BTC wallet wait for the customers to start using it and then keep their information. Because of that, one starting to invest or trade with Bitcoin should be careful and choose some of the more used and reliable wallets. Also, there have been many reports of Bitcoin thefts through Bitcoin casinos, where casino would stop operating keeping all of the people’s Bitcoin. ICO – Initial Coin Offering is also a way to lose your money if you don’t do your research. Many of ICOs on the market today don’t have any future, but they would be more than glad to take your money in the first place.

It is important to get your facts straight and learn about Bitcoin network. Anyone who gets the knowledge regarding Bitcoin itself can be safe from this sort of manipulations. Keep your Bitcoin in a hardware wallet, so that your private keys are safe. Online, use reliable exchanges that you are familiar with and don’t operate on the shady websites.

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Posted by Min Park

Blockchain Marketing Consultant

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