Cryptomining, also known as cryptojacking, is a malware attack aimed at stealing users’ computing resources and using them for cryptocurrency mining.In particular, since 2021, well-known crypto services like and Luno have experienced over 900 phishing attacks. Once you click on the provided link, hackers can compromise your private data. Cryptophishing is a scam aiming to steal your private information, such as crypto keys, by encouraging you to visit an illegitimate website.Some of the most widespread malicious techniques are cryptophishing and cryptomining. Scammers turn to various social engineering approaches to trick cryptocurrency traders into revealing their private information. So it is worth opting for a crypto exchange complying with the latest customer protection standards and requirements. For example, the PoliNetwork decentralized exchange recently experienced one of the largest cyber attacks resulting in over $600 million loss.įurthermore, hackers keep finding new ways to bypass security systems and find vulnerabilities in blockchain-based software. Cybersecurity challengesĭid you know that in 2021 alone, hackers stole over $14 billion from crypto exchanges and online wallets? Unfortunately, even legitimate and popular platforms used by millions of traders often fall victim to cyberattacks. Let’s look at the most significant pitfalls of buying crypto. As a result, there are numerous vulnerabilities in crypto exchanges that can be used by cybercriminals striving to compromise traders’ security and steal their funds. Main reasons why it may be unsafe to buy and sell cryptocurrencyĪlthough cryptocurrencies have been in the spotlight for a while now, blockchain-based technologies are still considered young and unsteady.
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The thing is that the world of crypto is full of various pitfalls, from phishing scams to fake exchanges and questionable ICOs.īut how to protect yourself and mitigate all potential risks when buying Bitcoin or Ethereum? Keep reading this article to find out. However, your safety should always be your number one priority. Perhaps you pick the most promising token first? Or is it worth kicking off with the choice of a relevant exchange platform? Of course, it all matters a lot when buying cryptocurrency. If you’re new to crypto trading, you probably wonder what you should start with.
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