Crypto Phishing Attacks

Written by Brett Taylor

March 3, 2023

You just got your new Bitmain S19s hooked up and are hashing. The sats are flowing into your wallet daily and stacking up nicely. Then you get a text message saying your funds have been transferred to some exchange as requested. Your initial reaction may be…WHAT?!!! Oh Crap, what do I do!!?

And if you are too impulsive, you will click on that link associated with that scary text.  

And if you are too impulsive, you will click on that link associated with that scary text.  

Online con artists use phishing tactics to fool people into disclosing private keys to their cryptocurrency wallets or login passwords, among other sensitive information. These con artists frequently employ social engineering techniques, such as building bogus websites or posing as a reliable sources, to make their communications seem authentic.

Sending unsolicited emails, social media posts, or text messages is one typical crypto phishing scam technique. These communications may ask the receiver to click on a link or submit personal information while seeming to be from a reliable source, such as a bitcoin exchange or wallet provider.



Here are some red flags to look out for when receiving unsolicited messages related to cryptocurrency:

  1. Unusual grammar or spelling mistakes. Many phishing messages are written by non-native English speakers or use automated translation tools, which can result in unique phrasing or grammar errors.
  2. Urgency or fear tactics. Scammers often try to create a sense of urgency or fear in their messages to prompt the recipient to act quickly without thinking. For example, they may threaten to freeze an account or claim that a security breach has occurred.
  3. Suspicious links or attachments. Phishing messages may include links to fake websites or attachments that contain malware. Always be cautious when clicking on links or downloading files from unknown sources.
  4. Requests for personal information. Legitimate companies will never ask for sensitive information such as passwords or private keys via email or text. It’s probably a fraud if you get a message asking for this information.

Being watchful and taking precautions to secure your accounts and information are essential to safeguard yourself from cryptocurrency phishing schemes. Here are a few tips:

  1. Where possible, use two-factor authentication (2FA). By requiring a second form of verification in addition to your password, such as a code delivered to your phone, 2FA increases the security of your accounts.
  2. Update your program frequently. Many phishing scams rely on exploiting vulnerabilities in outdated software. Try to apply security patches and software updates as soon as they are available.
  3. Before answering, be sure you know who sent the message. Consider the source of the communication before responding if it asks you to click on a link or provide personal information. For instance, instead of opening the link in the message if it appears from a cryptocurrency exchange, check into your account directly from the exchange’s website.

In conclusion, cryptocurrency phishing scams can be challenging to spot and cause significant financial losses. You may guard against these frauds by being watchful and taking precautions to secure your accounts and information.

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