8 Ways Your Crypto Wallet Can Be Hacked

Can Your Crypto Wallet be Brute Forced?

  • Assuming you’re using a crypto wallet and that the wallet requires a 24 seed phrase out of a 2048 dictionary, that’s 2048 ^ 24 combinations or 2.96428 x 10^79 or 29 quinvigintillion
  • In short, let’s say a computer can do 100,000 guesses a second and let’s say you have 100,000 computers, it’ll still take you millions of years to crack 1 address
  • With quantum computers, maybe one day. But in the modern word today, it is impossible to brute force a crypto wallet

8 Other Ways to Hack a Crypto Wallet

  1. Hacking Your Device.Gaining access to your device either in person or through software to access your private key. If your private key is stolen, it’s the equivalent of losing your credit or debit card with the PIN code written on the back of it. No need to explain what will happen to your account next.
  2. Phishing Emails. Email phishing consist of an email allegedly coming from a service you’re most likely familiar with, and asking you for data to complete certain operations.
  3. Key Loggers. Software that records every seed, password and PIN introduced on your computer or mobile device and then transfer them to hackers.
  4. Fake Wallets. Fake mobile apps masquerading the official wallet used similar names and convincing marketing banners for you to download the app and transfer funds into an address that only the hackers have access to.
  5. Trojans. Similarly, to keyloggers, Trojans can enter your computer and monitor your behavior, stealing anything that resembles a cryptocurrency private key.
  6. Installing browser extensions. Browser plugins like you would use for Google Chrome can have hidden Trojans or Key Logger software that is spying on your computer actions
  7. Fake Advertisements. Fraudulent companies launch campaigns targeting people willing to buy or sell cryptocurrencies at ridiculously competitive rates. But this is just a front for you to transfer funds into these fake companies.
  8. Clipboard Hijacking. In order to transfer funds, you’re most likely copy and pasting an address to send or to receive crypto. There is software that changes the address to an address of their choice and essentially hijack your transaction.

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Ricky Young

My belief is that financial freedom cannot be obtained by just a 9-to-5, but a combination of smart investing and passive income. This is my journey to achieve financial freedom.

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