July 16, 2024
Bitrace Report Reveals 3 Unconventional Crypto Theft Techniques
Latest Cryptocurrency News

Bitrace Report Reveals 3 Unconventional Crypto Theft Techniques

To counter the sudden disappearance of tokens from crypto wallets, investors should be aware of the methods that bad actors employ to steal cryptocurrencies. Bitrace, a blockchain investigator, has identified three effective tactics used by hackers. First is Search Engine Exploitation. Hackers leverage search engine optimization (SEO) techniques to rank higher in search results, leading users to download fake crypto apps with backdoors from unverified sources unknowingly.

The Pasteboard Hijacking method involves automatically grabbing or modifying text data from clipboards, often skimming seed phrases. This information can later be used to access wallets and drain funds.

Scams promising “high yield and low risk” investments are a common way for hackers to make tokens disappear.

To trace stolen funds, Bitrace recommends three methods:

First is Trace Transaction Fees in which Investigators can often find the hacker’s address by tracking down the source of the transaction fees paid to move the stolen funds.

Next is to use Blockchain Explorers to monitor transactions and addresses associated with the theft.

The final one is to employ professional tools and Consider using professional tools and services to improve the chances of retrieving stolen funds.

It’s important to note that hackers not only target individual investors but also crypto organizations. In some cases, cryptocurrency organizations have taken steps to compensate users for their losses, as demonstrated by Maestrobots, a group of cryptocurrency bots on Telegram, which paid over 610 Ether from its own revenue to cover user losses amounting to more than $1 million. Blockchain security firms like CertiK are crucial in detecting such transactions and ensuring user compensation.

Image by Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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