Since the inception of crypto, the question of hacking has been a top-burner question with a lot of questions as to how the crypto wallet works and if it is hackable.
A crypto wallet like a regular wallet stores the user’s public and private keys to your digital currency called cryptocurrency.
Buying crypto online or trading, most online platforms, like Binance, Coinbase, and many others will give you an online wallet which is called a hot wallet as it is connected to the internet and highly prone to hackers.
It is advisable to get a code wallet/drives that are not connected to the internet and transfer your crypto coins to such as ……
Poly network promised the hacker a $500,000 bounty fee and a job as the chief security officer but the hacker returned more than $400 million worth of tokens and held back the rest.
Binance the biggest by volume platform was hit in 2019 where over 7000 bitcoin were stolen by one account, the hacker was able to break into the exchange security system and obtain secured APIs and two-factor authentication codes which allowed the hacker to move an approximately $40 million worth of bitcoin.
In September 2020,
The biggest of 2022 was
Wormhole was hit by a $320 million hack after a hacker targeted the bridge of exchange between
The hacker was promised a $10 million bounty by the Wormhole team for returning the funds but the hacker never did and this lead to the hedge fund backing wormhole in returning the funds.
How to Avoid this Hack
Fake Hardware Wallet
The unsuspecting victims are asked to change log in their password and key phrase which is key-logged and sent to the hackers who use them on the blockchain.
How to Avoid this Hack
How to avoid this Hack:
Cross-check the addresses on the
Can A Wallet be Hacked?
Yes, Wallets are hacked every day but they can be avoided if high-level security structures are put in place and consistently updated.
Crypto is still a delicate platform as the high-security breach leads to fear for so many but the upside of this platform outweigh the downside and while we might never get to the total eradication of hacks as new updates come in, we must always keep a watchful eye and try to protect our wallet as best as we can.
To learn more about