Cryptocurrency attracts hackers since some cryptocurrency activity is untraceable. Scammers typically attempt to gain access to individual accounts or crypto platforms, stealing private keys and using them to gain access to your cryptocurrency wallet. Learn more about crypto cybersecurity vulnerabilities below.

Blockchain cybersecurity risks

Many cryptocurrencies are based on blockchain technology — a set of blocks with a set of independently verified transactions. Though the blockchain is secure, it’s vulnerable if your private key gets stolen. A key is a set of numbers and letters unique to your cryptocurrency. So, if someone accesses your key, they can take your currency.

Phishing risks

Some hackers target crypto platforms through phishing campaigns. They’ll pose as the official trading platform to trick users into giving up their personal information. Phishing attacks can also occur through emails containing links leading users to a spoofed website.

How to improve your crypto cybersecurity

Use the following methods to avoid scams and security risks with cryptocurrency:

  • Research platforms: Do your research before investing in a cryptocurrency. Investigate new platforms to ensure they’re legitimate.
  • Be wary of emails: Emails are a common ransomware attack method for hackers. If you get an email about your crypto balance, verify the source of the email before taking action.
  • Secure your key: Your key grants access to your crypto, making you vulnerable if someone else gains access to it. Take steps to prevent your private key from being compromised.
  • Keep your device secure: Use good security practices on devices where you access your wallet or the marketplace. Security can prevent your account from getting hacked.

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Agio is a hybrid cybersecurity and managed IT organization offering system monitoring and management, detection and response services, and more. Contact us to learn how we can offer the support and protection your financial firm needs.

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