Posted on: November 23, 2020 Posted by: admin Comments: 0

Many crypto owners fall prey to common crypto theft schemes, including phishing traps. How can the average crypto user identify and avoid these attacks to prevent the potential loss of funds?

Know the source

Phishing emails are sometimes successful in their attempts to trick users into downloading programs, clicking on something they shouldn’t, or just linking them to a page where they can enter personal information like their seed phrase.

In July, hardware wallet Ledger reported a data breach that affected the personal data of many of its users, some of whom continue to be the target of phishing attacks. A number of users have reportedly received convincing-looking emails asking them to download a new version of the Ledger software. 

Users were able to identify the con by looking closely at the sender’s email address, ending in “,” with the “G” and “D” letters switched. Emails arriving at unexpected times stating a user has already been the victim of a scam and requesting information — whether it’s over the phone, email, or through a link — should always be given extra scrutiny.

Authenticity of software updates

In September, an Electrum user reported the loss of nearly $15 million in Bitcoin (BTC) that appeared to be connected to a phishing scam which has been affecting users of the software wallet since 2018.

One of the first reported Electrum attacks — with nearly $1 million stolen — was the result of a user