1 month ago
As agelong arsenic victims support falling for handing implicit their 24-word effect phrase, atrocious actors volition support going for the easiest payday, says a crypto executive.
Cryptocurrency wallet providers are getting much sophisticated, but truthful are atrocious actors — which means the conflict betwixt information and threats is astatine a deadlock, says a hardware wallet steadfast executive.
“It volition ever beryllium a feline and rodent game,” Ledger main acquisition serviceman Ian Rogers told Cointelegraph erstwhile describing the changeless contention betwixt crypto wallet firms adding caller information features and hackers uncovering much precocious ways to entree victims’ wallets.
Rogers said, unfortunately, the astir straightforward scams enactment champion due to the fact that scammers trust connected radical making elemental mistakes.
“People springiness their 24-word phrases to radical each day, truthful arsenic agelong arsenic that happens, past they are going to spell for the low-cost tax,” helium said, adding:
“Anyone who asks for your 24 words is simply a criminal.”Rogers highlighted a communal crypto scam wherever victims get tricked by replies nether “any station connected Twitter astir crypto,” with messages similar “DM me, and I’ll assistance you.”
“You cognize that scammers are ever asking you for your 24 words,” Rogers said. CertiK main concern serviceman Jason Jiang precocious told Cointelegraph that being alert of phishing attacks connected societal media tin drastically summation a user’s crypto security.
Sometimes, scammers hijack the accounts of well-known manufacture figures to station malicious links, making it adjacent harder for users to spot the scam.
In September 2023, Ethereum co-founder Vitalik Buterin’s relationship was compromised, starring to a fake NFT giveaway that tricked followers into clicking — lone to drain implicit $691,000 from their wallets.
Source: CertiK
Rogers emphasized that this volition ever beryllium the case, conscionable as atrocious actors aren’t constricted to crypto — scams similar fake emails from the “Nigerian president” person been astir for years.
“The outgo of the onslaught is ever commensurate with the size of the prize, right?” Rogers said. In 2024, crypto hacks jumped 15% from 2023, with implicit $3 cardinal stolen.
Related: Hacker steals $8.4M from RWA restaking protocol Zoth
Meanwhile, pig butchering scams person emerged arsenic 1 of the astir pervasive threats to crypto investors, with losses connected the Ethereum web costing the manufacture $5.5 cardinal crossed 200,000 identified cases successful 2024.
Pig butchering is simply a benignant of phishing strategy that involves prolonged and analyzable manipulation tactics to instrumentality investors into willingly sending their assets to fraudulent crypto addresses.
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