CRYPTO HACKS/SCAM by @cutlass- 10% to TRON_FAN_CLUB

editedoncanva

Hello everyone my name is Oshoke and in this post, I will be taking you through security loopholes we have in blockchain and how hackers can exploit users who don’t have knowledge of how these hacks are carried out

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Everyone in the blockchain space is familiar with the whole blockchain cannot be hacked, blockchain is impenetrable etcetera, although this may be true to some certain degree the blockchain is not 100% safe from hackers as different methods are implemented on a daily basis to steal users assets.
No matter how up-sided a feature is they are always people seeking out new ways to take advantage of it, cryptocurrencies are no exception in this context, many new ways to exploit the blockchain or newbies are being cooked up daily and lots of people without experience are losing their life savings and assets on a daily basis, basically, a cryptocurrency scam is simply obtaining cryptocurrency through fraudulent means

Below are a list of some ways users can have their assets stolen

• 51% ATTACK
• PHISHING/IMPERSONATION
• SOCIAL MEDIA SCAM

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51% ATTACK

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The 51% attack can only be achieved when a hacker gains control of a little over half of the active nodes in a blockchain implying that he has mining advantages on the blockchain over other blockchains hence he can mine and approve blocks in a blockchain
When over 50% of the blockchain is taken over by a single node he can mine and confirm new blocks, the user can also transfer or reverse funds he sent earlier back to his wallet depending on the mining power the hacker collects he can do a whole lot of unwanted things to your assets like delay transaction or reject transaction etc
The 51% targets mostly blockchains who use mining to reach consensus like the bitcoin, although the likes of Bitcoin and Ethereum might be too far fetched for the likes of the 51% attack cause it has its node all around the world and you will have to practically hack half of the world to get this done which I don’t think it’s possible. This attacks are usually targets of small and private blockchains that use miners to validate blocks, below is a list of blockchains that have been successfully hacked using 51% attack

VERTCOIN
BITCOIN GOLD
GRIN

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PHISING/IMPERSONATION

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PHISHING as we know it is all about impersonation in order to attain sensitive information for malicious intent, in most cases hackers often create either sites very similar to the original website, for instance let’s assume from website was www.tron.network this hackers will create site links very similar to the original thing with in some cases an almost identical web design , UI and UX even close web address like tron.to or tronx.cc, anything close to the real thing to convince you it’s legit
On getting your attention they will require you to put you log in details and submit your pass phrase or private key with which they will quickly move to your actual account in the real website and steal your assets. The easiest way to avoid PHISING is to avoid any site that is not the official site or avoid typing in your keys any where you are asked to apart from the official website
IMPERSONATION on the other hand is usually done to attain one’s log in details especially in cases of wallets, someone will call you pretending to be a customer with the Exchange and claim to want to help you sort out issues in your account you didn’t know about or claiming to help you win bonus meanwhile once you divulge your information to them they will immediately steal your data and block the line

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SOCIAL MEDIA SCAM

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A very common way people get their assets stolen is via social media, the most prominent one on this list is the Malicious Airdrop.
Airdrops are marketing and awareness incentives adopted by blockchains to help widespread their publicity and reward users for performing tasks with tokens sent directly to their wallets. There are often cases where some airdrop bots will request for someone’s private key which should serve as a red flag that it is a scam some ignorant people will still go ahead and send and have their assets stolen
Above is a twitter account that was created with the aim of spreading false information about a particular arbitrage platform which started off with rewarding its users with 5% daily reward for trading, the projects started off and rug pulled users with millions worth of USDT.

HOW TO AVOID CRYPTO SCAMS

• NO official costumer service would ever call you and ask for your Private key.
• Make research on a project before you join, some project don't have proper security backing as the Bitcoin and Eth to carry out PoW hence are vulnerable to 51% attack, make sure your blockchain is widely adopted before you join in with your assets
• One of the most effective ways to avoid your asset from getting stolen is to never divuldge your private key anywhere part from an official blockchain website
• A second way would be to always verify activities on official blockchian website, most of this scam are built on false information
• Most social media campaign are announced in the official website, if its not there don't participate and even if you must never give out your pass phrase or keys to any bot