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Bitrace report reveals 3 unconventional hacker techniques in crypto thefts

Bitrace

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TL;DR

  • Hackers exploit SEO to trick users into downloading malicious crypto apps.
  • Clipboard hijacking targets seed phrases, risking wallet breaches.
  • Beware high-yield, low-risk scams; trace stolen funds using transaction fees and professional tools.

In a recent report released by blockchain investigator Bitrace, crypto investors are being warned about the evolving tactics that hackers employ to access and siphon off their hard-earned digital assets. As the cryptocurrency landscape continues to expand, so do the methods employed by malicious actors seeking to exploit unsuspecting investors. Bitrace has identified three unique strategies that hackers are employing with alarming success rates: Search Engine Manipulation, Pasteboard Hijacking, and Liquidity Mining and Coin Theft.

One of the most insidious tactics employed by hackers involves leveraging popular search engines such as Google and Bing to manipulate search results. By employing Search Engine Optimization (SEO) techniques, these cybercriminals rank higher on search results pages. As a result, unsuspecting users are often coerced into downloading and signing up for crypto applications that are riddled with backdoors and other vulnerabilities. This strategy effectively compromises the security of users’ wallets and allows hackers to gain unauthorized access.

Pasteboard hijacking is a technique that hackers use to automatically grab or modify text data that has been copied to a user’s clipboard. This method is particularly nefarious as it targets the seed phrases of crypto wallet users, which can subsequently be exploited to gain unauthorized access to their wallets and drain their funds. Bitrace has highlighted a recent incident involving a fake Telegram app that was used to replace the destination wallet address copied in the clipboard. This simple but effective technique led unsuspecting users to unknowingly send their tokens directly to the hackers.

Bitrace’s guide to tracing and reclaiming funds

Liquidity mining scams have become increasingly prevalent in the crypto world, enticing investors with promises of high yields and low risks. These scams often lead to the sudden disappearance of tokens from investors’ wallets. Bitrace has identified three key methods that crypto users can employ to trace and potentially recover their stolen funds.

Tracing Transaction Fees: Investigators often start by tracing back the transaction fees associated with the movement of stolen funds. This method can help identify the hacker’s address by following the source of the transaction fees paid during the unauthorized transfer of funds.

Blockchain Explorers: Crypto users can make use of blockchain explorers, which are powerful tools that allow for the tracking of transactions and wallet addresses on the blockchain. By examining the blockchain’s public ledger, victims of crypto theft can gain valuable insights into the movement of their stolen assets.

Professional Tools: In addition to blockchain explorers, there are professional tools and services available that specialize in tracking and recovering stolen cryptocurrencies. These resources can provide expert assistance and significantly enhance the chances of retrieving stolen funds.

As the crypto landscape continues to evolve, it is essential for investors to remain vigilant and informed about the latest threats and tactics employed by hackers. Bitrace’s report serves as a timely reminder of the dangers lurking in the crypto world and underscores the importance of exercising caution when downloading crypto applications and conducting transactions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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