The 5 Main Types of Crypto Attacks
In this article, we’ll examine the five main types of attacks that target cryptocurrency users.
Hackers use these methods to extract information from users, break into their wallets and steal their cryptocurrency. Although the end goal is almost always to steal your cryptocurrency, the methods used and the ways to protect against them are different-so it’s good to be familiar with them all.
One of the key tenets and security features of cryptocurrency is anonymity. Anonymity helps to keep cryptocurrency users safe from hackers that target them through their email address, phone number or physical address. Dusting is a subversive method used by attackers to try and trick people into ‘deanonymizing’ their crypto wallets.
How it works
A hacker will typically send a small amount of cryptocurrency (dust) to the target’s wallet. In many cases, the target may not even realise that they have received anything because the amount is so small it goes unnoticed. However, this transaction gives the hacker an address to track that could eventually deanonymize the user.
In practice, a hacker would send tiny amounts of BTC to a wide range of wallet addresses and then track the activity of those addresses on the blockchain. By tracking and combining the movement of funds between multiple wallets, the hacker may be able to figure out the identity of a user via a connection to their bank, company or exchange.
Ransomeware is a type of malware that attempts to scare the victim into paying a ransom using cryptocurrency. Typically, the hacker threatens to leak sensitive or embarrassing information about the target that they have acquired, but more often than not, no such information exists. In more serious cases, the hacker takes control of the target's computer or data, denying them access until payment is made.
How it works
The malware used to instigate a ransomware attack is installed on the user's computer either through a phishing attack, an infected website or compromised software. Once inside, it activates, locking out the user or threatening them with stolen data.
To avoid ransomware attacks, always use up-to-date antivirus software and avoid unverified software or suspicious websites. Never click links or download software that you don’t recognize.
Phishing is the term used to describe how hackers gather personal information such as usernames, passwords or seed phrases and then use this information to steal funds. To achieve this, the hackers usually pretend to be someone familiar to the target, such as a bank representative, fellow employee, or a customer support agent from a platform they use.
How it works
The scam is perpetrated in several ways, most commonly via email, phone (vishing), or via a fake website or app. A target will receive a very realistic-looking email that either asks them for personal information or directs them to a fake but familiar website where they unknowingly hand over their password. Once the hackers have the login details, the target's funds are drained.
To protect yourself against phishing scams, you must exercise extreme caution when responding or clicking on links in emails or text messages. Always check to ensure the message comes from a genuine source and never click a link unless you are 100% sure it's safe. It's best practice to bookmark an address you commonly use and always use that bookmark to access the site. The use of 2-factor authentication (2FA) like Google Authenticator is a great way to protect against phishing because even if the hacker gets your password, they still can’t log in to your account.
This form of attack involves sneaking crypto mining software onto a target’s computer, with the intention of using their resources to mine cryptocurrency and send it back to the attacker's wallet. Although it is a relatively harmless attack in terms of the security of funds, it can cause severe annoyance to the target and result in additional electricity costs.
How it works
Cryptojacking malware is installed on a target’s computer through phishing emails, corrupted software or infected apps or websites. The software runs secretly in the background and is very hard to spot, and will usually relaunch automatically even after a reboot.
As with other attacks, always check the URL you are using is correct and never click any links until you’ve verified the source is genuine. Make sure you are using decent antivirus software and it’s up-to-date. If your computer suddenly starts running very slowly for no reason, chances are you’re a victim of cryptojacking.
5. Address Poisoning
This relatively new form of attack tricks a user into sending cryptocurrency to the wrong address by manipulating the common method of recognizing only the beginning and end of wallet addresses.
How it works
Because addresses are so long and complicated, users typically just look at the first few and last few characters when copying an address to make a repeat transaction. Address poisoners generate similar addresses with the same leading and ending characters and then slip the address into the user's transaction history by sending them tiny amounts of crypto.
The hope is that if done to enough people, someone will eventually copy the poisoned address and send their cryptocurrency to it instead of the correct address.
To avoid address poisoning, always be sure to check your address fully and never copy them from your transaction history.
Regulatory tightening and EU MICA - risk or opportunity
In this article, we’ll discuss the upcoming Markets in Crypto Assets (MiCA) bill proposed by the EU Parliament. ...
Crypto Trends in October 2022
It’s October! What's trending in crypto this month?
Crypto Trends in September 2022
It’s September! What's trending in crypto this month?
Bitcoin Showing Signs of Resurgence After Catastrophic Dip: What's Contributed?
The Crypto Winter looms even as Bitcoin’s price shows signs of stabilising and resurging. Read on to discover ...
Tesla Sells Bitcoin Holdings: Will This See the Beginning of a Trend for Other Businesses Who Hold Crypto?
Tesla has sold off 75% of its Bitcoin holdings. Click here to find out why and whether other businesses will be ...
All About Crypto Seasonality
The total market capitalization of the top 100 cryptocurrencies has increased over the past seven years from ...
Getting to Grips with Arbitrage
The world of trading has many different tricks and tools refined over the years by strategists and financiers, ...
The Crypto Winter: Are There Any Advantages?
It seems that another crypto winter is among us, but what does it mean and are there any advantages? Click here ...
The Comparisons Between the 2018 Crypto Bear Market and Now: Are They Useful?
Cryptocurrency is currently heading into another bear market. Click here to find out how noting comparisons can ...
The Blossoming Intersection of Fashion and Crypto: What Does the Future Hold?
Over the last few years, fashion and crypto have been entwined together. Click here to find out what this means ...
Could Post-Merge Ethereum Have a Centralization Problem?
Ethereum recently completed its merge into Ethereum 2.0. Click here to find out if this will bring about a ...
Instagram to Add Support for NFTs
Instagram to launch NFT functionality on its platform in 100 countries worldwide
Can Ethereum’s Ecosystem Keep Its Future Bright Amidst This Crypto Winter?
Ethereum has steadily been building an ecosystem unlike any other. Click here to find out why its future remains ...
Buterin Criticises Bitcoin’s Stock-to-Flow Price Prediction Model – But What Is It?
The stock-to-flow prediction model has caused a mixed reaction amongst the crypto community. Click here to find ...
AVAX, the Ethereum Killer: What You Need to Know
AVAX, which is a token run on the Avalanche blockchain, is said to be the Ethereum killer. Click here to find out ...
A ‘Digital Library of Italian Culture’ in Puglia: Is It Expanding NFT Use to New Areas?
The University Aldo Moro is currently using NFTs as a way to reignite the culture of Puglia. Click here to find ...
Crypto’s Position in the Italian Economy: Will It Only Grow and What Would Regulation Do?
Crypto is continuing to grow in the Italian economy. Click here to find out how and what regulation might mean ...
Will the EU Adopt a Digital Currency?
Cryptocurrency is growing across the world, with more and more countries starting to embrace it. Click here to ...
Ethereum’s Proof of Stake System: Do Other Coins Use It?
Ethereum is currently switching to the proof of stake system. Click here to find out what this means and whether ...
We are delisting Swipe (SXP)
Due to a change in the blockchain used by Swipe, SXP will no longer be supported.
Scheduled Maintenance on 05/06/2023
We will conduct scheduled maintenance from 06:30 to 07:00 (UTC+2) on 05/06/2023.
We are listing Ocean Protocol (OCEAN)
We will soon be listing OCEAN, the native token of the Ocean Protocol project
Our Slovakian license is approved!
The license is another achievement along our path to becoming the most well-regulated exchange in Europe
"Lights, Camera, Trade!" Trading Competition
Get ready for the zondacrypto rebranding trading competition!
Zonda is now zondacrypto
Your favourite crypto exchange is getting a new look and added features!
How is Zonda working during long May weekend?
Please note that during Long May weekend, our customer support team will be available as usual. However, during ...
Important Notice: We are delisting LUNC
To provide the safest trading experience for our customers, we regularly review each token on the exchange to ...
We’ve partnered with crypto tax experts Cryptiony!
Get 20% off when you sign up with our promo code
We are listing Fetch.ai (FET)
We are listing $FET, the token of the Fetch.ai project, on Monday 24 April 2023.
4. 08 Phishing: types and examples
Phishing is a type of fraud that involves impersonating another person or institution in order to extract data ...
4. 07 Investment scams. What to look out for?
Investment fraud is one of the most common recent threats that is oriented towards people who use the services ...
4. 06 Travel Rule
Travel rule is a rule well known from the traditional banking sector, which states that all funds sent from one ...
4.05 Crypto taxation in Poland
Every year in Poland, more and more people are investing in cryptocurrencies. This involves, among other things, ...
4.04 Illegal Activities in Crypto
In this lesson, we explore recent statistics and discover insights about criminal activities related to ...
4.03 DLT Pilot Regime
The Regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based ...
4.02 Digital Operational Resilience Act (DORA)
In this lesson you will learn more about the Digital Operational Resilience Act (DORA), which as a part of ...
4.01 Markets in Crypto Assets (MiCA)
In this lesson you will learn more about MiCA, which aims to be the first comprehensive law regulating ...
3.03 The Dow theory: principles and statements
This lesson helps you understand the principles and statements of Dow’s theory.
3.05 Candlestick charts and patterns
This lesson focuses on understanding candlestick charts and patterns.
Invezz / Interview: Volatility, liquidity and what happens next for crypto – zondacrypto exchange
Anyone who has ventured into the cryptocurrency world will agree with one thing: the volatility is unmatched. Be it plummeting or soaring prices, crypto markets are notorious for the pace at which they move. In this interview, Stanislav Havryliuk, our COO, assesses the current situation on the crypto market.
US regulators are cracking down on stablecoins!
Blockworks spoke to our COO Stanislaw Havryliuk about the recent SEC action against @PaxosGlobal and stablecoin #BUSD
Should we expect to see similar action against #USDT and #USDC? Which #stablecoin is the safest option?
Meet the person that is creating ripples of growth in the crypto space
Our CEO Przemysław Kral is making headlines again!
In this feature from FoxInterviewer, he discusses the skills needed to succeed in the emerging digital assets industry, the importance of KYC and AML procedures, and the tools he is building at Zonda.
Business Insider recently had a chat with our CEO
Zonda’s CEO Przemysław Kral recent spoke to Business Insider about the importance of consumer safety and compliance in the crypto sector.
Read the full article, along with additional commentary from our COO Stanislav Havryliuk
How will the US banking crisis affect crypto? Our CEO spoke to Benzinga
The collapse of Silvergate has sent shockwaves through the crypto industry. Where will US crypto businesses now go for banking services?
Zonda CEO Przemysław Kral recently spoke to @Benzinga about this issue and the problems it could cause.
Zonda is now zondacrypto!
As the exchange continues to evolve and grow, we're thrilled to announce that we're rebranding and changing our name to better reflect our vision and values. We're still the same team you know and trust, but with a fresh new name that captures our spirit of innovation and customer-centric approach.
Some things may look a bit different but don’t worry - all operations remain the same and your login details work as usual.
Stay tuned for more updates and exciting changes as we embark on this new chapter together. Thank you for your continued support and loyalty!