I think the concept of cryptocurrency is like a back-hand slap in the face of the Federal Reserve. One bitcoin currently valuing almost $2600 per BTC is I believe a significant reason for users to lose their bits to hackers.
If the price of this decentralized and virtual currency continues to grow, you must ensure unbreakable security for protecting your Bitcoin Wallet.
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Hacking a Bitcoin Wallet is like robbing a personal vault, except the former does not require violence or keeping hostages. Cody Brown, the founder of Roomscale.org has recently lost $8,000 from his Coinbase account! I used to think Coinbase was the most secure wallet for stashing bitcoins with its 3-factor verification method.
The possible mode of attack:
The attack on Brown’s account was performed via Verizon through which the hacker took control over the victim’s cell phone number in the name of billing information.
In less than fifteen minutes after his contact number was compromised, the hacker ravaged Cody Brown’s Coinbase wallet.
Cody Brown’s statement prior to the attack,
$8,000 in 15 minutes is faster and more lucrative than robbing a suburban bank.
I copied and pasted a BTC address into Electrum and confirmed the bitcoin transaction. The clipboard replaced my bitcoin address with a different one. A few minutes later I discussed it with a friend to see if it was in his wallet — It was sent to the wrong address.
Both of the attacks were carried out last week when the price was soaring every day. These examples are simply reminders for all of us to consider more advanced security securing Bitcoin wallets.
Ways to ensure greater security to your Bitcoin wallet:
First of all, never forget to use 2-factor authentication method for exchanges; furthermore, consider 2FA method for the emails you send.
Secondly, cross check the bitcoin wallet addresses too after copying it, and refrain from revealing information related to your online BTC storage at all costs.
For more information on Bitcoin, stay tuned to TTN.