Crypto is still highly unregulated. Adding to that the fact that it is also decentralized, there are many illegal activities going on in the space. One of the biggest ones is the phishing attacks on exchanges and crypto hodlers. This is why to make the people aware, the FBI has informed them of the possible threats for crypto. They said that there are many hackers and organizations that are constantly monitoring exchanges to get hold of your portfolio. Some of the possible attacks that are being encountered are sim swapping, account theft and acting as tech support staff.
FBI’s warnings on possible threats for crypto
The FBI has recently shared some critical information that you and I must be aware of. They said that hackers and organizations are constantly looking at companies for vulnerabilities in their systems. And there is a high chance if they find something, they will attack the exchanges. If you are planning on holding crypto on these exchanges long term, then losing them to such attacks is very probable.
In order to help companies, the FBI has asked them to keep an eye on fishy emails or unusual account activities. It will also be good if the companies ask users if they want to hold their coins long term and store it in a hardware wallet. This will make sure that such attacks can be prevented. For users, the FBI has asked to make use of 2-factor authentication and also refrain from sharing information on social media.
The only option you have!
In order to be 100% safe, it is necessary for long term crypto hodlers to invest in a hardware wallet. This is the only way to prevent theft and not lose one portfolio. Precautions won’t cut it as the FBI said that Sim swapping is one of the easiest and most conducted attacks on crypto investors. In this, the hacker pretends to be the owner of your sim saying it’s lost. On having fooled the company guys into issuing them a new sim, all your accounts on exchanges are now accessible to him/her. And they can easily take away all your coins.
Are you a long term crypto holder? And if yes do you use a hardware wallet to keep your crypto safe? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.