The topic of blockchain hack is one that we can call a novelty to the cryptocurrencies world. the reason being that for some years back now, a lot of people invest in cryptocurrencies which is being placed into the blockchain wallet because they feel that the wallet is safe and because it is well encrypted, they assume that the blockchain wallet has a high level of security that can be trusted. The bomb shell came in the early part of July in the year 2018, when it was said that a group of people who were regarded as Bitcoin Mafias were at the verge of moving away from people’s blockchain wallet, an amount ranging to an approximate of 2.3 million dollars. This was when the question of, can bitcoin be hacked?”came into the context of the international trading community.

A lot of people began to feel scared and insecure. Many people began to move off their investments from the blockchain wallets to other prospective investments and this has badly affected the rate of bitcoin growth from that point in time.

While a lot of people might wonder how the enormous amount of scam was done in the year 2018, it should be noted that the scam which was conducted that year was conducted using the clipboard hijackers- it is a kind of way by which the link which was copied would be changed when you paste it into the recipient’s address space on the blockchain wallet. Hence, instead of what you copied and pasted to be pasted, it would quickly change the address of the recipient and since the recipients do not have a way of being verified, it is very hard to trace bitcoins that have been moved fraudulently.

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The major background to the problem

Up until very much recent times, a lot of people would boast that they are experts when it comes to cryptocurrencies. Most people have earned quite a fortune with cryptocurrencies, no doubt, but with the major lapses that have occurred in recent times, there is no doubting the fact that with cryptocurrencies, nobody can know it all. The first major problem that led to the hacking of many blockchain accounts is the fact that many people do not understand what they do with cryptocurrencies. It is not the act of buying and selling that makes you a cryptocurrency expert but rather the fact that as you transact, you are able to guarantee yourself of some level of security in other that the assets that you hold so dearly wouldn’t be carted away because you released your own information carelessly on the online.

Secondly, the problem that most people who have the clock chain coins had as at a year ago was the fact as they bought their coins, they were looking for places to invest them so that they can have more earnings. The down side to the whole act of investing came to the fore when many of those block chain crypto currencies investors fell into the hands of spammers form phishing sites and that was how so many people lost a fortune.

It is on record that as at the year 2024, the number of blockchain users is expected to rise to the approximate of 200 million users and this means that out of those 200 million users, those that would like to transact online are amongst them and so there is a likelihood that more people get defrauded in the coming years.

 

A few tips to help protect your blockchain wallet

Gone are those days when people just install applications from Google play store without checkmating on them. The truth is that the play store is just like any typical market, you can come in there to display whatever it is you think would sell and by so doing, so many wrong people have opened applications meant to defraud people on the play store application. It was noted that the bulk of the people who were defrauded in the year 2018 were people who simply went to download applications for risky websites from Google play store. For this reason and much more, you need to be mindful of the kind of applications that you download from the Google Play store.

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Also, the two factor authorization is a new trend of modern day security that a lot of people make use of in other to keep their profile secure. It has been noted that most times some android phones don’t allow people to do the two factor authorization, but at the same time, it is better to make use of crypto trading platforms that support the two step facto authorization and it makes you realize what kind of platform you are venturing into.

When you want to follow a link to the application of trading website, be certain to make sure that the link is secure and the website is one that is secure and encrypted. You can easily see this with the green padlock sign at the topmost left corner of the website. This would give you the first impression that you need to know.

Also, before you jump into investing, be certain to search on Google about reviews on the online investment that you are about to venture into. Also, people are of the view that when investing in certain bitcoin or blockchain investments, one slack bot would help them trade and get money, but the truth is that most times the bots are not trust worthy and so you need to be careful when delving into such kind of investments.