Hello everyone, today is another day.
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Whenever you first buy cryptocurrency, it will generally be in an exchange account. If a hacker gets access to this account, they can “withdraw” your crypto to a wallet address under their own control.
One of the easiest things you can do to help thwart these attacks is to first make sure you purchase your crypto safely and then turn on two-factor authentication (2FA) for withdrawals in your exchange app.
2FA requires you to input a code from your phone every time you make a crypto withdrawal. It can be a nuisance if your phone’s battery has died or if you have to get your phone from another room when you want to withdraw, but it could also save you from losing your crypto if an attacker gets access to your account.
If you don’t have 2FA enabled, you have to rely entirely on the security of your email address and password to protect your crypto. These can be pretty easy for bad actors to circumvent.
An attacker may be able to steal your password hash from another website and break it using hash-cracking software, or they may be able to trick you into downloading a malware file through email, steal your email password, and use the “reset password” feature to take control of your exchange account.
These are standard techniques hackers use to steal crypto from an exchange, but having 2FA enabled makes them much less likely to succeed.
With 2FA enabled, the attacker will need to perform these steps plus convince your phone company to transfer your phone service to the attacker’s phone. That will allow them to receive your text messages and get the code intended for you. It’s an extra layer of effort the hacker has to go through to make the withdrawal, and it’s often enough to deter them from completing the attack.
Happy Sunday and Stay Safe