How Scammers Work with Crypto Wallets: Popular Schemes and How to Protect Yourself

Fraud with Crypto Wallets: Common Schemes 

Using cryptocurrency wallets comes with the risk of encountering fraudulent schemes. Malicious actors use several methods to deceive digital asset owners.

1. Phishing sites. Scammers create fake pages of popular cryptocurrency wallets, copying their interface. When data is entered, the attacker gains access to the funds.
2. Fake apps. Fake crypto wallets appear in mobile app stores, intercepting users' secret keys.
3. Social engineering. Fraudsters disguise themselves as employees of crypto exchanges or technical support, convincing victims to share confidential information.
4. Airdrop scams. Scammers send offers for free tokens, requiring the wallet to be linked to a dubious service. As a result, money is automatically debited.
5. Investment scams. Fake cryptocurrency projects promise high returns but disappear after receiving the deposit.

Some scammers also use refund schemes. The victim is offered help in recovering lost assets but is asked for a prepayment, after which the scammer disappears.

Protection against cryptocurrency scammers requires careful verification of web addresses, official app sources, and ignoring suspicious messages.

Cold Wallet Hacking: Attack Methods

Cold wallets are considered the safest way to store cryptocurrency, but they are also subject to attacks:

1. Physical access. Attackers may steal the device and attempt to hack the PIN code or extract the private key.
2. Firmware vulnerabilities. Fake hardware wallets come with pre-installed malware that intercepts data.
3. Device replacement. Purchasing equipment from unverified sellers may lead to receiving a modified wallet with compromised keys.
4. Backup attacks. If an attacker gains access to recorded seed phrases, they can restore the wallet on another device.
5. Malware. Some viruses intercept user-entered recovery phrases, gaining full control over the funds.
6. Bluetooth or USB attacks. Some devices may be vulnerable to attacks through wireless or wired interfaces.

To protect crypto savings, it is important to purchase devices only from official suppliers, regularly update firmware, and securely store backups.

Crypto Exchange Scams and Cryptocurrency Theft 

Some scammers use fake exchange services, offering favorable rates and instant transfers. After receiving the cryptocurrency, the site stops working or requires an additional fee for withdrawal.

Signs of a Fraudulent Crypto Exchange: 

• Lack of license and transparent company information.
• Mandatory prepayment or hidden fees.
• Low rating and negative reviews online.
• Lack of technical support and contact with real owners.

Moreover, there are other ways to steal cryptocurrency: 

1. Address spoofing. Malicious programs alter recipient details when copying, sending funds to scammers' wallets.
2. Fake investment platforms. The user deposits money, but withdrawing it is impossible.
3. Messages from the "security service." Attackers posing as support ask to confirm identity by providing secret data.
4. Mobile device attacks. Malicious programs can intercept data entered in wallets and exchanges.

How to Protect Crypto Savings

Safe storage of digital assets requires a comprehensive approach.

Main protection measures:

• Using official crypto wallets with multi-factor authentication support.
• Checking website addresses and downloading software only from official sources.
• Storing the cold wallet in a secure place, inaccessible to third parties.
• Creating encrypted backups of private keys.
• Using complex passwords and hardware keys for additional protection.
• Checking crypto exchanges before conducting transactions.
• Ignoring offers of easy earnings and "free" cryptocurrencies.
• Regularly updating software to protect against new vulnerabilities.

To enhance security, it is also important to be attentive to social networks and messengers, where phishing links and fake offers are often spread. It is important to use only verified services and tools for managing cryptocurrency, as well as periodically audit all connected wallets and accounts.

Following these rules significantly reduces the likelihood of losing cryptocurrency due to fraudulent actions.