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Cryptocurrency for Beginners

What is Crypto jacking? How to prevent it happening to you

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What is Crypto jacking?

The beauty of Blockchain is that it is unforgeable , therefore, “unhackable”.

However, hackers will go to extreme lengths to hijack a device to steal crypto.

That’s why it’s called crypto jacking.

 

What is crypto jacking?

Crypto jacking refers to when a hacker hijacks a device to steal cryptocurrency related resources.

Common types of crypto jacking involving crypto mining on top of stealing cryptocurrrency.

 

 

Types of crypto jacking

 

What motivates the hacker

 

All hackers are motivated by easy money.

Especially if they can get away with it.

While they can not hack a blockchain, they will target lists of private keys.

Private keys are the login and password of a cryptocurrency wallet.

Once a hacker gets access to your private keys, they can easily send your Bitcoin or your cryptocurrencies to other wallets.

 

Related article: What’s the difference between public key and private key?

 

Where can hackers get lists of private keys?

Answer: Centralized cryptocurrency exchanges

Many beginner investor makes the mistake of treating cryptocurency exchanges like Coinbase and Binance like banks.

This is a mistake because these exchanges are not liable if you lose your cryptocurrencies.

While cryptocurrency exchanges are the favorite targets of hackers, hackers love targeting phyical ledger wallets.

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