Cyber attacks have built a new dimension since the evolution of cryptocurrency, the hacking methodologies employed to steal bitcoins, ethereum, and other cryptocurrencies have been very sneaky, along with the popular cryptojacking and typosquatting.
What is Typosquatting?
Typosquatting is a hacking methodology that targets internet users when they type in a wrong web address in their browser. These users may land on a different page similar to the original but looks legitimate as the original.
A group of six hackers used this typosquatting technique for plundering around $27 million in cryptocurrency. The hackers used typosquatting to login to client wallets and access funds. Based on the press release by Europol, it was reported that at least 4000 bitcoin users from 12 different countries had become the victim of this act.
The takedown of hackers
Europol has coordinated this operation with UK’s South West Regional Cyber Crime Unit (SWRCCU), National Crime Agency (NCA), Eurojust and Dutch Police (Politie) to investigate these six suspect over 14 months.
European Cybercrime Center’s (EC3) assistance to Joint Cybercrime Action Taskforce (J-CAT) allowed the international cooperation between a different member of the European Union and made a move on the suspects by locating their whereabouts with the help from British authorities.
With the integrity and confidentiality of cryptocurrency if people are assuming this could be an exciting means of the transaction then they need to be aware of the cybersquatting techniques that hackers can employ to sneak into your login details, access the secret vaults and use your cryptocurrencies. Bitcoin has been a favorite victim of these sneaky techniques, and this case here is an excellent example to refine your security policies now.
Other typosquatting alike techniques
Malware watchdogs already found something fishy with the Cryptohopper website and identified it to be a cloning technique to steal login credentials of the users, making them download a false exe. When installed, the exe will also deploy trojans and cryptominers that can later perform cryptojacking or plunder the cryptocurrencies away.
Poor browser security and practices can worsen the situation allowing the hackers to track your browser history, cookies, credentials, payment information, wallets and more, while clipboard hijacking is also being used to exploit the same in detail. Popularly known as Qulab trojan later starts infiltrating user information, tapping into personal data and exploiting the wallets.
Reinforcing security and brushing up your best practices
Cryptocurrency will continue to evolve over the years, but making sure your currency is well secured by enriching your cyber awareness, can reduce your chances of becoming victim to these sneaky takedowns. Though cybersecurity tools can come in handy, only knowledge and cautiousness can keep users secured from cybersquatting.
Recheck your browser plugins and add-ons, make sure they are from trusted sources to continue using them in the future. Europol has arrested these six people, but they aren’t the only ones out there trying to get away with cryptocurrency theft. Build your defenses and enhance your knowledge to stay secure against cybersquatting.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.