How To Stay Safe with Crypto! You NEED To Know This!

As the use of cryptocurrencies gains Widespread adoption so too does the Prevalence of associated risk hacks Scams attacks and exploits have all been Common occurrences in the crypto Ecosystem resulting in significant Financial losses for both crypto users And even institutions so in this video We're going to be diving into the Distinctions between these four terms And explore strategies for safeguarding Oneself against them whether you are an Experienced crypto investor or a novice A comprehensive understanding of these Risks and how to mitigate them is Paramount let's Del further into the Realm of crypto hacks scams attacks and Exploits let's start first with crypto Hacks crypto hacks have become an Unfortunate and frequent event just take A look at the worst hacks last year Hacks involve unauthorized access and Theft of digital assets or information From cryptocurrency exchanges or wallets These incidents can occur due to various Reasons such as vulnerabilities and Security systems social engineering Techniques or even Insider theft the Aftermath of such hacks can be Disastrous for both the exchange or Wallet and for its users retrieving Stolen digital assets can be challenging Or even impossible while the reputation Of the exchange or wallet can be

Irreparably damaged a prime example is The infamous Mount gox hack in 2014 Where $850,000 bitcoins worth over $450 Million were stolen resulting in malo's Bankruptcy and a dism trust in Cryptocurrency security digital currency Exchanges and wallets must employ robust Security protocols including two- Factor Authentification and Cold Storage to Shield against hackers periodic security Evaluations can further help in Identifying vulnerabilities and it's Also important to remember not your keys Not your crypto cryptocurrency users Bear significant responsibility in Averting hacks by securing their private Keys utilizing distinct passwords and Refrain from holding all of their Digital assets on a single exchange or Wallet regulatory bodies can also assume A pivotal role in preventing hacks in The crypto Space by establishing an Enforcing security regulations and Standards they can guarantee that Exchanges and wallets adhere to a Certain degree of accountability Safeguarding users in the process now Crypto Scams in the world of digital currencies And Anonymous personas scams are Becoming a widespread problem so causing People to lose their crypto assets or Personal information these scams usually Happen through fishing emails or

Websites schemes that promise big Returns but don't deliver fake crypto Projects or rug pools and fake trading Platforms fishing scams trick people Into giving their login information or Private keys to fake websites or emails That look real Ponzi schemes are crypto Projects that offer High returns but Depend on new people joining to pay Older members fake projects create a Token in rug poool dumping the token on People who bought and disappearing with The money finally fake trading platforms Attract users with good deals but then Take their crypto assets and disappear To avoid being scammed it's important to Be careful and watch out only use Trusted Trading Places and digital Wallets that have a good history of Safety and research before investing and Be careful of any unexpected offers or Messages asking for personal information Or online money keep your private Keys Safe and don't share them with anyone Next crypto Attacks as the cryptocurrency landscape Continues to expand the threat of cyber Attacks like denial of service or dos Attacks malware attacks and ransomware Attacks is increasingly prevalent a dos Attack overwhelms a network or system by Flooding it with excessive traffic Causing it to become inoperable in the Context of cryptocurrencies these

Attacks can Target exchanges or Platforms effectively denying users Access to their digital assets or the Ability to carry out transactions Malware attacks on the other hand entail The installation of malicious software On a system or network granting an Unauthorized party access to sensitive Information or digital assets within Crypto these attacks can result in Private keys or login credentials being Stolen providing an intruder with access To digital assets worth millions of Dollars ransomware attacks involve the Encryption of a system or network files With the decryption key only being Provided upon the payment of a ransom These attacks can Target exchanges or Wallets effectively preventing users From accessing their digital assets Until the ransom is satisfied to protect Against these attacks cryptocurrency Exchanges and wallets must adopt strong Security measures conduct routine Security Audits and utilize cold storage Solutions to mitigate cyber Threats now an exploit in the Cryptocurrency world is a technique that Takes advantage of a flaw or Vulnerability within a system to gain Unauthorized access execute malicious Code or cause other undesirable effects So such exploits often lead to the theft Of coins or tokens resulting in

Financial losses for the victims so These exploits can occur in various ways Including software bugs Network attacks Or even human errors and they are Becoming increasingly common in the Crypto realm so some of the common types Of cryptocurrency exploits include flash Loan attacks 51% attacks and wash Trading flash loan attacks involve Malicious actors taking out Cryptocurrency loans to manipulate the Market while 51% attacks occur when a Single entity or group gains control Over 50% of a proof ofor Network's Mining power enabling them to double Spend coins and disrupt transaction Confirmations wash trading on the other Hand involves the artificial inflation Of a token's price through Rapid buying And selling by a Trader with the aim of Making a profit when the price is pumped Up the consequences of these exploits Can range from minor losses to Significant financial damage now let's Talk about the differences between hack Scam attack and Exploit understanding the nuances Between hacking scamming attacking and Exploiting is essential these terms Refer to distinct types of threats that Can compromise one's digital assets Hacking involves a breaking into a System or Network work often through Exploiting vulnerabilities in software

Or Hardware this may involve techniques Like Brute Force attacks or fishing Scams once access is gained hackers can Steal data or digital assets or cause Damage to the system scamming on the Other hand is focused on tricking Individuals into giving away sensitive Information or crypto and this can take Many forms from fake emails posing as Legitimate crypto platforms to Fraudulent investment schemes attacks Are broader in scope encompassing any Action that seems to disrupt damage or Destroy a digital system or network Exploits meanwhile refer to specifically To taking advantage of vulnerabilities In software or Hardware to gain Unauthorized access or control over a System or network so it's important to Note that while hacking and exploiting Are similar and often require technical Skills and knowledge scamming and Attacking can be carried out through Social engineering tactics like fishing So I hope this video was useful to you Guys I hope you guys stay safe out there As always my name is Trevor here with Coin market cap I'll see you guys in the Next [Music] One