Crypto phishing scams: How to protect yourself
What's the story
Billionaire investor Mark Cuban fell victim to a crypto phishing attack recently, losing approximately $870,000 worth of tokens.
Cuban's wallet was reportedly drained of US-pegged stablecoins, staked ETH (stETH), SuperRare (RARE) tokens, and Ethereum Name Service (ENS) domains.
After being alerted to the transactions, Cuban was able to save over $2.5 million worth of cryptocurrency by transferring them to a Coinbase exchange address.
Details
Ethereum co-founder Vitalik Buterin also faced phishing attack
Cuban's case is not an isolated incident. In early September, Ethereum co-founder Vitalik Buterin's X account was compromised in a phishing attack.
While Buterin did not lose funds, numerous users lost a cumulative $700,000 by sending tokens to an illicit link that Buterin seemingly endorsed.
Phishing attacks are becoming increasingly common in the crypto industry, with hackers using various tactics to trick users into divulging sensitive information or downloading malware.
So, how to safeguard yourself? Let's find out.
What Next?
Two-factor authentication necessary to prevent phishing attacks
Always enable two-factor authentication (2FA) to secure crypto-related accounts from phishing scams.
Avoid clicking on links provided in emails, messages, and other unverified sources. Instead, manually enter the website URLs of the platforms you wish to access.
If you have to click on a link, hover the mouse cursor over the link to view the destination URL in the browser's status bar.
Insights
Use good antivirus software
Exercise caution while downloading and opening attachments. They might contain malware to compromise the security of your cryptocurrency accounts.
To lower the risk, scan the attachments using reputable antivirus software.
It is a must to keep web browsers, operating systems, and other software up to date so that your crypto assets can stay secure. Their updates often include security patches that tackle known vulnerabilities and safeguard against emerging threats.