Hackers can STEAL your Bitcoin using a simple method that hijacks your cryptocurrency – an urgent warning and instructions on how to prevent it.
Crypto enthusiasts are being warned of a scam that tries to defraud unsuspecting victims of their Bitcoin.
According to an investigation, hackers took over a victim’s clipboard and stole at least $24 million in cryptocurrencies.
The clipboard on a phone or a computer is used to copy and paste text and images between apps.
It’s commonly used to copy passwords or cryptocurrency wallet addresses, which cyber criminals are fully aware of.
The Bitcoin-snatching hack was disclosed in a blog post published on Tuesday by researchers at Avast, a Czech cybersecurity firm.
It involves the “MyKings” botnet, which has been infecting computers and mobile devices since 2016.
Botnets are computer networks that have been hijacked and are used to carry out different schemes and cyberattacks.
Scammers appear to be scanning many of these machines’ clipboards for cryptocurrency wallet addresses.
They’re the long strings of 26 to 35 numbers and characters that crypto enthusiasts use to send money to others – or to themselves.
When the perpetrators of the fraud see an address in a clipboard, they replace it with one that belongs to them.
Because it’s a random string of characters, many individuals won’t notice that the address they’re pasting differs from the one they copied.
It means they send cryptocurrency to the attackers instead of the intended receiver by accident.
Over 1300 new wallet addresses were discovered by Avast, which were used to send over $24 million in Bitcoin, Ethereum, and Dogecoin.
After a difficult spring, Bitcoin is currently in a golden phase. The value of the cryptocurrency reached around £47,000 in April before plummeting.
Since then, it’s been slowly rising, and it’s now hovering at £41,000, close to an all-time high.
“In reaction to this nefarious conduct, we wish to raise awareness about frauds like this,” the researchers warn. “We strongly advise consumers to always double-check transaction information before giving money.”
Bitcoin has had a difficult few weeks.
During a virtual event earlier this week, Jamie Dimon, the CEO of PMorgan Chase and a vocal crypto skeptic, called Bitcoin “worthless.”
The investment banking titan informed a virtual audience via video call that the fledgling crypto sector had no future.
That isn’t even the worst of it. The Biden administration announced sanctions against a cryptocurrency exchange last week for allegedly facilitating illicit ransomware payments.
Suex was charged by the Treasury Department of enabling criminal revenue trades for at least eight ransomware strains.
It’s the first time a virtual currency exchange has been targeted for ransomware activities.
“Exchanges such as Suex are essential to attackers’ ability to profit from… Brinkwire News in a Nutshell