Since the inception of cryptocurrency and Bitcoin [BTC], the ecosystem of virtual assets has witnessed major highs and lows. However, like everything, the world of cryptocurrencies also has its drawbacks. The market surge of 2015 and 2017, which brought the attention of the world to digital currencies, also attracted the attention of cyber-criminals.
The cryptospace is laced with risk and instability, and their relatively anonymous characteristics make them a lucrative target for online hackers and lawbreakers.
Recently, Binance, one of the most active platforms of 2019, witnessed a major security breach which ended up costing the exchange 7,000 BTC, worth $41 million.
The hack hardly affected the prices of BTC, but mildly affecting the price of BNB. However, the fact that the hack also included the theft of a large number of API keys, 2FA codes, and other important information, affected the overall “credibility” of the exchange.
Now, Binance Academy, an online blog/informative website backed by Binance, released a post where it elucidated the various potential threats smartphone users needed to avoid in terms of fake exchange apps and fake digital wallet apps.
The post mentioned that in order to avoid fake exchange apps, users should first verify it with the official website of the exchange to learn if it actually provides an application. It is also necessary to check out app developer information and figure out whether the company is legitimate in terms of an email address and website.
In terms of protecting your account information, users must activate 2FA on their accounts. 2 face-authentication [2FA] is much more difficult to breach, even if one’s login details are compromised.
The blog also mentioned that in the past, various fake wallets had also been created, which led to many users losing their capital. To avoid such a situation, it was mandatory for users to verify the private key provided by the wallet app, as in whether the public addresses can be derived and accessed from it or not.
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