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How did I get hacked?
How did I get hacked?
Jakov avatar
Written by Jakov
Updated over a week ago

Protecting Yourself from Crypto Wallet Hacks: Understanding Common Threats and Prevention Tips

Unfortunately, losing access to your cryptocurrency due to a hack can be a devastating experience. Solflare, as a self-custody wallet, empowers you with full control over your funds, but this also means you hold the responsibility for their security. This guide outlines common hacking methods used to target crypto wallets and provides crucial tips to keep your assets safe.
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Understanding How Hackers Target Crypto Wallets:

  1. Malware and Screen Recording:

    • Malicious software (malware) downloaded unknowingly can lurk on your device, capturing your keystrokes or screen activity. This allows hackers to steal your private keys, granting them access to your wallet and funds.

  2. Phishing Scams:

    • Deceptive emails, text messages, or social media posts disguised as legitimate sources (e.g., wallet providers, exchanges) lure you into revealing your private keys or login credentials. If you fall victim to such scams, hackers can steal your crypto.

  3. Overly Permissive Smart Contract Approvals:

    • When connecting your wallet to decentralized applications (dApps) or websites, you might be prompted to approve certain permissions. Granting unlimited access to your funds can be risky, as the dApp or website could potentially steal your assets.

  4. Fake Wallet Apps:

    • Phishing apps designed to resemble real crypto wallets can trick you into downloading them. Once installed, these fake apps steal your private keys, compromising your wallet's security.

  5. Social Engineering Scams:

    • Impersonating customer support representatives or technical staff, scammers might attempt to gain remote access to your wallet under the pretense of routine checks or troubleshooting. Be wary of such requests and always verify the legitimacy of anyone seeking access.

Security Best Practices to Prevent Hacks:

  • Download Wallets Only from Official Sources: Always acquire your wallet app from the developer's official website or trusted app store. Double-check the app's name, spelling, and developer information before downloading.

  • Beware of Phishing Attempts: Never share your private keys or login credentials with anyone, regardless of how convincing an email, message, or website appears. Legitimate companies will never request such confidential information.

  • Scrutinize Smart Contract Permissions: Carefully review the permissions you grant dApps and websites when connecting your wallet. Only approve the minimum access necessary for the intended function.

  • Maintain Strong Device Security: Use a reputable antivirus software and keep your operating system and browser up to date with the latest security patches to shield your device from malware.

  • Be Wary of Unsolicited Support: Do not grant remote access to your device or wallet to anyone claiming to be customer support unless you have initiated the contact through a verified channel.

Additional Tips:

  • Regularly back up your recovery phrase using a secure method. However, never store your recovery phrase digitally or share it with anyone.

  • Consider using a hardware wallet for an extra layer of security for your private keys. Hardware wallets keep your private keys isolated from your computer or mobile device, making them less susceptible to malware attacks.

  • Stay informed about common crypto scams and stay vigilant. Phishing tactics constantly evolve, so staying updated on the latest tricks helps you stay ahead of potential threats.

What to Do If You Get Hacked:

If you suspect your wallet has been compromised, act swiftly:

  • Immediately revoke any permissions granted to dApps or websites that might have access to your wallet: Settings -> Security and Privacy -> Spending approvals

  • If possible, transfer any remaining assets to a new wallet with a fresh private key.

  • Report the incident to the relevant platforms (e.g., exchanges, marketplaces) where your stolen assets might have been transferred.

Remember:

Solflare, as a self-custody wallet, cannot reverse transactions on the blockchain due to its inherent decentralized nature. By following these security measures and staying informed, you can significantly reduce the risk of falling victim to a crypto wallet hack and safeguard your valuable digital assets.

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