Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Cryptocurrency thefts are rising: How to safeguard Bitcoin, Crypto assets?
    Cryptocurrency

    Cryptocurrency thefts are rising: How to safeguard Bitcoin, Crypto assets?

    May 28, 20253 Mins Read


    Cryptocurrency thefts have hogged the headline as some of the crypto’s key characteristics reveal reasons why wealthy individuals who hold a lot of digital assets can be ripe targets for such attacks. Experts have advised ways to tackle the threats and safeguard the assets, as per a report.

    The headline-grabbing tale of an Italian man who said he was kidnapped and tortured for weeks inside an upscale Manhattan townhouse by captors seeking his bitcoin highlights a dark corner of the cryptocurrency world: the threat of violence by thieves seeking digital assets. The alleged attempted robbery is known as a “wrench attack”. It’s a name popularized by an online comic that mocked how easily high-tech security can be undone by hitting someone with a wrench until they give up passwords, AP reported.

    Wrench attacks are on the rise thanks in part to cryptocurrency’s move into mainstream finance, Phil Ariss of the crypto tracing firm TRM Labs said in a recent blog post.

    Cryptocurrency Thefts

    Stealing cryptocurrency is almost as old as cryptocurrency itself, but it’s usually done by hacking. North Korean state hackers alone are believed to have stolen billions of dollars’ worth of crypto in recent years.

    ET logo

    Live Events


    In response to the threat of hacking, holders of a large amount of crypto often try and keep their private keys off the internet and stored in what are called “cold wallets.” Used properly, such wallets can defeat even the most sophisticated and determined hackers.But they can’t defeat thieves who force a victim to give up their password to access their wallets and move money.The case in New York is the latest in a string of high-profile wrench attacks. Several have taken place in France, where thieves cut off a crypto executive’s finger.

    Ways to Tackle Cryptocurrency Thefts

    Experts suggest several ways to mitigate the threats of wrench attacks, including using wallets that require multiple approvals before any transactions.

    Perhaps the most common way crypto-wealthy individuals try to prevent wrench attacks is by trying to stay anonymous. Using nicknames and cartoon avatars in social media accounts is common in the crypto community, even among top executives at popular companies.

    FAQs

    Q1. What is world’s most popular cryptocurrency?
    A1. World’s most popular cryptocurrency is Bitcoin.

    Q2. What is ‘wrench attack’?
    A2. The headline-grabbing tale of an Italian man who said he was kidnapped and tortured for weeks inside an upscale Manhattan townhouse by captors seeking his bitcoin highlights a dark corner of the cryptocurrency world: the threat of violence by thieves seeking digital assets. The alleged attempted robbery is known as a “wrench attack”.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    FinMin raises alarm over unregulated digital deals

    Cryptocurrency

    MEDIROM launches cryptocurrency strategy with next-generation proof of human technology, World

    Cryptocurrency

    Ethereum Shatters Records, Surges 250% From April Lows, Why Is Cryptocurrency Rising? | Cryptocurrency News

    Cryptocurrency

    How the digital euro could change the way people pay

    Cryptocurrency

    AshToken: Empowering Nigerian businesses with cryptocurrency solutions

    Cryptocurrency

    Top Blockchain Applications and Use Cases

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Fintech

    Orange : vers une cession de la fintech Anytime

    Property

    Grasshopper devastate Latrobe property; problem growing in state | News

    Commodities

    TC Energy Corporation lance la perception des péages sur le gazoduc Southeast Gateway

    Editors Picks

    Special legislative session on Colorado property taxes appears imminent

    August 12, 2024

    EPR Properties vs. STAG Industrial

    February 15, 2025

    Here are the major investments above ₹500 crore promised to the state- The Week

    February 23, 2025

    Infinity Real Estate Proposes 28-Story Rental in Miami’s Little River – Commercial Observer

    July 15, 2024
    What's Hot

    Real estate sector turns to QES and IDV to address familiar issues

    August 8, 2025

    Bond Yields Sink on Bets Fed Will Cut in September: Markets Wrap

    July 11, 2024

    Bitcoin, Ethereum, and Solana Surge as Traders Face Choppy Market

    August 8, 2024
    Our Picks

    Judge strikes down Missouri anti-ESG investment rules, SIFMA wins lawsuit

    August 15, 2024

    Angel One share price in focus as stock trades ex-dividend today

    January 21, 2025

    Money20/20 dévoile le jury international de la première édition des Money Awards

    May 21, 2025
    Weekly Top

    “I’m an old man, I can do what I f***ing want!” Metal God Rob Halford considers recording an album of Tony Bennett covers

    August 23, 2025

    Metal Gear Solid Delta’s Dismal PS5 Pro Support Could Use a Rethink

    August 23, 2025

    Woodside veering away from investing in Australia as BHP’s Mike Henry weighs in on economic headwinds facing Australia

    August 23, 2025
    Editor's Pick

    Trump Media dément une levée de 3 milliards de dollars dans le bitcoin

    May 27, 2025

    Gold/silver: Precious metals bounce off key levels of support! More Chinese stimulus this weekend?

    October 11, 2024

    ITAT Deletes Unexplained Cash Addition

    May 6, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.