Nov 4, 2017 by Andrei Calina

The fast expanding universe of cryptocurrency exchanges has attracted a lot of hackers, so nowadays is not only about making the right decision regarding your digital currency assets, but to also protect them from “predators.”

Coinbase, one of the largest cryptocurrency exchanges, added about 1.9 million new users in the last two months, while the leading digital wallet to store cryptocurrencies, also saw the signing of many new users, informs CNBC. Newcomers, just like a  high school freshman, are unaware of the risks they’re putting themselves into. The world of cryptocurrency is wonderful, but with a lot of security holes, at least for now, so it’s a heavenly environment for hackers.

Avoid providing personal contacts in important conversations on social media!

One crime that tends to repeat itself is the phone-porting attack. Attackers snoop around social media, looking for cryptocurrency conversations in which investors post their phone and email for easy contact, and afterwards pose as the victim in front of customer service representative to get the phone number transferred to a device they control.

Once they gave the phone number, it’s easy to get access to the victim’s cryptocurrency exchange account by resetting the password.

Adam Dachis, a former writer for Lifehacker, revealed that he lost $10,000 worth of cryptocurrencies back in May, after his Coinbase account was ransacked.

“Computer hacks, phishing attacks and cryptocurrency Ponzi schemes are all common types of cryptocurrency theft,” explained Jonathan Levin, co-founder of Chainalysis, an intelligence software firm that specializes in tracking and solving cryptocurrency crimes. He added that the best way to avoid problems is to set up an unique email that you are going to use for that account and to select a hard and long password.

Keep your cryptocurrency talks private!

Dan Romero, VP of operation at Coinbase, said that he sees the SMS-based two-factor authentication and account recovery for your email account an issue, while Sean Everett, VP of product management at Coinbase, stated that people shouldn’t talk about cryptocurrency publicly, especially on social media, and they must ask their cellphone provider a security upgrade.