A Crypto wallet is like another Bank Account, Only that You have your own freedom but Also with extra vulnerabilities attached to it. Hackers Have developed so many ways to Exploit and drain Crypto wallets from users over the years and While there is enough information about how to avoid being vulnerable, hackers always evolves their ways.
Ranging from simple communication with a fake representative like (Fake Binance Exec ) to sophisticated methods of Acquiring your Data. Scammers and Exploitation Actors always come up with new Methods to ruin the next victim.
Here are Outlines of Wallet Draining Methods and How to Avoid falling Victims.
- Untrusted Smart Contracts – Scam DEVs Lure Unsuspecting Victims to Connecting their Wallet and Approving a Smart Contract to run and Deploy a Special Code For example ( Online Flashloan Arbitrage ) This type of Scam Lives on YouTube and Some Blogs Luring People to Make Money quickly on a DEFI Bot connected to a Wallet draining Smart Contract.
You have to Always do your due diligence Before Connecting Your wallet and Approving any Requests from a program. Legitimate Ways to run a DEFI Bot is to Deploy and Run Locally on your Privately Owned Server and Device Just like Mevengine DEFI Bots
- Compromised Backup System – If Your iCloud For example or private Cloud Storage systems information has been leaked to Hackers or Data Stealers, and Your Wallet is BACKED UP on the same Storage, then You are More Vulnerable to getting your Wallets Private Data Stolen.
- Fake Executives or Customer Support – Scammers Might DM you on X platform or VIA Email Posing as official representative asking you to provide some sensitive informations to secure your account or claim a too-good-to-be-true reward on Your Crypto wallet account.
You have to do your due diligence in this situations and Never share your private keys to anybody let alone clicking on a PHISING LINK and getting your Data Stolen
- Fake Token and Airdrops – have you checked Your Wallet and Seen a Strange Alien Token you never bought? Well, Leave it be and never attempt to Claim such tokens because Swapping or Approving Transactions in the hope of claiming or withdrawing those tokens will get you Hacked and Scammed. Ignore Tokens or crypto assets that You are sure you did not send or have people sent to your wallet.
- Fake Telegram Links – You can click on a fake telegram link resembling your intended destination, causing you to trust and buy into a scam token and connecting your wallet. This is very dangerous. You want to cross-check and re-verify your telegram interactions always.
- Sweeper BOT – Sweeper Bot is a Malicious Program that Drains victims wallet as soon as they receive any funds. Hackers Gain access into your wallet with a Sweeper Bot by having your Private keys first. Which can be obtained notably via Phising. Then the Not is positioned to Monitor Your wallet and Immediately Drain Out all Assets sent into the Wallet.
In the Crypto Space, you cannot be too careful. Therefore You have to be on Guard and Protect your wallet at all times. An unprotected Wallet is the same as Dropping Your Chicken Amidst Hungry Wolves.
There are Ways to Participate in Automated DEFI Arbitrage and Flashloan Arbitrage Trading by deploying Your own bot on Your Own NODE Server without a Third Party malicious Online Smart Contract. Learn more on Mevengine
