How to protect yourself from the recent surge in ‘cryptocurrency robbery’

“Cryptocurrency robberies” have been rampant in London recently, threatening cryptocurrency holders with violence unless thieves transfer digital currency stored in cell phone wallets or cryptocurrency exchanges.

like detailed A crime report from the City of London Police released by the Guardian UK details how thousands of dollars worth of cryptocurrency were directly stolen by thugs. One victim said that he had been pickpocketed while drinking alcohol and later realized that more than $12,000 of Ethereum (ETH) had been stolen from his account. Victims believe they witnessed thieves entering their account pins.

Another victim was approached by a group that offered to sell him cocaine, and after being moved to another location to buy the drug the man was held against a wall and the gang used facial authentication to access his phone and password account for $7,000 You have transferred a significant amount of Ripple. XRP) to your wallet.

This is an increasingly common variant of what’s called a “$5 wrench attack.”

Since blockchain transactions are irreversible and most methods of storing cryptocurrency are responsible for securing the asset to the individual who owns it, Cointelegraph spoke with blockchain security firm BlockSec about how to protect cryptocurrency from robbery. We shared the following tips:

“Do not deposit large amounts of cryptocurrency into your wallet or exchange app. Leave only a small part there. You can have a multi-signature wallet and there is a policy that only two signers can move money out of the wallet. That way, only a small amount of cryptocurrency will be lost during the robbery.”

BlockSec also proposed a way for crypto users to trick thieves if they are robbed. Some smartphones said the login could be different, hiding certain applications, such as Huawei’s “PrivateSpace” feature.

“The apps on ‘PrivateSpace’ are different from the main ones actually used. So, if a user is robbed, they can enter the ‘PrivateSpace’ to show that they don’t have an encryption app installed on their phone or vice versa to hide the encryption app in this space.”

Samsung phones are similar. characteristic It’s called a “Secure Folder” that can be used to hide any encryption application behind a PIN or password, and even the folder itself can be hidden from the Home screen.

On the Apple iPhone, the app looks like this: moving Go to one page on the home screen and hide them all at once option For example, remove individual apps from displaying on the home screen so they can only be accessed through search.

Cointelegraph also spoke with an anonymous Twitter user known for creating and sharing guides and tips on how crypto users can enhance asset security, and an independent security researcher known as “CIA Director”.

shared by CIA officers article In April, they wrote 13 tips on crypto storage principles:

“I wrote the article because a sense of justice pushes me forward because the biggest threat to cryptocurrencies is crypto scams because people get frustrated and leave forever.”

In this article, CIA representatives recommend that a mobile wallet like MetaMask is only an interface and that you store all your crypto in a cold wallet like Ledger or Trezor instead of storing it on an exchange or mobile wallet.

Relevant: WARNING: Smartphone text prediction guesses the seed phrase of the cipher hodler.

Physical storage keeps all cryptocurrencies offline and assets can only be moved if someone knows the PIN and in some cases passwords and has access to the wallet. You can make it even with an older smartphone without using a dedicated device.

Cryptocurrencies stored in cold wallets can further enhance security, and CIA officers, taking advice from BlockSec, set up multi-signature wallets that use two or three separate devices to authorize transactions.

CIA officers have their own rule For Crypto OpSec, an acronym for “Operational Security” in risk management processes aimed at preventing the leakage of sensitive information.

“You have to build your own OpSec stone wall, so you have a perfect idea of ​​what to do if something happens.”

In light of the robbery, these OpSec measures include keeping all crypto investments completely secret. In public places, as in the case above where the victim was pickpocketed, a potential thief could overhear discussions or witness private crypto assets.

“It’s always good to be suspicious,” the CIA director said.

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