Crypto Academy Week 5 Homework Post for @gbenga | All About Blockchain Security


Thank you professor @gbenga for your lesson. Below is the home work task for this week lesson.

Make a Post about a Security problem with Cryptocurrency and Share a personal experience if possible.

There are several problems in cryptocurrency world; similar to what is obtainable in almost every online transactions. Although, the security issues associated with cryptocurrencies might be more when compared to paper currencies. Some of the problems includes: hacking of account to steal funds by hackers, this particular problem is one of the major problem cryptocurrency community face expecially exchange platforms and individual account which host high quantity of crytocurrences assets. Another major problem is stealing wallets keys by request account owners to participate in airdrop by clicking a link. These links are designed to steal users keys especially if the owners are not enlightened in that regard. The list of cryptocurrency problems continue but one of the security problem I want to discuss extensively in this post is called spoofing payment information and phishing.

This is a theft that has to do with malware hijacking a payment address of an unsuspecting user. The user will copy the receiver wallet address accurately from his computer to paste in his own wallet but the malware will change the address to another address. This is possible because not all users take the time to double check there address before confirming payment expecially when the receivers address are composed of a lot of complex characters. The user will have send the funds before discovering that he or she has sent it to a wrong account. Such security issues are not easily rectified when dealing with cryptocurrencies because we are dealing with Blockchain, even when dealing with non digital currencies (paper currencies) such problems are a bit challenging to fix.

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Source

I have a personal experience in line with the problem discussed above when I first joined the steemit platform in 2018. I was trying to transfer steem to another user address but I was not careful enough to double check the user address after I had copied it from my phone. Therefore, I ended up sending all my STEEM to an unknown address. I was totally discouraged because there was no central authority I could report the incidence to; thereby I stayed away from steemit blog up till 2020, when I was eventually encouraged by a friend to opened another account and started afresh.

In conclusion, security of funds is the chief problem of crytocurrences even though crytocurrences itself are highly protected through cryptograph, hackers have continued to try to take advantage of inexperienced users.

Thank you for reading my write-up.

Cc: @steemcurator01
Cc: @steemcurator02


Comments 4


I will actually blame this security problem on the sender, it is advisable to always check your address properly and confirm you are sending it to the right receiver.

This is a theft that has to do with malware hijacking a payment address of an unsuspecting user. The user will copy the receiver wallet address accurately from his computer to paste in his own wallet but the malware will change the address to another address

If a user finds this in their computer before sending out funds, what solution do you give?

Rating 5

11.03.2021 10:48
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tarea
profesor @gbenga está es la tarea que subi a tiempo para la cryptoacademia y dejo atrás, porfavor ebaluemela. Gracias.

11.03.2021 11:20
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Thank you professor @gbenga. Yes you are right, it is always advisable as the sender to cross check the address before sending it.

I will say the best thing to do if find out are:

  1. lay the complain to that particular Platform support he want to use to send the fund
  2. request for changing of address in that wallet platform
  3. convert the fund to another Crypto and send it out using a different address
  4. Find a way of removing the malware.
11.03.2021 15:37
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I had similar kind of problem in my journey as well but this was not related to the Wallet application rather it was sending message and mentioning friends. when there is a space just before or after the name that it is not being properly transferred to the person or mentioned. similarly the violet goes to the main as there is no such existence of the account named with space after the day. as there is no Central authority to complaint that is a big problem. thank you very much for covering the issue

12.03.2021 17:52
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