Crypto Academy Week 5 Homework Post for (gbenga) - Cryptocurrency Security

We are approaching towards the end of the week. My interest in courses continues. My homework for today is about @gbenga's course. Course topic: All about blockchain security .


Blockchain security covers a very wide area. As far as I understand, the professor asks us to prepare a homework on a personal experience or a security issue that may happen to the person. Therefore, I will not talk about security threats such as blockchain network attacks, smart contract attacks, transaction verification mechanism attacks, mining pool attacks. I will deal with personal issues.

People say blockchains are very reliable, but there is a point where they are wrong. Blockchains are more reliable than traditional technologies, but only if you keep them safe.

If you cannot ensure your security, traditional technologies will be more secure. You can contact a bank when you have a security problem in the current setup. The bank has enough evidence and can help you with this. There is no institution you can turn to when you have a problem with Bitcoin. Because bitcoin has no center. You apply to the police, and he has limited evidence. Sie can't help enough. Therefore, it is up to you to protect your security in cryptocurrencies.


Now I will talk about the most common security problems people encounter.

Phishing attacks:
A method of deception that can put cryptocurrency users in a difficult situation. In 2018, hackers stole $ 4M worth of IOTA from users' wallets. They carried out this attack through the fake seed key generator. They obtained user information with the secret seeds they produced. After this attack, serious decreases started in the price of IOTA.

Attacks on stock markets*
It is not an issue that directly concerns users, but we should mention this issue as users lose their assets.
One of the biggest events in cryptocurrency history was the hacking of the Mt Gox exchange. As a result of the stock market hacking, thousands of Bitcoins of users were stolen. After this event, there was a very sharp drop in the bitcoin price. The investigation into the hacking of the Mt Gox exchange is still ongoing. An event that will be discussed even after 50 years. Can other exchanges be hacked again? I think yes. For this reason, we should not keep our cryptocurrencies in central ehanges.

Attacack on cold wallets*
Hardware wallets are said to have a high level of security. However, some security incidents related to this have occurred in the past. An attack occurred as a result of coding errors in the "Nano S Ledger". As a result of this attack, the seed keys and passwords owned by users were seized. We shouldn't rely too much on hardwaallets.


Safe internet
Using a secure internet connection while using cryptocurrencies will often save us from dangers. We should avoid public and widely used Wi-Fi networks. When we use Wi-Fi, we may run the risk of losing our passwords. Apart from that, what we do will be known by malicious people.

Choosinghoosing a strong password often makes it difficult for hackers. Apart from the strong password, another point we should pay attention to is; not using the same password elsewhere. If we use the same password in other places, it means that our password will be learned by someone else. When choosing a password, we have to choose a complex and long password. In addition, we need to change our password frequently. We must activate 2FA verification, which increases our security extra in stock markets, etc., and request roval.

Wallet address
When transferring, we need to check the cryptocurrency address that we will send. Sometimes when trying to transfer in a hurry we don't check the wallet address sufficiently, and this will cause us to send the cryptocurrencies to someone else. There are wallet names similar to exchange accounts on the Steem blockchain. Accounts created by changing a few characters in the username of the exchange. Similar to the usernames of popular users, fake accounts have been cread.



Comments 3

Security issues has become the biggest problem in cryptocurrency and being safe is often a responsibility of the wallet holders.

An attack occurred as a result of coding errors in the "Nano S Ledger". As a result of this attack, the seed keys and passwords owned by users were seized. We shouldn't rely too much on hardware wallets. detail

The source you have here says something entirely different. Please read through the source and correct the information passed across.

Also, do you mean Attacks on stock markets or attacks on exchanges?



14.03.2021 17:25

Thanks for checking my homework.
I made the necessary arrangements.
''They attack the stock markets''

14.03.2021 19:07