Bitrace says internet search engines responsible behind crypto wallet hacking

Blockchain investigator Bitrace found that huge numbers of crypto users are facing hacking attacks because they are downloading crypto wallets from unofficial sources.

On 30 Oct 2023, Bitrace published its investigation report behind the increasing crypto wallet hack incidents and noted that internet search engines are playing a vital role in helping the crypto hackers.

According to Bitrace, a huge number of people directly search the crypto wallet app/application on search engines like Google, Bing, etc, to download. 

In the majority of cases, such people download crypto wallets from unofficial, unverified, & unknown sources which are usually established by hackers & bad actors. 

The investigation found that crypto wallets downloaded from unofficial sources could have implanted malicious backdoors and when a customer transfer/accept crypto, fund will automatically go under the control of the hacker. 

Bitrace report noted that it is very easy for hackers to implant malicious backdoors behind the popular chat & file sharing platform Telegram which recently grabbed huge popularity among crypto investors because of integrated crypto wallets & crypto trading services.

According to Bitrace, search engine downloads of fake wallet APPs are the reason why many people lose coins. It is also common to implant malicious backdoors into Telegram, which will identify replacement addresses and cause funds to be sent to malicious addresses.…

— Wu Blockchain (@WuBlockchain) October 30, 2023

All people are suggested to use only verified or official soruces to download any app ( crypto or non-crypto). For the PC/laptop users, we suggest downloading the crypto wallet from the Microsoft App Store or directly from the wallet service provider’s official website.

 Also, people need to remain aware of the sponsored fake websites and top internet search results because some hackers use the Search Engine Optimisation (SEO) technique to promote their suspicious crypto wallet apps.

In addition to caution, people also should never prefer to download any app from third party app stores because some apps can monitor every kind of mobile user’s activities & can easily collect passwords to access the wallet.

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