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BLOCKCHAIN WALLET SAFE PASSWORD

There are precautions you can take to look after your cryptocurrency. Read the Financial Markets Authority advice: External Link Protect yourself It is a maturing market especially for the use of cryptocurrency wallets and cryptocurrency exchanges – investigate the technologies being used before committing any money.ĬERT NZ recommends you get advice before making financial decisions.

Cryptocurrencies are still relatively new technologies.

If the exchange is targeted by a DDoS attack and goes down, or the business closes and goes offline, you’d lose your cryptocurrency, such as Bitcoin. If you prefer to use an exchange’s wallet services, look for a reputable one. It needs to be kept securely, either on your own device or with an exchange. And if you can’t log into your wallet, you can’t access any of the funds in it. It’s generated specifically for you and you’re the only person who has access to it.

BLOCKCHAIN WALLET SAFE PASSWORD

If you forget your private key - which is basically the password for your wallet - you won’t be able to retrieve it anywhere. You can look after your own digital wallet, or you can keep your cryptocurrency in an exchange’s wallet and they’ll look after it on your behalf. Things to look out forĬryptocurrencies are held in digital wallets. When they entered in their password and username for the exchange and refreshed the page, they noticed their wallet had been emptied. In another case, someone clicked a link in a phishing email which appeared to be from the cryptocurrency exchange they use. They realised something was wrong when they checked their wallet to find all their cryptocurrency had been removed, which resulted in a loss of $100,000 NZD. They tried to login into their account via the application and it failed. They use these to get log-in details or private keys to transfer cryptocurrency into their accounts.įor example, recently someone clicked on an advert, which downloaded a program associated with cryptocurrency.

Stolen cryptocurrencies - these attacks use a fake website or trick you into downloading malicious software.

Be aware that any offers could be a scam, especially where contact is unsolicited, or where the offers are too good to be true. Many of the scams we’ve seen use common techniques, such as creating a sense of urgency or promoting fake legitimacy to trick users. Alternatively scams also offer direct sales of cryptocurrencies such as bitcoins, litecoins or other altcoins, which don’t result in any transfer once the victims have paid.

Cryptocurrency investment scams – these scams operate by sending out emails, or setting up fake websites, which advertise cryptocurrency investment opportunities with attractive returns.

Most of the issues we’ve come across fall into one of two main categories cryptocurrency scams or stolen cryptocurrencies: We have seen a big increase in the number of incidents relating to stolen cryptocurrencies or scams relating to cryptocurrencies, like Bitcoin. Source: External Link Thieves targeting cryptocurrency

Cryptocurrencies, crypto-exchanges and the people that use them are often the targets of hacking, online fraud and scams.

They’re high risk and highly volatile – the price can go up and down very quickly.