What should Bitcoin traders know?

What should Bitcoin traders know?


Relatively few people in the world have good cybersecurity habits and the right tools in place to protect their devices. They believe that a decent antivirus and the default protection their native operating system offers are enough to keep them out of harm’s way, and for the most part, that’s true. This is because hackers generally don’t target people like they target businesses. They usually cast a wide net, hoping to catch some users. But if they start to target you specifically, there are plenty of ways to launch a cyberattack, many of which are able to bypass traditional security.

Android, Bitcoin and cybersecurity users

If you trade and keep your crypto on your Android device (in your active wallet), there are two main types of Android-based malware that you should be aware of.

Malware that steals crypto

It’s more of the concept of ‘ordinary’ hacking, where the target of the malware is simply to steal your precious bitcoin. But make no mistake, the goal may be typical, but the technology used to steal bitcoins in Android trading apps, wallets, or when bitcoin is transferred from one to another (in transit) can. be quite sophisticated.

In 2019, malware specifically targeted 32 cryptocurrency apps, including some of the game’s biggest players.

There are a few things you should understand here:

  • Most cryptocurrency trading apps, platforms like Immediate edge application and Android wallets are generally very secure.
  • Even though the malware cannot specifically target a trading app or wallet, it can easily target your device.
  • Social engineering attacks and screen sharing malware can help malicious entities steal your credentials, making it easier for them to access your bitcoin.

The best way to stay protected is probably to adopt good security habits and free cybersecurity apps like a password manager. You can opt for 2FA to make sure that no one can access your trading app or Android wallet, even if they have managed to get hold of your credentials. You should also avoid visiting suspicious websites or downloading files that you don’t really know.

Malware that undermines crypto

This one is unique to bitcoin and another crypto. There is malware that targets your Android device and uses its “computing power” meaning the processor, RAM, and GPU (if it has a dedicated one) to mine cryptocurrencies. Your device might be running to death by auctioning a hacker, and you wouldn’t even know it.

Why?

Because he won’t steal or change anything. You won’t find anything missing, all of your crypto assets can be safe, and even your Android apps can behave the same as before the attack. The real strength of this malware is that it is hiding in plain sight.

The bad news for you is that it shortens the lifespan of your device and drastically reduces its performance potential. This is how most Android device owners find out that their device has been infected with such malware. It may get hot even if you are not using it, apps crash and the phone may keep restarting. One of these malware is nicknamed “HiddenMiner”.

Conclusion

The good news is that thanks to Google’s Safe Browsing, which also extends to Android, it would be difficult for malware to find its way to your device, unless you invite them in with cybersecurity mistakes. common Android related issues. This includes using an app by directly downloading its APK file, as the original app is no longer supported by Google Playstore. Or open a phishing email link. So as an extra precaution, you can try one of the free Android antivirus (specializing in malware protection) to protect your Bitcoin.

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