Things You Need to Do If Your Bitcoins Was Stolen

Posted on January 9th, 2018 by Quertime Writer in Cyber Security

As it is a digital era in which hacking is becoming the very coming disease in our society. It is very common due to this that Bitcoins of millions of dollar has been stolen and a person wealth is completely hacked in many cases. But this is not the end, there are different ways to protect your Bitcoins from being stolen.

Every host or exchanger will provide the basic information of the bitcoins to the owners. It is a very complex thing to protect your wealth in the form of Bitcoins. This host will provide a place or a system in which Bitcoins wallet security can be measured. But the responsibility of Bitcoins owner is not finished here, they need to assure that their bitcoin wallet is secure. Some of the people are who even stolen their complete wealth due to the hackers of Bitcoin. In this situation, people do not know what to do or what is the next steps to stolen the bitcoin. So here is a question arise that:

What do you do when your wallet is hacked?

A manager of a hardware wallet who wants to remain unidentified in replying the answer of above question says that:

If user’s Bitcoin account and password has stolen and it did not have two-factor authentication, then the person has no rights to talk or blame to the exchanger or host. But he suggested to the user that he/she try themselves at least one time and block the chain analysis.

When a person does analysis then he acknowledges that whether a hack coin is passed through an exchange or not. If yes then the user write a report to the police. There are exchanges that follow with authorities.

The anonymous person has also said that “Hacking is an illegal crime in most authorities, so it is suggested if any user’s account or computer got hacked then, a user must report to police.”

What are the chances of getting your stolen Bitcoins back?

According to the founder of Ether. Camp, Roman said that according to the past experience of Bitcoins there was 99% stolen Bitcoin will never get back. So it is totally the responsibility of a wallet owners to safe their bitcoin.

Someone asked a question that what necessary step should take the wallet owners so that they assure that their Bitcoins are safe, so he answers:

Do not share your private key to anyone not through email, web or directly to the person. Also assure that your private key is encrypted as well as do not open your account other than your personal computer.

Generally speaking, there is no possible solution to this problem. Any person who stole your private key and does some illegal transaction with your Bitcoin the only authorized way is to just complain to the police and other authorized authorities related to this. There is one department in the police that only concern crimes related to information technology.

Now you can find the most common threat in Bitcoin and how it is prevented so that bitcoin cannot be stolen in the future.

A Thief Obtains the Password for Your Account at a Storage Service

How it happens:

If a person uses any service, then they do not need to remember their public and private key. This would use usually in online banking. A thief tries to obtain the password of the person. So a thief will try to break their email account and then send the request to these services to reset your account password. When services accept the password reset request to a particular account then a thief will easily access your Bitcoin amount.

How to prevent it:

The first prevention is to implement two-factor authorization in your account. This thing you can also do with your Bitcoin storage devices. A two-factor authorization means two ways login that comprises of an SMS text and a password. But in more complicated process text can also be interrupted so secure you in the case by using app-based verification option, for example, Google Authenticator. This is a cyber cleanliness to protect password that is used by many online services.

You Expose Your Private Key

How it happens:

This problem is arise when someone secures your own wallet… in this case thief can easily get your private key entering in your email account if you put there. Or you show and share your private key with your office mate. So a hacker can easily copy and empty the person wallet.

How to prevent it:

Do not store your private key on the web but write it on a piece of paper or some other place where it is kept secure like a bank deposit.

A Hacker Impersonates a Bitcoin Recipient

How it happens:

This hacking technique occurs this year when companies initial fundraising, in this companies said to the investor to send them Bitcoins. In this case, the clever hackers imitated the companies with a false email and convinced the investors to send their millions dollars Bitcoin to the fake wallet. When bitcoin sent there is no recovery method to return them. Bitcoin has lost from both sides from investor and companies.

How to prevent it:

When you want to give funds to someone there is a need to confirm the address of Bitcoin wallet properly.

You Rely on an Insecure Third Party

How it happens:

This is a very common risk when the people depend on the third party to secure their Bitcoins. If these services compromise their security and in any way, hackers can access the employee laptops through which they get all the information of payment services and funds. Hackers can get the information of any Bitcoin wallet and empty its account.

These hacking tricks are very common like hackers stole the information from credit card and target payment system. Usually, Bitcoin owners trust companies that even not completely implement cybersecurity in their own place.

How to prevent it:

Do a proper analysis of the Bitcoin companies in which you want to do business.

Author: Marry Fernando

Marry Fernando is a digital content creator and developer. She writes content in different website like Top Assignment Service. She specializes in writing marketing blogs and promote brand. She loves spend time social media.