You may be familiar with the concept of seed phrase hacks; still, let us explain it in simple terms. For example, you return to your wallet one day and look: there is no money in it. You did not click on any suspicious links or give out your private keys. So, how did it happen?
The Seed Phrase Hack takes a more targeted approach, where the intruder targets crypto holders. The infamous North Korean group uses this technique. Here’s the thing: It doesn’t involve regular hacking methods. The hackers here target your seed phrase.
The Sneaky New Hack: Malware Hidden in Plain Sight
You’ve heard about malware hacks before. But what if I told you there’s a new type of malware that can scan your phone for anything that looks like a crypto seed phrase? This malware doesn’t care if your seed phrase is a saved text or stored as a photo—it can find it either way.
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Here’s how it works: Imagine you’re downloading a popular app, like a streaming service or even a productivity tool. You’re on your phone, in a hurry, and tap “download” without thinking twice. But you didn’t realize this app is a disguised malware. Once installed, it runs in the background, scanning your files for specific patterns.
The malware recognizes 12- or 24-word phrases, even when saved as images. That means if you have ever taken a screenshot of your seed phrase and kept it in a folder, you are at a certain level of risk.
A realistic scenario: Meet Alex
Okay, let me make this even more specific. Meet Alex. He has been on crypto for a few years, and like the rest of us, he was careful with his money. He obeys every safety precaution and writes his seed phrase in his special notepad. Not only that, but he doesn’t even click on links.
But Alex also took a quick photo of his seed phrase due to laziness and fast access. He then stored the image in a folder that required a password application to open it on his phone. Alex found this excellent application one day, allowing users to watch live events. He installed the program without thinking twice. And what is wrong with doing such an act in this case, anyway? After some days, he needed to check his wallet, and it was empty.
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So, Alex discovered that his downloaded app contained malware that stole seed phrases. Once he installed the app, it scanned his phone and found a screenshot of his seed phrase from his gallery. Hackers are clever; they work harder than regular crypto folks. So, the hackers got the scan result and removed all his funds. This is how the North Korean hacker group operates. This group of hackers spreads malware through apps, and that’s how they get sensitive information stored on phones.
Ways to Secure Yourself
How can you protect yourself from this? Here’s what you can do. These steps are simple, but they can make a significant difference in protecting your assets:
- Do Not Keep Your Seed Phrase in Trust On Your Device: It could be a photo or a text, saving your seed phrase on any electronic device is inviting disaster. Hackers have the tools to find it, even if it’s hidden in a folder.
- Be Cautious with App Downloads: Always double-check the source before downloading any app, especially if it’s not from an official app store. Verify that the app is legitimate and free of security risks.
- Scan for malware: The best option is to scan your devices for malware with reliable security programs. Some malicious apps are well disguised and could sit for months, gathering your private information.
- Use Hardware Wallets: Transfer your crypto assets into a hardware wallet if you can afford it. Hardware wallets keep your seed phrase offline, making it impossible to hack it online.
- Be skeptical of links: Hackers often spread malware through phishing links, which can come from messages or emails. In addition, always pay careful attention to sites’ URLs before clicking and downloading any files.
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Conclusion
Seed phrase hacks are becoming popular as more people use cryptocurrencies. The more people get into crypto, the more hackers there are. If you have fallen for phishing scams, those days are long gone and well behind.
The lesson here is simple but very important. You must never save your seed phrase, including photos or encrypted files, on your electronic devices. Leave it as old-fashioned as it sounds: write it on paper and find a good spot for easy access. The guidelines in this article will keep you away from seed phrase hacks.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
