The most dangerous thing you can do if you are new to crypto

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Investing in crypto can be both exhilarating and scary. The massive fluctuations in the price of Bitcoin have stuck a lot to the markets. If you only invested $ 10 in Bitcoin in 2010, it would be worth around $ 10.3 million today. Tap or click here for 12 questions you’re too embarrassed to ask about Bitcoin.

The driving was not always smooth. Many investors rejoiced when the price of a Bitcoin jumped from $ 2 to $ 32 in 2011. But in October of that year, many traders lost most of their value when the price fell. collapsed, wiping out 99% of the penny value.

To say that cryptocurrency trading is volatile is an understatement. If you are new to this area, there are some unsafe practices you should avoid. Read on to find out how to protect your money.

Here is the backstory

When you first get started in cryptocurrency, you need to set up a digital wallet. It works like a real world wallet, and it’s the central space where you keep all of your money. To access your wallet, you need to create a passphrase or password.

This is the only way to secure your account and it is as valuable as your bank card PIN code. If you lose it, there is a real possibility that you will never get it back. So, if hackers get their hands on your password through a scam, you are in danger.

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Now hackers are using a different tactic to steal crypto details. They started using phishing attacks through Google Ads.

How does this crypto scam work

Check Point Research (CPR) investigated the theft of more than $ 500,000 in cryptocurrency within days. All of the results indicated that hackers were using Google Ads in search results to trick inexperienced marketers into divulging their passwords.

Criminals buy advertising for digital wallets masquerading as trusted providers like Phantom App, MetaMask, and Pancake Swap. Once a potential victim clicks on the link in the Google ad, it takes them to a phishing page that has been configured to look like the real deal.

“From there, the crooks tricked their victims into giving up their wallet passwords, setting the stage for wallet theft. In what appears to be a new trend, several scam groups are now bidding for wallet-related keywords on Google Ads, using Google search as an attack vector to target victims’ crypto wallets, ”explained CPR in a blog post.

Over a weekend, the CPR discovered that 11 digital wallets had been compromised, each of them containing crypto between $ 1,000 and $ 10,000.

How to be smart crypto

The best thing you can do, before you even start trading, is to get Kim’s Cryptocurrency 101: The Beginner’s Guide to Safe Buying, Selling, and Spending e-book.

Here are some additional tips to keep you safe:

Always make sure you are on the actual website for your digital wallet by looking at the URL carefully. If something doesn’t seem out of place, don’t enter details. Never share your password or password with anyone. Only use trusted digital wallet providers. Research forums and reviews and ask others which wallets to use. If you see an ad that looks appealing, don’t click on it. Insted, go to the site directly.

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