What To Do If Your Cryptocurrency Account Gets Hacked
Investment3 Minutes Read

What To Do If Your Cryptocurrency Account Gets Hacked

April 11, 2022 Share

Getting back stolen cryptocurrency can be an uphill battle, but there are some things you can do.

Hackers prowl the Internet looking for vulnerabilities or weaknesses they can exploit. While advances in technology are helping make crypto wallets more secure, hackers typically use social engineering tactics to get their victims to provide them with access to their wallets unwittingly.

“Recovering your cryptocurrency is close to zero if your wallet is hacked. If you suspect your wallet has been compromised, you need to act as quickly as possible to safeguard your funds,” claims Trust Wallet.

So, what can you do if your wallet gets hacked?

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BBC

1. Run a Malware Scan

Malware scan is the process of deep scanning the computer to prevent malware infection. “It is accomplished using anti-malware software. This process involves multiple tools and techniques to identify malware.”

So what is the malware scanning’s role here? Its role is to prevent malware from entering the computer. Trust Wallet says, “by scanning the files that document the computer and scanning the PC regularly, threats are identified and eliminated.”

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Image by ESDS

The malware must be prevented from entering the computer, and malware scanning plays an essential role. To perform malware scanning, anti-malware software must be installed on the computer. Check out this list of malware software companies that are highly rated. 

2. Transfer Your Funds

Once you know your device is malware-free, it’s paramount that you transfer any existing funds from your compromised wallet to another wallet. Hackers will often wipe your account of funds immediately, but if you’re lucky and they have not done this yet, it’s time to take immediate action. 

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Coinbase

Or make another wallet. It might be beneficial to research a particularly secure crypto wallet provider to store your crypto, as some lack their security features, making it that much easier for cybercriminals to steal your funds.

3. Notify Your Wallet Or Exchange Provider And The Authorities

Notifying the authorities when your funds have been stolen is crucial, so make sure you inform the police and give them all the relevant information to conduct an investigation. 

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Crypto Wallet Explained

According to Make Use Of, you must note that “many exchanges and wallet providers advise that you contact the police if your funds are stolen, but it’s always essential to get in touch with both parties so that they’re aware of the crime and can offer support.”

4. Change Your Login Details And Use More Security Features

You should never use the same password for multiple accounts. For the second go, ensure that you’re making the most of any security features your new or alternative wallet offers to lower the chances of another hack. Because safety is so important when it comes to crypto wallets, your chosen provider should provide a range of features that can help in keeping your funds safe. 

These features may include “two-factor authentication, multi-signature accounts, and encrypted backups”, so take a look at the security options offered by your chosen provider so that you’re making the most of the service. Make sure your cryptocurrency is safe!

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