Serial Cryptocurrency Scam Stole Thousands of Dollars Again: How to Protect Your Cryptocurrencies?

According to blockchain researcher ZachXBT, the notorious cryptocurrency scammer Monkey Drainer stole $800,000 worth of CryptoPunk and Otherside NFT.

Famous Cryptocurrency Scam Monkey Drainer Attacks Again

This is the second attack in a few weeks since the aforementioned phishing scammer defrauded $1 million worth of crypto and NFT on October 25.

As reported by blockchain security firm PeckShield, the wallet, this time tagged as Monkey Drainer, stole seven CryptoPunks and twenty Otherside NFTs, then laundered its ill-gotten gains through anonymous money mixer Tornado cash.

The latest attack follows the alarming trend in the crypto industry after October, the worst month in terms of hacks since the inception of cryptocurrencies, with more than $718 million stolen in decentralized finance (DeFi) protocols in its first two weeks.

American actor Bill Murray was the victim of one of these attacks in September, when an unidentified attacker stole $185,000 from Murray’s personal wallet after completing an NFT auction.

How to Protect From Cryptocurrency Hacking Events?

Many investors from a stock market bitcoin or Ethereum buys a popular digital currency like Digital exchanges take security measures to prevent thefts, but they are not completely immune to hacks.

One of the best ways to protect your investment is to secure a wallet. There are two basic types of cryptocurrency wallets. Of these, “cold wallet” hardware devices are a safer option.

These wallets look like USB drives and act as a physical storage for coins. Cold wallets cannot be hacked online because they are not connected to the internet.

Desktop wallets are another option. There is no direct connection between them and the internet. However, there are viruses for these wallets that are designed to extract information from the desktop computer, so such wallets may not be as secure as the above option.

Private keys are used to gain access to a person’s cryptocurrency. In turn, it is extremely important that you do not tell anyone about your private keys.

It is also extremely important not to download unfamiliar mobile applications and to check the link structure before clicking on the links in the incoming mails.

*Not investment advice.