ADVERTISEMENT
TechEconomy
Sunday, June 1, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » $437mln Lost through Scams, Hacks, Etheruem Being the Most Targeted Chain

$437mln Lost through Scams, Hacks, Etheruem Being the Most Targeted Chain

The Most Hacked Chains in 2024: How to Protect Your Cryptocurrency

Staff Writer by Staff Writer
April 4, 2024
in Digital Assets
0
Ethereum chain
Ethereum

Ethereum

RelatedPosts

World’s Largest Economy

Who’s Really Running the World’s Largest Economy?

May 31, 2025

6 Ways to Sell Dogecoin in Nigeria Legally and at the Best Rates

May 29, 2025

Research by experts at Smart Betting Guide has revealed that over $400 million worth of cryptocurrency has been lost to hacks in 2024 so far.

Defi has been the most vulnerable sector accounting for all of the incidents so far this year.

The most targeted blockchain in 2024 is the Ethereum chain with 33 incidents. The top 5 others are listed below:

Image

Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.

1. Do not store your password and seed phrase on the Cloud 

For many people, the best and most convenient way to access crypto is through an exchange or a crypto wallet.

Cryptocurrency wallets store users’ public and private keys while providing an easy-to-use interface to manage crypto balances.

These exchanges require you to create an account with a password, and wallets give you extra security through the use of a seed phrase.

Seed phrases are a sequence of random words that store the data required to access or recover cryptocurrency on blockchains or crypto wallets. Hackers will often attempt to steal these to gain access to your crypto and steal it.

It is vital that these passwords and phrases are not stored in the cloud or on a device that could potentially be hacked. Instead, write these down, or get them engraved on a metal card (to protect against water damage or fire) and store them somewhere secure within your property.

Finally, no crypto protocols or their customer support staff will ever ask for this information from you, so if someone asks for it they are trying to steal your crypto.

2. Use a hardware wallet instead of an exchange

If you want to ensure your crypto is completely protected, a hard wallet is the best choice. This is a device such as a USB thumb drive that securely guards a crypto user’s private cryptographic keys in offline or “cold” storage, ready to be used online to complete a crypto transaction whenever you are ready.

These are much safer than keeping crypto on an exchange; like with the FTX collapse, users lost billions of dollars of crypto stored in their wallets. Hardware wallets ensure that your crypto is safe from hackers and exchange collapses alike.

Pros: Cannot be accessed by anyone online and is completely secure from online attacks, also prevents loss of crypto from exchanges collapsing

Cons: Could be lost or damaged physically, rendering the crypto useless (although some come with backup features now)

3. DYOR – Do your own research

A rug pull is a scam where a cryptocurrency or NFT developer hypes a project to attract investor money, only to suddenly shut down or disappear, taking investor assets with them.

These scams can often be well disguised, which makes them very difficult to spot. Many may be advertised across social media and entice investors through the promise of making lots of money.

This is why it’s important to do your own research before investing your money in any cryptocurrency or NFT.

Here are the things to look out for when thinking of investing in a new or unknown crypto:

  • Developers 

Investors should consider how credible the team behind the project is. Are they known in the crypto community, and do they have a good or bad track record?

Be sure to check the legitimacy of social media accounts. Have they just been created, or is there a clear history that the person is who they say they are?

Anonymous developers are a red flag, and any projects are approached with caution. Anonymous developers are a red flag, and any projects are approached with caution.

  • Whitepaper 

It is important to check the quality of the white paper; this is a document that explains the purpose of a project and how it works.

For a cryptocurrency, the whitepaper is a guide to its technology, features, and goals. If the whitepaper seems vague or doesn’t offer a valued use case or tokenomics, then it could be a potentially risky investment.

  • No liquidity locked

One of the easiest ways to distinguish a scam coin from a legitimate cryptocurrency is to check if the currency is liquidity-locked.

With no liquidity lock on the token supply in place, nothing stops the project creators from running off with the entirety of the liquidity.

Investors should also check the percentage of the liquidity pool that has been locked. A lock is only helpful in proportion to the amount of the liquidity pool it secures. Known as total value locked (TVL), this figure should be between 80% and 100%.

  • No external audit 

It is now standard practice for new cryptocurrencies to undergo a formal code audit process conducted by a reputable third party. One notorious example is Tether, a centralized stable coin whose team had failed to disclose that it held non-fiat-backed assets.

An audit is especially applicable for decentralized currencies, where default auditing for DeFi projects is a must. However, potential investors shouldn’t simply take a development team’s word that an audit has taken place. The audit should be verifiable by a third party and show that nothing malicious was found in the code.

4. Verify fake apps and fake crypto exchanges 

These are a very popular type of scam and target many investors, however, new investors are more likely to be impacted by these as they may be unsure of what to download.

These fake apps can be used to steal money, cryptocurrencies, or seed phrases and passwords.

The best way to avoid these scams are:

  • Never search for crypto apps directly from an app store. Always find the direct download link or redirect link to the app store from the company’s official website or whitepaper.
  • Check for the number of app downloads and number of reviews – if these are low, this is a red flag
  • Check the developer of the app, this should be verifiable and come from the official company. Check for spelling mistakes and also other apps made by the developer.

5. Take extra security measures

Finally, there are some basics that should be adhered to, which can protect your day-to-day date and accounts as well as your crypto.

  • Never click links on emails you are unsure of where they originate from.
  • Set up Two Factor Authentication (2FA), this means hackers would need your phone to hack you even if they have all your other account details.
  • Don’t click popups or links that come up on the internet or social media
  • Be cautious of any messages you receive from people who say they can ‘make you money fast’. These have become popular across social media and utilize fake accounts to try and get your money.

A spokesperson from Smart Betting Guide commented:

“Hacks, scams and rug pulls not only pose a threat to individual investors but cast a shadow on the broader narrative of cryptocurrency as a revolutionary force in finance. They erode trust, stifle innovation, and impede the progress towards a more inclusive and decentralized financial future. Therefore, the task at hand goes beyond personal security; it is a shared responsibility to fortify the foundations upon which the future of finance stands.” 

[Featured Image Credit]

Loading

Advertisements
MTN ADS

Author

  • Staff Writer
    Staff Writer

    View all posts
0Shares
Tags: crypto scamsEthereum Chain
Previous Post

NAAPE Protest: We’re Diligently Paying Redundancy Benefits – Aero Contractors

Next Post

FG Sets Up Digital and Creative Enterprises (iDICE) Technical Committee

Staff Writer

Staff Writer

Related Posts

World’s Largest Economy
Digital Assets

Who’s Really Running the World’s Largest Economy?

by Techeconomy
May 31, 2025
0

For most of modern history, America's economy moved to the beat of the Federal Reserve. A small tweak to interest...

Read more
Dogecoin

6 Ways to Sell Dogecoin in Nigeria Legally and at the Best Rates

May 29, 2025
Bitcoin is Now a 'Safe-Haven Coin' of the Crypto Market, says OCTA

Bitcoin is Now a ‘Safe-Haven Coin’ of the Crypto Market, says Octa Broker

May 29, 2025
MEXC DEX+ Super Fest

MEXC Launches DEX+ Super Fest with Multiple Rewards and Fee Rebates

May 28, 2025
Trump Media Secures $2.5 Billion to Build Bitcoin Treasury

Trump Media Secures $2.5 Billion to Build Bitcoin Treasury

May 27, 2025
CBEX: EFCC Recovers Funds as Trail Leads to Europe, Cambodia

CBEX: EFCC Recovers Funds as Trail Leads to Europe, Cambodia

May 26, 2025
Next Post
iDICE Programme

FG Sets Up Digital and Creative Enterprises (iDICE) Technical Committee

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.