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What to Do If Someone Hacks Your Bitcoin Wallet - THE GUARDIAN

OCTOBER 06, 2021

Bitcoin’s underlying technology is the silver lining that ensures the enhanced security of users’ information and transaction data. However, the cryptocurrency’s anonymity protection also makes it more attractive to hackers and thieves. Unfortunately, Bitcoin has a grey area in certain jurisdictions. And, that makes the law enforcement authorities in those regions pay little attention to cryptocurrency theft prevention. 

Many people today rely on crypto exchange platforms like the Bitcoin Profit to trade virtual currencies. Those platforms allow users to access, buy and sell cryptocurrencies. As such, the majority of users often keep their Bitcoin in virtual wallets on crypto exchanges. Some also use digital wallets from other service providers. Unlike cold wallets, digital Bitcoin wallets are highly vulnerable to hackers. 

Although advances in technology make crypto wallets more secure, hackers have sophisticated tools and tactics to get their victims to provide them with access to their wallets unknowingly. Therefore, it would help if you first knew whether someone had hacked your crypto wallet. The simplest way to tell if someone has compromised your wallet is through transactions you did not authorize. Some hackers are clever, simultaneously stealing just tiny bits of Bitcoin from various users. Others are also bold and could empty all the Bitcoin tokens from your wallet at once. 

Some Bitcoin hackers may also launch unauthorized transactions on your debit or credit card if you have linked it to a Bitcoin digital wallet. That allows them to go after the money in your bank account too. Nevertheless, here’s what you can do if someone hacks your Bitcoin wallet. 

Contact the Police 
Even if some jurisdictions may be reluctant to act on crypto theft cases, hacking is a cybercrime in almost every country today. Thus, it’s best to report the matter to the police immediately. Sometimes, they could act quickly and apprehend the hacker, enabling you to recover the lost funds. Besides, hacking is becoming a prevalent crime today, and there are higher chances the police may act decisively to bring the culprits to justice. 

Change your Login Details 
Hackers gain access to Bitcoin users’ wallets by compromising their login details. Some usually change the login details, while others use them to access the wallet and authenticate transactions. If you can still log in to your account, follow the standard procedures to reset your password and other security details. It would also help if you enabled two-factor authentication to lock out the hacker from the account. 

Notify Your Wallet Provider 
If you stored your Bitcoin tokens in a virtual wallet on a crypto exchange or any other online platform, let them know that someone has breached your account immediately. They could retrieve some information regarding the fraudulent transactions to help with the investigations if you act quickly. If you notify them when the hack is ongoing, they could even stop it, allowing you to recover some funds. 

Create a New Wallet 
Most hackers will often withdraw or transfer all your Bitcoin holdings to untraceable accounts as soon as they gain access. In that case, create a new wallet and dispose of the old one. Even a single hack makes your wallet vulnerable to future attacks, and its continued use could put your funds at more significant risks. 

Many hackers usually use their victims’ devices like smartphones, tablets, and laptops to compromise virtual wallets. They introduce malware to those devices, allowing them remote control and access to passwords and other personal information. Thus, it would also be best to scan all your devices and ensure they are free of malware and other suspicious programs.  


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