How to protect your crypto if you’re a smartphone user? Don’t rely on your own devices (figuratively and literally).
Here is reason number #8,000 to protect your crypto: $24 million dollars worth of cryptocurrency were just hacked from a smartphone. U.S. investor and BitAngels founder, Michael Terpin, was attacked via an improperly acquired cell phone number from AT&T.
And, that’s likely not the last of it, with over $1.1 billion in cryptocurrency stolen in the first half of the year according to a June, 2018 CNBC article, you can bet your bottom dollar (or BTC) it will happen again.
It’s also worth noting there’s now an estimated 12,000 plus cryptocurrency marketplaces for hackers to pick from and plot accordingly.
All kidding aside, such recent hack is a perfect example of how a volatile and unregulated industry constantly avails investors and users to malicious and savvy hacking techniques, even when proper safeguards and protective measures are taken.
Furthermore, this isn’t the first time this year a high-profile crypto investor and figure was the subject of a malicious online hack. Check out our past article detailing the nearly USD $2 million hack of Ian Balina’s funds through a compromised Evernote account.
First, let’s take a look at the hack that put Terpin out of over $24 million in cryptocurrency, the lawsuit commenced against AT&T for gross negligence and violation of their statutory duties, and several key takeaways and reminders investors should keep in mind when securing and storing their Bitcoin and other cryptocurrencies.