In 2024, crypto theft skyrocketed, reaching over $1.5 billion in stolen funds within just the first half of the year—an increase of more than 80% compared to the previous year. This surge is largely due to high-stakes heists on both centralized exchanges and decentralized finance (DeFi) platforms.
A major incident in May involved DMM Bitcoin, a popular Japanese exchange, where hackers stole over $300 million in Bitcoin.
2024 has also seen several notable hacks targeting crypto-focused online casinos, with the most recent and substantial attack affecting MetaWin. On November 3, MetaWin—a prominent online casino that accepts cryptocurrency—was compromised by a hacker who exploited a weakness in its “frictionless withdrawal system.”
This exploit, aimed at MetaWin’s hot wallets on the Ethereum and Solana networks, resulted in over $4 million theft. The funds were traced to several wallets and crypto exchanges like KuCoin and HitBTC, which are often used by attackers to obscure transaction trails. Blockchain investigator ZachXBT tracked over 115 addresses, suggesting an organized effort to disperse and launder the stolen assets.
Following the breach, MetaWin’s CEO, Richard Skelhorn, temporarily suspended withdrawals to prevent further losses and has since collaborated with authorities in the investigation. The CEO’s action demonstrates how casino platforms should respond when faced with a security breach. That’s why any trustworthy online casino will focus on having the right security measures besides providing exciting games.
The rising prices of digital assets have contributed to this increase, attracting more sophisticated attacks. Hackers frequently exploit vulnerabilities in smart contracts, and private key compromises remain prevalent attack methods. Additionally, ransomware has spiked, with payments through June reaching nearly $460 million, marking 2024 as potentially a record year for ransomware in crypto.
To protect your cryptocurrency, it’s very important to stay vigilant and adopt strong security practices.
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Use a Hardware Wallet
For the highest level of crypto security, use a hardware wallet, which stores your private keys offline. This means they’re not accessible through the internet, making it nearly impossible for hackers to access them remotely.
Brands like Ledger and Trezor offer popular choices, with features like PIN protection, encryption, and backup options. These wallets give you the security of knowing that even if someone hacks into your computer, your crypto keys are safe.
To stay extra safe, keep your hardware wallet in a secure spot and avoid connecting it to devices you don’t trust or public Wi-Fi networks.
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Enable Two-Factor Authentication (2FA)
Adding Two-Factor Authentication (2FA) to your crypto accounts gives them an extra layer of protection. With 2FA, you need to complete a second verification step, making it tougher for anyone who tries to break into your accounts.
Many platforms support 2FA options like SMS codes, authenticator apps, or biometrics. Using an app, such as Google Authenticator, is safer than SMS, as SIM-swapping attacks can bypass SMS 2FA.
Turning on 2FA is a simple way to make sure only you can access your accounts, even if someone has your password.
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Use Strong, Unique Passwords
Using strong, unique passwords for each of your accounts is essential in protecting your crypto. Avoid reusing the same password across different sites since that can make it easy for hackers to compromise multiple accounts if one password is leaked.
The best passwords are like a secret code: they use a mix of everything (letters, numbers, and symbols) to keep hackers guessing.
Consider using a trusted password manager to store your passwords, so you don’t have to remember them all. Updating your passwords regularly also helps keep hackers at bay and ensures your accounts stay secure.
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Watch Out for Phishing Scams
Phishing scams are common tactics used by hackers to steal cryptocurrency. They often create fake websites, emails, or messages that look like trusted sites or services, tricking you into giving up login information or private keys.
Always double-check website URLs and avoid clicking on any unexpected links sent to you. Many crypto platforms, like Binance, have anti-phishing features that allow you to set a unique code for verification in emails.
Taking these steps helps you avoid phishing traps and ensures that you’re logging into the real platform, not a fake one created to steal your information.
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Keep Software and Devices Updated
To keep your crypto safe, always update your software. Updates typically include security fixes that protect against hackers. Always check for updates for your wallet app, your computer, and your antivirus to stay safe.
It’s also smart to use only secure devices for checking accounts and avoid public Wi-Fi, which can be risky. Adding firewalls and antivirus protection boosts your security against threats. Staying updated on your software and avoiding public networks keeps your crypto safer from any possible attacks.
By keeping your devices and software updated, you’re reducing the risk of your accounts being compromised and keeping your cryptocurrency safer.
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