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Sunday, July 3, 2022

Fraudsters Are Using Bots to Gain Access to Cryptocurrency Accounts

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Cryptocurrency is becoming more valuable by the day. With more and more people investing in it, more people will want to steal it from someone else. That is why secure wallets are essential to have. However, some fraudsters have created bots that will hack into wallets and steal a person’s cryptocurrency. Visit https://immediate-edge.co/ for more information on bitcoin trading.

This post is about the bots currently being
used to gain access to other people’s cryptocurrency accounts.

The Apgar’s from Maryland

Dr. Anders Apgar and his family were out
for dinner last month when his phone began to ring. However, he didn’t answer.
His wife’s phone began to ring, and she decided to answer hers. An automated
voice began to speak, claiming to be Coinbase’s security prevention line. It
had received notification that there was some suspicious activity on Mrs.
Apgar’s account and asked for her to press one to complete the recovery

Afterward, Anders Apgar did the same thing
on his phone but did not remember manually entering his two-factor
authentication code. However, the thing that he did led to his account being
locked in less than two minutes. To this day, Apgar has not been able to regain
access to his account, which has left him to believe that either most or all of
his cryptocurrency has been stolen.

He and his wife have invested in
cryptocurrency for many years. Before it was locked, their account had grown to
$106,000, mainly held in Bitcoin.

Two-Factor Authentication

The fraudsters that attacked the Apgar’s
took advantage of the two-factor authentication. Many people use two-factor
authentication as a second level of protection that involves a passcode. This
passcode helps guard many crypto accounts, banks, and other ways people can
partake in digital transactions.

These new fraudsters are going straight for
the two-factor authentication, hoping that people’s fears of their hacked
account can be used against them. However, when people fall for this trap, they
give the fraudsters what they want. This tool is called the one-time password

The One-Time Password Bot

The one-time password bots are one of the
biggest causes of financial loss. However, it is hard to quantify just how bad
these attacks are because they are still relatively new. People say that the
bots that produce calls are discreet because it creates a sense of urgency for
the receiver. This makes the person feel like they need to complete this step
to protect their account from fraud.

Also, it is straightforward for these bots
to gain trust from the person when they are distracted. The last thing anyone
wants is their account to be hacked, so if they can stop it, they will.
Additionally, people use their code to protect an account, so the bot plays
into this narrative utilizing the person’s code.

These bots began to show up on Telegram
last summer. At least six different Telegram channels had more than 10,000
people subscribed to purchase bots. People buy the bots on a monthly subscription
basis, but they end up earning a lot more than they have spent initially when
they use them.

Once the bot convinces the victim to put in
their information, it sends it to the cybercriminal to access the account and
take all of the cryptocurrency.


There is no official estimate of how much
cryptocurrency has been stolen due to these bots, but it is essential to stay
vigilant. Otherwise, you could lose everything that you have invested in.

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