Crypto clipping: discover how to avoid this cryptocurrency theft

With each passing day, the cryptocurrency market becomes more attractive to investors; as well as for the cybercriminals. And it is that thousands of transactions are executed daily moving millions of dollars around the world.

In this context is born the crypto clipping, a technique that redirects the assets of a wallet, making it a potential threat when making any transaction. Here what you should keep in mind.

What is crypto clipping?

According to Forbes magazine, it is a technique that seeks to replace the address of the victim’s wallet, in order to divert assets in the middle of a cryptocurrency transaction. To do this, a malware is used, which executes this task automatically. This technique dates back to 2021, when a variant of the Phorpiex malware was discovered, which was specially designed to steal cryptocurrencies during transactions.

What is Phorpix?

According to the cybersecurity company Avast, Phorpiex is a botnet, that is, a network of computer robots. Your goal is infect the PC of the user through phishing emails and spam messages. Once inside, it downloads the malware to extend its malicious operations. One of the most common cases was sexual extortion in exchange for payments in Bitcoin. However, attackers have developed new techniques that allow what is now known as crypto clipping.

In fact, in the last six months a growth in the detection of Phorpiex in Latin America. The first three places are occupied by Guatemala, Mexico and Peru. Specifically in Mexico, a greater number of variants of this malware have been found.

How to avoid being a victim?

Based on this, it is possible to avoid being a victim of crypto clipping by following these recommendations:

  • It is essential to have anti malware software and antivirus. In this way, the installation of the malware responsible for crypto clipping is avoided. In addition to that the computer will be safe from other threats.
  • It is important verify address of the wallet in any transaction with cryptocurrencies. This in order to verify that it was not replaced when copying and pasting.
  • Avoid downloading software or applications from unofficial sources. According to Avast, there are malicious apps on Google Play. And more than 1.3 million devices have installed some of them. These generate ads intrusively and often hide their icons to avoid finding and removing them.
  • Do not open phishing emails. The malware can be hidden in files or attached links.
  • Before making a transaction in cryptocurrencies of a significant amount, it is recommended do a test. This can be one with a lower amount to avoid greater risk of fraud.
  • Carefully read the URLs. Many cybercriminals create fake web pages by copying official URLs. All this in order to gain access to your data or vulnerable devices.

Today, our online security has gone from being a simple necessity to being a priority. ANDIt is essential that you keep your devices protected against the thousands of threats present on the web. Especially those that could generate significant money losses.