How to Avoid Cryptocurrency Scams in 2018

• A new piece of ransomware ‘Thanatos’ is extorting Bitcoin Cash from PC users by encrypting files on infected PC’s
• Hard to spot clones of cryptocurrency exchange Binance, are tricking users into handing over login and 2-Factor Authetication details
• Several fake Litecoin Cash wallets are tricking users into handing over Litecoin wallet private keys
• New hardware wallet scam sees cryptocurrency users risk losing thousands of dollars in cryptocurrency

With the current Bitcoin price still up over 1000% on prices at the start of 2017, cryptocurrency cybercrime is reaching record levels. What is worse, new online scams are becoming increasingly difficult to spot, even for seasoned cryptocurrency users.

How to Avoid Getting Hit by Cryptocurrency Ransomware like Thanatos

If you have recently bought, traded, sold, or simply spent any amount of cryptocurrency, there is a high likelihood that anyone with physical access to your PC or (mobile device) could steal your remaining wallet balance in seconds.

Browser histories, cached web pages, screen grabs of cryptocurrency wallet login pages, there are literally more ways to steal cryptocurrency in 2018, than most digital currency users feel comfortable thinking about.

Of course, most people know not grant physical access to PC or mobile devices to just anyone. In recent days, however, a new piece of ransomware called Thanatos has started infecting desktop PCs. What is more, this is one which while locking people out of their PC files, also grants ransomware cybercriminals direct access to system settings and stored data.

Unplug & Start Considering Using a ‘Burner’ Device

Needless to say, the first thing to do if a PC or device is infected with ransomware like Thanatos, is physically disconnect from the Internet. After disconnecting, the only real way to then guarantee removal of malware is to reinstall or roll back a device operating system. This is why device users should always regularly backup data, as well as consider a few other security measures.

• Always back up physical device data regularly
• Consider using a completely separate device for anything cryptocurrency related (i.e a separate smartphone, tablet, or laptop, which is only ever used to host cryptocurrency wallets)
• Think about ditching Windows in favor of a more secure and regularly updated Linux OS
• After removing viruses and malware from a device, always move cryptocurrency holdings to new wallet addresses complete with new login passwords
• Never enter any wallet details into ransomware dialog boxes. - (Doing so will never remove an infection or help recover data)

How to Avoid Online Cryptocurrency Exchange Phishing Scams

Have you heard of online phishing scams but always considered yourself vigilant enough to avoid falling victim to one? If so, you may want to start becoming even more vigilant.

In recent months, Binance has risen to fame as the most regularly cloned/spoofed cryptocurrency exchange online. This is due to the fact that several online PPC and ad links have started directing users to a Binance website which looks, feels, and behaves exactly like the real thing. In fact, all that gives many Binance clones away are two hard to notice dots beneath the regular www.Binance.com url.

Of course, while Binace might be the most commonly spoofed cryptocurrency exchange online, there is nothing stopping cybercriminals using the same tactics on exchanges like Coinbase. This being the case, the only way for users to properly protect themselves, is to stay hyper alert during every website login.

How to Avoid Litecoin Cash & Hardware Wallet Scams

After Bitcoin Gold forked from Bitcoin in November 2017, the Bitcoin Gold official website was found to be directly stealing several users Bitcoin private keys.

By encouraging Bitcoin holders to enter their private keys on the official Bitcoin Gold website, fraudsters made away with thousands of dollars by quickly swiping Bitcoin wallet balances.

Of course, Bitcoin Gold has largely disappeared from the cryptocurrency scene since forking. In recent days, however, several fake apps and websites claiming to be affiliated with new cryptocurrency fork Litecoin Cash, seem to be attempting to implement a similar phishing scam.

There is no Official Litecoin Cash Wallet

At present, there is no officially endorsed Litecoin Cash wallet (except full-node Litecoin Cash Core wallet) other than the popular Android and IOS web wallet, Coinomi. This being the case, all sites like http://electrum-lcc.x/ which claim to be affiliated with LCC, should be avoided at all costs.

How to Avoid Hardware Wallet Scams

Because of just how difficult it can be to store and transact digital currency 100% safely, many users choose to use hardware wallets such as those offered by Ledger Nano and Trezor.

Sadly, new eBay and Amazon scams are seeing hardware wallets sold complete with official-looking scratchcards. Ones which when scratched, reveal each hardware wallets unique recovery passphrase.

Needless to say, when new hardware wallet owners discover such a slip or scratchcard, items should be returned or discarded immediately. This is because recovery phrases are only ever generated by users themselves when initially setting up a new wallet. Never, under any circumstances, are passphrases generated beforehand.