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3 Key Causes of Crypto Theft Identified by SlowMist
SlowMist, a leading blockchain security firm, released its 2024 Q2 MistTrack Stolen Funds Analysis report, looking closely at cryptocurrency thefts in the second quarter of 2024.
Based on 467 reports of stolen funds, the firm revealed three key weaknesses led to cryptocurrency theft and explained the methods that users can utilize to protect their funds.
Private Key Leaks Top the List
According to SlowMist, the second quarter of 2024 saw a troubling increase in security incidents. During this time, users reported 467 cases of stolen funds, including 321 from Chinese sources and 146 from other countries.
The platform’s team helped 18 victims lock nearly $20.66 million worth of funds across 13 companies. Additionally, the firm discussed the main causes of these incidents.
The most common cause of crypto theft is the mishandling of private keys. Despite warnings, many people store their private keys in Google Drive and other cloud services. Some even send this data to friends through social networks and messengers. Hackers use credential stuffing attacks to log into these cloud services and steal private keys.
Read more: 15 Most Common Crypto Scams To Look Out For
Another common cause of private key leaks is fake wallets. These apps often replicate legitimate software exactly, tricking users into entering private keys and directly transmitting them to attackers.
“Despite being an old issue, many users still inadvertently click on ads while using search engines and download fake wallet apps. Many users choose to download applications from third-party sites due to network reasons. Although these sites claim that their apps are mirrored from Google Play, their actual security is questionable,” read the report.
Phishing also remains a major cause of theft in the crypto industry. According to SlowMist, about 80% of the first comments under tweets from prominent project accounts are occupied by scam accounts.
Read more: Crypto Social Media Scams: How to Stay Safe
Fake X (formerly Twitter) accounts that spam under posts are sold in various Telegram feeds. Attackers can select profiles based on the number of followers and registration date. Most of the pages being sold are related to the crypto industry and crypto influencers. Experts also noted that some websites sell fake X accounts.
“For example, a fake account named ‘Optimlzm’ can look almost identical to the real account ‘Optimism’. After purchasing the highly similar account, phishing groups use promotion tools to boost the account’s interactions and follower count, thereby increasing its credibility,” SlowMist experts noted.
Honeypot Promises Mislead Crypto Users
The third threat identified by SlowMist is the honeypot scam. In this scheme, fraudsters create tokens that seem promising and offer high returns, but these tokens are programmed to be unsellable. This type of scam is particularly rampant on decentralized exchanges like PancakeSwap.
“I asked a question in a Telegram group, and someone enthusiastically answered and taught me a lot. They suggested I invest in a new token in the primary market and provided me with a contract address on PancakeSwap. After I bought it, the token’s value kept rising. They told me it was a once-in-six-months golden opportunity and urged me to invest more. When I asked others in the group to help investigate, I discovered it was indeed a honeypot token. I could buy but not sell it,” one victim shared with SlowMist.
Read more: Top 9 Safest Crypto Exchanges in 2024
To reduce these risks, SlowMist stresses the need for strong security practices. They recommend using blockchain explorers like Etherscan or BscScan, which offer insights through audit trails and user comments, and browser extensions like Scam Sniffer, which can detect and alert users about potential phishing sites.
The findings of this report highlight the ongoing vulnerabilities and underline the need for proactive security measures by all participants of the ecosystem.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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