War “Sickle”: How to prevent virtual asset wallets from being deceived?

Hello everyone, this is the anti-fraud section launched by Chengdu Lianan- “Anti-fraud Lianan”. Today, we continue to explain the virtual currency-related security incidents and fraud, this period is the main keyword – “plus dense currency wallet.”

Why did you talk about this all of a sudden. Because just a few days ago, some media broke the news that a certain wallet had a thunderstorm, and the total loss of users exceeded 200 million U.S. dollars . It is reported that the virtual currency stored by users disappeared in the early morning of August 19th. A group of users who suffered losses were defending their rights. Here, we cannot help asking:

Are virtual currency wallets really safe?

First of all, we come to a little science:

What is a virtual currency wallet, and how did the related fraud and security incidents occur?

Whether you are a newbie in the crypto market or an active cryptocurrency trader, a digital wallet is essential for you to send, receive, and store crypto assets.

At present, it is more common for everyone to distinguish according to whether the private key and signature are always offline. They can be divided into two categories: hot wallets and cold wallets. (Of course there are some other classification concepts)

Simply put, the way to distinguish between a cold wallet and a hot wallet depends on whether it is connected to the Internet .

War "Sickle": How to prevent virtual asset wallets from being deceived?

The hot wallet is connected to the Internet, its private key is stored on the server, and users can easily access their encrypted assets. These wallets are generally provided by trading platforms, browser extensions, desktop software or mobile applications, and you can easily conduct transactions.

Cold wallets are generally used as offline wallets. Because they are not connected to the Internet, the outside world generally cannot access the location where the private key is stored through the network.

Compared with cold wallets, hot wallets are weaker in security and more vulnerable to hacker attacks, and the probability of funds being stolen will increase. Cold wallets are not connected to the Internet, so they can effectively prevent hacker attacks, but there are also some transaction inconveniences. Shortcomings.

War "Sickle": How to prevent virtual asset wallets from being deceived?

Hot wallet or cold wallet, because both have their own advantages and disadvantages. But which kind of wallet you use, you must pay attention to the occurrence of hacker attacks and scams .

Recently, cases concerning virtual currency wallets are still frequent. The editor has sorted out some related security and fraud incidents, and be wary that everyone must pay attention to the “routine” of fraudsters.

1The scammer fakes an e-wallet to get your private key

This is a real incident reported by the media. The victim, Mr. Li, was thinking of “making money by speculating on coins,” but the virtual currency was cheated away.

Mr. Li’s cousin said that speculation can make money, and recommended him a friend to be an agent. The agent showed Mr. Li the cash withdrawal record of his investment in virtual currency. The record showed that if he invested 100,000 yuan, he would pay back in one month, and then he would withdraw 10,000 yuan every three days.

The high return attracted Mr. Li, who bought more than 30,000 yuan of virtual currency from the virtual currency trading website recommended by the agent. After buying coins, agents told Mr. Lee, not on the virtual currency trading platform, and bring it up on the finger given electronic wallet .

Note that this is the point.

But in fact, this software is not a so-called electronic wallet, but a scam software through which criminals steal Mr. Li’s private key and withdraw the virtual currency.

I thought I had found the Fortune Code, but five days later, Mr. Li found out that neither the e-wallet nor the investment platform App could be opened.

This is one of the routines commonly used by scammers. Through various methods to obtain the private key information of your wallet, all your assets will be stolen. Therefore, we must pay attention to the habitual tricks of liars!

2 “Funding fraud” under the guise of virtual wallets

Last year, a number of victims came to the Zhuhui Public Security Bureau to report to the police, claiming that they were defrauded by a virtual digital currency wallet platform called “Twitter”. The total amount of fraud was more than 2 million yuan. Upon investigation, it was found that the suspect, Mr. Han, found Zhou, Wang, Hu, and Pan to jointly develop the Twitter Wallet virtual digital currency wallet platform project.

In January 2019, the Twitter wallet platform was officially launched, and online and offline promotion was carried out in many places, step by step to introduce victims into the quagmire of scams. Initially, members can withdraw revenue through the platform. However, starting from late May 2019, the victims increased their capital investment, but the Twitter wallet platform showed that members were unable to withdraw coins.

After the victims realized that they were deceived, they called the police one after another. After investigation, the Zhuhui Branch of the Hengyang Public Security Bureau cracked this huge virtual digital currency wallet platform fundraising fraud, involving more than 30 million yuan, and arrested 5 suspects.

Here, the editor reminds everyone, do not believe in the so-called electronic wallet financial products, scammers don’t understand kindness, it is their goal to defraud your money.

3 Beware of the wallet project party “rolling money and running away”

In the past two years, virtual currency wallet arbitrage projects under the name of blockchain, dozens of such platforms such as MoreToken, AngleToken, Polkadot Wallet, EOS Ecology, SumToken, SuperToken, etc. have all collapsed.

Everyone should remember the TokenStore financial wallet runaway incident. Over 2,100 investors and hundreds of millions of digital assets were affected. The swept away crypto assets involved: BTC , ETH , ETC, XRP, EOS, LTC , USDT and many other mainstream cryptocurrencies. This “runaway” incident has affected the number of users and caused huge losses, involving a wide variety of cryptocurrency tokens and spreading across a wide range.

Up to now, there are still many project parties hanging out with sheepskins, and after the money is rolled, they start to “play and disappear”. Therefore, you must pay more attention when choosing a digital wallet to see if the wallet software vendor is reliable and whether the company has a record of violations. In short, polish your eyes.

4  Beware of virtual currency wallet “pyramid schemes”

Last year, the “iBank Smart Wallet” MLM platform used the name of digital currency to develop more than 100,000 MLM members and involved more than 300 million yuan in funds. Luo Moumou, the lecturer of the MLM platform, was prosecuted by the Procuratorate for allegedly guilty of organizing and leading MLM activities.

At the time of the case, the “iBank Smart Wallet” MLM platform had developed 65 MLM members, and calculated according to the lowest value of the digital currency market at that time, the cumulative amount was 300 million yuan.

The “iBank Smart Wallet” platform entices members to register and recharge, and then attract MLM funds by pulling heads to develop offline. Many people still didn’t notice the “MLM organization” after they joined in. It was not until the police solved the case that they realized they had been deceived.

Here, the editor reminds everyone that online pyramid schemes implemented under the guise of “virtual currency”, “blockchain”, and “foreign exchange” are highly deceptive and deceptive, so you must pay more attention!


Nowadays, the scammers have become more secretive and diverse.

But what has never changed is that liars are always using human greed to deceive and deceive people.

Finally, the editor is here to teach you some security tips to avoid the loss of your wallet:

1. Do not provide private keys, mnemonics and Keystores to anyone, even so-called “official personnel”, because they may be scammers;

2. Do not provide private keys, mnemonics and Keystore to third-party websites or tools, because it is very likely to encounter phishing websites;

3. Remember not to be greedy for cheap, buy fake ETH, Bitcoin , BSN, BHD, USDT and other tokens at a low price . If you don’t find the token information, go to the official staff for feedback and get the correct information in time;

4. Don’t be blinded by the high returns of MLM tokens and false propaganda!

It must be remembered that there is no free lunch in the world, and be vigilant about high profits and high profits in order to avoid being deceived.

If you encounter a related fraud case,

Please keep the evidence and choose to report to the police as soon as possible.


Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/war-sickle-how-to-prevent-virtual-asset-wallets-from-being-deceived/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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