{"id":10118,"date":"2025-03-23T08:36:38","date_gmt":"2025-03-23T07:36:38","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=10118"},"modified":"2025-03-23T08:36:38","modified_gmt":"2025-03-23T07:36:38","slug":"the-ever-evolving-battle-of-crypto-security-insights-from-a-wallet-executive","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/23\/the-ever-evolving-battle-of-crypto-security-insights-from-a-wallet-executive\/","title":{"rendered":"The Ever-Evolving Battle of Crypto Security: Insights from a Wallet Executive"},"content":{"rendered":"

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Cryptocurrency wallet service providers are becoming increasingly advanced, but so are malicious individuals \u2014 indicating that the conflict between protection and risks is in a stalemate, states an executive from a hardware wallet company.<\/p>\n

\u201cIt will perpetually be a cat and mouse scenario,\u201d Ledger’s chief experience officer Ian Rogers remarked to Cointelegraph while depicting the ongoing competition among crypto wallet companies integrating new protection features and cybercriminals discovering more sophisticated methods to infiltrate victims\u2019 wallets.<\/p>\n

Rogers noted that, regrettably, the simplest scams are the most effective because fraudsters depend on individuals making basic errors.<\/p>\n

\u201cPeople disclose their 24-word phrases daily, so as long as that persists, they will target the low-cost tricks,\u201d he stated, adding:<\/p>\n

\u201cAnyone requesting your 24 words is a criminal.\u201d<\/p><\/blockquote>\n

Rogers pointed out a prevalent crypto scam<\/a> where individuals are deceived by comments beneath \u201cany tweet concerning crypto,\u201d with phrases such as \u201cDM me, and I\u2019ll assist you.\u201d<\/p>\n

\u201cYou know that scammers are continually requesting your 24 words,\u201d Rogers added. CertiK’s chief business officer Jason Jiang recently informed Cointelegraph that being vigilant about phishing schemes on social platforms can significantly enhance a user\u2019s crypto safety<\/a>.<\/p>\n

Occasionally, fraudsters commandeer the accounts of prominent figures in the industry to share harmful links, complicating the process for users to identify the scam.<\/p>\n

In September 2023, the account of Ethereum co-founder Vitalik Buterin was breached<\/a>, resulting in a phony NFT giveaway that misled followers into clicking \u2014 ultimately draining over $691,000 from their wallets.<\/p>\n

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Source: <\/em>CertiK<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Rogers stressed that this will persist, just as malicious actors<\/a> are not restricted to crypto \u2014 deceptions like counterfeit emails from the \u201cNigerian president\u201d have been around for years.<\/p>\n

\u201cThe expense of the attack is always relative to the value of the reward, right?\u201d Rogers remarked. In 2024, crypto breaches rose by 15% compared to 2023, with more than $3 billion stolen<\/a>.<\/p>\n

Related: <\/strong><\/em>Hacker takes $8.4M from RWA restaking protocol Zoth<\/strong><\/em><\/a><\/p>\n

Meanwhile, pig butchering scams have surfaced<\/a> as one of the most prevalent dangers to crypto investors, with losses on the Ethereum blockchain totaling $5.5 billion across 200,000 identified instances in 2024.<\/p>\n

Pig butchering is a kind of phishing scheme that employs extended and intricate manipulation tactics to deceive investors into unwittingly transferring their assets to fraudulent crypto addresses.<\/p>\n