Topic: CAN YOUR BITCOIN BE STOLEN ? - page 2. (Read 408 times)

2FA can't be a good solution. You should always have full control over your fund.
With using a custodial wallet with 2FA, you lose the full control over your fund and give the access to your coins to a third party. In this case, the service provider can steal your bitcoin at  any time.

If this is the case, we should always use a 2fa security method in order to protect our Bitcoin from being stolen whether someone had access to your device or not we should always practice using 2fa for extra layer of protection. Keylogger is a common way of stealing someone's personal information by hiding it behind on a fake app and if someone who has Bitcoin would carelessly download some random app on any website then their chances of getting hack is obviously high. Always use a verified app or download only from playstore.

Yes, there is a way which is by accessing your wallet which you already logged into a device so they need to access your device and enter into the wallet and send it to their destination.

Another way is by clipboard hijacking which actually happened to lot of people, so never simply copy snd paste the bitcoin address and click send button, just make sure that the pasted address is same as the one you copied.

No.

In the opposite, if you happen to unnoticedly exposed your private keys into different apps or place where it can be found by anyone then you're going to be surprised that you've been robbed.

That's why how you're keeping your private keys is vital and make sure that you're not storing it into anything that can be hacked or robbed easily.

Keep it in a safe place like no one would ever think that you've placed it there.

If you lose your bitcoins, it is tantamount to stealing. Maybe no one will be able to reveal your keys, but the way you store them may indicate what awaits you in the future.
I often see complaints from people who have saved their keys in text documents on their computers. A sudden breakdown of systems can lose everything vital to you.
I will not tell you how to save your keys, as there are a lot of examples, but the fact that the loss of bitcoins will be comparable to hacking, I think many will agree here.

This is particularly very important as well, imagine that your device with your crypto wallet gets to the wrong hands and the person has a good knowledge of how to move crypto from one wallet to another. Getting the OTP from your mail or sim card to confirm the transaction will not be a problem as they are both open on the stolen phone. As there are no names attached to wallet addresses, trying to investigate afterwards may be tiresome and impossible. Try to secure yourself offline as well as online.

This is one of the most common among all and it could be of two type like intentionally and unintentionally losing access to your keys which eventually compromised your funds.

The first one is your greed which you intended like some victims claim that their funds were stolen and when asked they said they deposited their funds to some address which said double your funds within this time and out of their intention greed they deposited the coins there and then loose the funds.Like this is one of those examples :

Elon Musk double your dogecoin scams by hackers

The second one is unintentionally like you clicked on some malware links that just planted a virus in your system that can hack all types of password or keys from your device and steal the funds from there.Many such cases have been also reported so it's advisable not to click on these fake links.

Keeping them with any third party exchange is very risky or say they have access to all your funds as they are owner of funds at that time having your keys so they could anytime hack your funds.That is why many times it's said not to use custodial wallets and these centralised exchanges.Your funds your responsibility.

You have mentioned some valid points here but still there is say lack of awareness or ignorance among people but most probably greed that deprive them of their funds and help the scammers in making their work easy and loose the funds.The decentralisation of funds mean you need to be careful with it as whole and sole it's your responsibility.

There are two types of wallets, the custodial and noncustododial wallet, this should be specifically about noncustododial wallets because custodial wallets and exchanges are like the same about control.

Exchanges have cold wallets too but the main wallets that is used is the hot wallet, that is why exchanges are hacked very often because their private keys are online and breached by hackers.

The best is to use noncustododial wallet for holding.

The answer to your question is yes and there are many ways for something like this to happen.
I will give you 2 examples. A friend of mine opened a wallet on a blockchain but didn’t make a 2FA.
He would search for login link every time on Google search and once he went to a fake page and gave his login information, and right away his btc was stolen.
Another example I heard about was when an acquaintance wanted to save money so he bought a ledger on a classified ad, already used.
Of course, all his btc was stolen.

It's always best when you keep you bitcoins on your wallet, the exchange is only there to trade where you either buy or sell, the day they fold up, that's the end of your wallet.
The exchange Hot/cold wallet can also get exposed and the chance of getting back your bitcoin will be very slim. I don't believe when they say SAFU( Funds are save).

Your Bitcoin can be stolen when you give up access to its private key to others who can be your relatives, friends, strangers, hackers, exchanges or governments.

Not your keys, not your coins so as long as you are able to keep your private keys safely, your Bitcoins are safe.

• https://notyourkeys.org/
• Recommended wallets
• How do I choose a wallet?
• Bitcoin Q&A: Using a Password Manager to Backup Crypto Keys
• Crypto Security: Passwords and Authentication - Livestream aantonop

With your second point above, you wouldn't advice to keep such in exchanges and third parties ?
A loss here will see the exchange provide the bitcoin lost right ?

Like Storing your coins on centralised exchanges already is prone to risk as they have your private keys with them and as you might be aware of the scene that not your keys not your coins is common phrase in bitcoin.

Most probably if you have your keys safe with you with all the safety measures then it's impossible to steal your funds as well as seed phrase for your wallet which needs to backup safely.Then you don't need to worry as we all have stored them with precautions but if you are ignorant enough then it's hard to save your funds.

There are different scenarios that could lead to a user losing their bitcoins:
- The most common case is when they leak their keys (private key or seed), whether through a malware that steals it or a malicious software they install without verifying it first or storing it in a dangerous place like in their email (generally on the internet).
- Another common case is when people store their bitcoin with a third party (in a custodial wallet or on exchanges) and that third party is incompetent at keeping them safe.
- The less common case is when they are using a flawed implementation that leaks their keys. Like the case with blockchain.info web wallet where they reused k that led to revelation of private keys of those who created a transaction during that time.

Nope. The thing though is, people do dumb stuff like saving their recovery phrase on their email, messaging app, a .txt/.doc file, etc without knowing that there's a very high likeliness of their keys being leaked one way or another. It's the thought of them thinking they're safe is what causes them the disaster.

Try and go through these topics, it will help.

Good topics on security and privacy

How to lose your Bitcoins with CTRL-C CTRL-V

Thanks for this, information gotten.
Have a great day ahead.

By exposure, you mean physical expose to the public or to anyone?
Your bitcoin will remain intact on your wallet as long no one has to your private, not their keys, not their money to spend. Your bitcoin will remain locked on your wallet and only your private key is will be required to unlocked them.
You should be mindful of how they are safeguard and stay away from malware like keyloggers, they are keyboard bugs that literally record everything you from your keyboard. You may think you keys are intact but they are exposed to another person.

Your seed phrase can generate your keys (private and public keys), if your seed phrase is exposed, your coin can be stolen as well.

Also there are some kind of mistake that will let attackers to steal from your wallet directly.

How about malware that do not need to have access to your seed phrase or private key, like the clipboard maleware which can also make hackers to steal your coin.

Protect your wallet device as you are protecting your backup.

Without exposure of your private keys, can your bitcoin be stolen ?