What is Hacking?
Let's find out Hacking meaning, definition in crypto, what is Hacking, and all other detailed facts.
Hacking is a process during which computational devices are manipulated or compromised to exploit the gaps in their systems.
Hacking Types
There are many different types of hacking done with malicious intent. It can be grounded for ideological reasons or personal gain. Hackers may use different strategies and technologies to achieve their goals.
Brute Force Attack
A brute force attack is a method of trying to crack a password or any encrypted information via automated guessing. Hackers employ bots that attempt to guess as many combinations of passwords as possible.
The simpler the password is, the shorter the brute force attack lasts. Short passwords that contain only letters are considered weak, and it is recommended to add more characters to reinforce their security. Long passwords containing both alphanumerics and special symbols are much more robust and sometimes may take millions of years to crack.
Cryptomining malware
Cryptomining malware is a relatively new method of hacking. If a user’s computer is infected with this type of malware, it unwillingly becomes part of a crypto mining network. This can disrupt processes, cause internet speeds to slow down, and may lead to the hardware deteriorating faster.
Cryptomining malware can be caught by downloading infected files or visiting suspicious websites. The process is also known as cryptojacking.
Distributed Denial of Service (DDoS)
Distributed denial of service (DDoS) attacks are used to prevent users from accessing certain websites. Unlike some of the other methods listed here, DDoS attacks have to be coordinated and performed by a large number of participants.
DDoS attacks are often done on a political basis. They may be used to cover information or prevent users from accessing websites of high importance. DDoS attacks are often coordinated against cryptocurrency platforms to destabilize them.
Keylogging
Keylogging is a spyware method. If a user’s computer is infected with keylogging software, the hacker is able to see every character that the user types on their keyboard. This can reveal passwords, private messages, and other sensitive information.
Keylogging can also affect mobile devices. Some apps that provide additional emojis or keyboard themes for the device have been proven to be keylogging spyware. Third-party text editing apps sometimes may also log the keyboard presses for unclear intents.
Phishing
Phishing involves a hacker setting up a fraudulent malware-infected website that appears legitimate. A user is tricked into clicking the link as logging into the website, which leads to the computer getting infected. The hacker can then access the files on the victim’s computer, including login details and any other sensitive information.
Phishing attacks are commonly used in the crypto world. In January 2022, the online platform Crypto.com admitted that $30 million worth of cryptocurrency was lost in a phishing attack.
Ransomware
As the name implies, ransomware involves extortion and is used for financial gains. The files on an infected computer are encrypted. Hackers demand victims to pay a ransom for the files to be decrypted and accessible.
Ransomware can be caught by downloading suspicious files or software. However, this method of hacking is on the decline as many hackers have moved onto using cryptomining malware.
Black Hat vs White Hat Hacking
Hacking is most commonly done with malicious intent, such as terrorism, money laundering, or means to illegally sell data. However, in some cases, hacking may be done for a good cause. This disparity has led to the concept of black hat and white hat hackers.
Black hat hackers attack systems maliciously. Their goal is to disrupt the network for personal, usually financial gain. They are known as highly skilled computer experts that can cause severe damage to computer systems.
White hat hackers are also known for their excellent skillset. However, they perform hacks with good intentions. They are often hired by companies to find if there are any exploits in their systems. They work on discovering bugs or any entrance points that black hat hackers may find and patch them before the systems are breached.
Hacking in the Crypto Industry
Hacking is an ever-growing issue in the crypto industry. Hackers target blockchain-based systems due to the possibilities of exploitation. Some cryptocurrencies, like Bitcoin (BTC) or Ethereum (ETH), are valued at thousands of dollars for a single coin, making them a lucrative catch for malicious actors.
Hot wallets are a particularly common target. Since hot wallets require an internet connection to access the crypto assets, hackers may employ methods such as keylogging or phishing to gain access to users’ wallet addresses and claim the funds for themselves.