If you have invested in cryptocurrency before, then you know how volatile the digital currency is and you know that it is somewhat a risky investment. In fact, many investors have had their fare share of the worst experience with corn artists who always work behind closed doors to commit crypto crimes. But how do these criminals steal millions in Bitcoin scam?

A report published on Crypto Disrupt by Daniel O’Keeffe shows that one of the ways that hackers stole a lot of money in Bitcoin cash as via an Elon Musk scam.

The fake Elon Musk giveaway

The hackers claimed that Elon Musk was stepping down from Tesla and was giving away 10,000 BTC to commemorate. The users were encouraged to give away a small amount of BTC, and they would be given a larger amount in return. This is a relatively common tactic, and many fake scams have been created with attempts to impersonate individuals including Vitalik Buterin and John McAfee. Buterin has since changed his name to “Vitalik Buterin – “Non-Giver of Ethereum” due to the prevalence of false accounts.

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The report shows that the impersonators were able to steal GBP 120,000 after many people feel for the scam.

Jason Glassberg, a finance author at Yahoo Finance, routing attacks seem to be working so perfectly for people that want to steal huge in cryptocurrency.

Routing attack

This attack was first observed in 2014, when a hacker redirected online traffic from at least 19 ISPs (including Amazon, DigitalOcean, and OVH) to steal from bitcoin users. Each time, the redirection was exceptionally brief — just 30 seconds — but carried out multiple times, resulting in $9,000 worth of stolen cryptocurrency per day.

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This technique targets Internet Service Providers. And once the attacker steals IP addresses, they easily hijack crypto mining pools and steal thereafter.

An article published on the Next Web by David Canellis reveals that hackers have, more than once, used harmful Trojan horses to steal Cryptocurrencies.

Trojan horses

This quarter saw the notorious Trojan Rakhni morph to more efficiently steal cryptocurrency. When Rakhni was found back in 2013, it was purely focused on encrypting devices and holding data to ransom.

Kaspersky Labs notes that new versions of Rakhni have been found in the last three months. The new ones start by checking to see if there are Bitcoin-related folders stored on the target computer. If it finds a match, it will encrypt the device and demand a ransom.

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Trojan Rakhni is the most common one so far. Once installed, it steals the crypto power from one computer and then spreads to the rest of the computers in the same network.

Conclusion

The Sextortion email is also another scam that hackers use to steal Bitcoins. While it is just a weak tactic to get you paying something in Bitcoin, it can be quite traumatizing.