May 9th, 2022 publishUpdated   May 10th, 2022, 8:25 am

Are you suspecting someone might have hacked your Bitcoin wallet? If so, here are steps to recover your lost assets and make them safe. 

Despite the robust encryption mechanisms installed on the blockchain network, hackers could still gain access to your digital wallet. You need to know what to do to ensure the safety of your funds; if luckily they’re still there, and how to prevent future intrusions. So, the steps to follow depend on the status of your crypto wallet when you notice abnormal activity. You need to be keen when examining your account. The intruders use various methods to ensure you don’t realize their activities. 

Examine Your Digital Wallet to See If It’s Safe

A hacking possibility doesn’t imply that crypto wallets aren’t safe. However, the measures add extra security or prevent losing your assets unknowingly. Before doing anything, please determine if your account is compromised or not. Two ways can help you achieve this. The easiest method is to check the available balance. Zero or less balance would mean someone secretly accessed your digital wallet and transferred your Bitcoins elsewhere. 

Proceed and check the transaction history even if your available balance seems to be correct. Some fraudsters will transfer your assets in small bits over time to prevent you from noticing the activity. That’s why checking all the transactions is key to ensuring your account’s safety. The presence of transactions you didn’t authorize indicates someone accessed your crypto wallet secretly.

Hacking is a long process, and the perpetrators usually execute it in bits. So, you may not notice any abnormality in your available balance or transaction history at an early stage. However, you can scan your phone for hacking software. The presence of malware on your device would mean that your digital account is compromised. Please follow these procedures if hackers break into your Bitcoin Wallet.

Secure Your Digital Wallet

If an intruder successfully breaks into your Bitcoin account but doesn’t transfer all your assets, the first thing is to secure what remains. Delete any malware on your device and change the login information of the digital account. You can then go ahead and transfer your cryptocurrency to a different account. It’s advisable to set a strong password and never share it with anyone. You can also add extra protection by activating a two-step verification for every transaction on your cryptocurrency account. 

Notify the Relevant Authorities of the Incident

Most digital Wallet providers and cryptocurrency trading sites like The News Spy App recommend you inform the police before notifying them. Informing the law enforcement agencies can help speed up investigations to bring the suspects to book for their crimes. Contacting your provider or trading platform will make them strengthen the security of their systems. In addition, if a hacker transfers your Bitcoins to another account, your digital wallet provider can help trace them and recover part of your assets, if not all. 

Abandon the Compromised Digital Account

While some intruders may not steal everything from your crypto account, others will wipe all your assets and change the login details so that you can’t access it anymore. If the latter happens, you have no other option but to abandon your wallet and create a new one. Remember to keep your new account safe by using a strong password (not easy to guess). Setting up a two-layered verification is an added advantage.

Final Thought

Losing your account to cybercrime isn’t the end of your cryptocurrency journey. If you act quickly by applying the above tricks, you could recover some or all of the Bitcoins lost. Keeping your login credentials private is the ideal way to stay safe. You can also scan and remove malware from your device regularly.