The crypto industry is undergoing a period of rapid growth. However, this hasn’t been without its share of hackers. As such, it’s important to learn what to look for and how to protect your coins. You don’t have to be a computer whiz to keep your coins safe. There are a few simple steps that you can take.
First, it’s important to protect your private keys. Never share your key and keep them in a secure location. It’s also a good idea to use password managers. These are programs that create codes that are hard to crack. In addition, you should make sure that you have two-factor authentication turned on when logging in to your account. If you lose your password, it’s possible for hackers to steal your assets.
Next, you should always make sure that you use a secure browser when browsing the internet. This includes when you download apps and play games. Hackers often try to hack into interfaces, making it possible for them to break into your accounts. When you store your private keys on the cloud, it’s easy for them to be stolen.
Another security precaution you should take is to check your device for malware and viruses. Malware can get into your phone even when you’re not connected to the Internet. Moreover, you should avoid using the same password for every crypto exchange account. That way, your wallet isn’t as vulnerable to theft.
Finally, you should be careful about the types of wallets you use. Some are considered “hot” and others are not. Hot wallets tend to have more security vulnerabilities. They are generally linked to online scams and have been known to be hacked.
For example, the Ronin Bridge of Axie Infinity game, a popular play-to-earn game, was hacked in March 2022. It remains one of the largest crypto hacks of all time.
In the case of BitKeep, users lost $8 million in assets when a hacker gained access to their account. Luckily, the company was able to recover the funds. But this wasn’t the only time a crypto exchange has been hacked. Other exchanges, including Coinbase and Poly Network, have been hit as well.
Lastly, you should consider whether you use a custodial or non-custodial crypto wallet. Custodial wallets offer more convenience, as they allow you to re-set your passwords. Meanwhile, non-custodial wallets are less secure because you’re not in control of your passwords.
If you’re worried that your crypto wallet has been hacked, you should contact your crypto exchange to see if it can freeze your funds. You may even be eligible for reimbursement while the authorities work to recover your coins.
Cryptocurrency exchanges are not as secure as your bank. This is because the exchange is not regulated by a central authority. Additionally, the larger, well-known exchanges are not insured by the government. While you can protect your wallet, it’s a good idea to avoid investing in the crypto space unless you know what you’re doing.