Steps to Safeguarding Your Cryptocurrency Assets From Attacks/Hacks

in instablurt •  last month 

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Some few weeks ago, a close friend of mine revealed how his crypto wallet was hacked, and his crypto asset and his hard-earned money was stolen. This made me understood how important it is to add an extra layer of protection to prevent malicious entities from having access to one's cryptos. It's no secret that crypto is rapidly becoming popular, and that attacks on crypto are getting increasingly dangerous. We'll look at several tips for securing your crypto wallet in this article.

Don't Click Any Link (Bewary Of Phishing)

Many website and platforms have been imitated by hackers in order to deceive unwary visitors and execute their criminal activities. Be wary of clicking links in emails or other forms of media that bring you to a page that asks for your login information. Scammers have used this method to steal money from people's wallets, so be cautious while clicking links. You should bookmark the links that you use frequently. The DEXs you visit regularly should be bookmarked so you can simply access them and avoid falling for fakes.

More importantly, you should double-check any link before clicking it, including spelling mistakes. A phony version of a popular DEX was recently published, and many people were duped. It was made to look just like the original, with the same layout and everything, except with a misspelled word in the url. You may not be able to detect the problem if you are not attentive to details. As a result, these tiny nuances must be considered, as they may save one's money.

Diversifying Your Asset Into Different Wallet

The above basically means that you should spread your funds over multiple wallets. This is a protective measure to avoid losing your cryptocurrency if your wallet is hacked. Having many wallets where you store your crypto assets is the best approach. For those that trade, you can keep one wallet for trading and another for holding. Then, for those looking for airdrops, it's always a good idea to avoid using your primary wallet. This is due to the fact that some of these airdrops will need you to connect your wallet to unfamiliar websites, among other things. So attempt to do it with your temporary wallet.

Consider what would happen if someone centralized all of their assets in a single wallet and that wallet was hacked. However, if the user has diversified their assets across multiple wallets, an hack on one wallet will not be as devastating as if they are all attacked. Furthermore, if you observe any suspicious activity in your wallet, the best course of action is to withdraw your assets immediately. Also keep in mind that you should not use the same password for all your wallets. Make sure you have different password for each wallet. So that if you accidentally reveal one, the rest of your wallets aren't jeopardized.

Use Hardware Wallets To Hodl

You can never be too cautious when it comes to online wallets. This is why using a hardware wallet is always the safest option, as it makes it extremely difficult for your crypto assets to be hijacked. There are a variety of hardware wallets to choose from depending on your preferences. Hardware wallets have the advantage of requiring actual possession of the wallet to initiate transactions, making them the safest.

So, if you have a significant amount of crypto assets, you should consider using a hardware wallet.

The reality is that it is your duty to protect your wallet and digital investments, and you should not take it lightly.

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Thank you 🙂 @tomoyan