Cryptocurrencies have often attracted hackers and fraudsters since of their worth. Each year, they attempt to get hold of investors’ cash, hunting for new solutions of scamming.
That is why it is significant to comprehend and use safety measures to hold your digital assets secure. In this short article, we will speak additional about cryptocurrency safety.
Overview of Crypto Hacks in 2023
According to the current Crypto Safety Annual Report from PeckShield, additional than 600 important hacker attacks took location in the crypto space, resulting in a loss of about $2.61 billion in 2023.
Although this figure is impressive, it is much less than the quantity stolen in the earlier year, which exceeded $3.6 billion. The quantity of hacker attacks and scams connected to cryptocurrencies decreased by 27.78% in 2023 compared to the identical period final year.
This is due to the enhanced vigilance of the neighborhood, the joint efforts of Web3 executives, and the enhanced negotiation techniques of blockchain businesses.
Just before moving on to safety measures, we need to have to know what specifically cryptocurrency safety is.
Crypto safety is the measures taken to defend cryptocurrency transactions from fraud and to safeguard digital assets. It includes the use of cryptography to defend details and communications, making certain that only authorized folks can access information.
Safety measures contain guarding user accounts, storing assets securely, and applying two-issue authentication (2FA). Cryptocurrencies use encryption to confirm transactions, and the safety of these transactions is significant to avert unauthorized access and fraud.
How to Assure Crypto Safety
Use Two-Element Authentication (2FA)
Two-issue authentication (2FA) is a safety function that adds an additional layer of protection to your cryptocurrency accounts. In addition to your typical credentials, 2FA demands you to supply a second type of identification.
This is ordinarily a one of a kind code generated by an authentication plan or sent by way of SMS. You can set up a 2FA app on your smartphone, such as Google Authenticator or Authy. These apps produce short-term codes that alter on a regular basis, supplying added safety.
Use a Distinctive And Sturdy Password
It is significant to produce a sturdy and safe password that hasn’t been applied anyplace else prior to. Do not create down your passwords in effortlessly accessible locations. Rather, use a password manager to retailer and handle complex passwords, such as 1Password or Bitwarden.
Stay clear of Phishing Scams
Phishing attacks are the most typical threats to customers. Information by Chainalysis showed that there has been a staggering improve in the quantity of approval phishing scams more than the previous two years.
This is a variety of fraud that utilizes fake emails or web-sites that appear like a genuine supply. So be cautious when clicking on hyperlinks or downloading attachments from unknown sources. And do not overlook to verify web-site URLs prior to getting into any significant details.
Shop cryptocurrency in a hardware wallet
If you strategy to hold your cryptocurrency investments for a lengthy time, you need to use cold storage options such as hardware or paper wallets. This process prevents hackers from accessing your funds since your private keys stay offline.
Stay clear of public Wi-Fi
Use only safe networks and devices to conduct cryptocurrency transactions. Stay clear of applying public Wi-Fi networks to access your accounts, as they are vulnerable to hackers and snooping. If you can not keep away from applying public Wi-Fi, use a virtual private network (VPN) for added safety.
Pick out a trustworthy exchange
The quantity of cryptocurrency exchanges is impressive, but I will inform you these that offer you dependable safety and protection for your cryptocurrency investments. Taking into account all safety measures, the safest are Kraken, WhiteBIT, and Coinbase.
They have the highest percentage of storage cold wallets, WhiteBIT — 96%, Kraken -95%, and Coinbase — 90%. Storing cryptocurrency in cold wallets reduces the threat of theft.
All of them use 2FA or WAF to defend your funds and block hacker attacks. They also have KYC verification and AML checking, which is a major plus for the security of customers and their cash.
Conclusion
Cryptocurrency safety is necessary in the digital age. Hence, you need to be cautious and conscious to keep away from falling for fraudulent schemes. By following the above safety measures, you can make certain the security of your cryptocurrency assets.