How To Prevent Hackers From Intruding On Your Crypto Wallet

New york, USA– Over the years, multiple crypto tokens have been taking over the market, with Bitcoin taking the lead! Interestingly, the token reached an all-time high fee of $69,000 in November last year.

Despite all the profits that investors have enjoyed over the years, scams concerning crypto continue to be one of the most well-known methods to lose your cryptos. For a fact, in the middle of last year, the Federal Trade Commission announced the most significant loss of all time via crypto frauds. It was around $82 million, making it 10x higher than the earlier figure. 

With crypto frauds reaching an all-time high, you must understand the primary reason behind such frauds. From being unable to manage your private key to trading via hacked exchanges, there are several ways you can be a part of these phishing scams. 

Role Of Crypto Wallets

One of the primary disadvantages of these digital wallets is that once the funds leave your wallet, there’s no way your funds can be traced back to their original source. Additionally, no crypto wallet is backed by insurance too. 

Additionally, since wallets store most of the crucial information like private keys at the provider level, such information is accessible by crypto hackers, allowing those hackers to steal your funds. 

This is why you need to consider different measures to ensure that you take every possible measure to ensure the safety of your holdings. Let’s explore more of it in the following section.

Tips To Secure Your Crypto Wallets From Hackers 

  • Don’t put all your eggs in the same basket! 

You can’t simply rely on placing all your funds in one wallet! This is not only a reliable measure, but it’s also a good security strategy. Even when using cold or hot storage, you should never keep all your crypto funds in one wallet.

The most effective method is to utilize several crypto wallets and disperse your funds so that if any of the wallets are compromised, your funds will stay secured. It is also smart to use cold storage due to their lack of internet. This way, you’re on the safer side unless phishing is involved.

  • Avoid email scams

By 2020, the global number of email subscribers will have surpassed 4 billion. Besides, by 2025, more than half of the world’s population is expected to be in this group. As a result, it has become one of the most common ways for fraudsters to contact potential victims.

Scammers are expected to create several impostor emails, claiming several contests, just like web pages. Besides, many have already fallen into the scam. Therefore, always ensure that you double-check the email source and if you find anything fishy, ensure that you contact a genuine company and inquire about it almost immediately.

  • Always use 2FA (Two Factor Authentication)

Many customers choose regulated exchanges due to their ease of use. You do not need to connect to the internet separately with hot wallets, as you do with cold wallets, because the interface is more straightforward. If you use a regulated exchange, two-factor authentication is a must. 

This should be used in addition to securing your wallet using an SMS 2FA because it is easily compromised. Furthermore, you could also rely on hardware devices that allow you to sync and validate online accounts using cryptographically hashed keys. 

  • Did you backup your wallet?

As a rule of thumb, you should always keep your wallet’s keys private and secure them offline to keep them away from hackers to access them. 

Maintaining a backup of your wallet keys outside of the usual places is smart. Here, you can access them even in emergencies such as earthquakes, burglaries, or anything that could compromise your house’s integrity. For example, although it might sound like a countermeasure, you could secure your private keys in a bank’s safe.

  • Avoid recycling passwords & emails

Using unique passwords and emails is the best approach to keep your crypto wallet from being hacked. However, using a similar email and password across all your crypto-holding accounts can seriously threaten your security. 

Besides, you should avoid using passwords that you generally use for social media accounts. This standard error provides hackers with an easy gateway into your accounts. 

Trade Cryptos With Security!

In a nutshell, the crypto industry continues to evolve with new and improved measures regarding security. However, this doesn’t mean that you’ll wait for the adverse to happen! 

Therefore, to keep your funds on the safer side, it is always wise to keep your wallets activated with the latest crypto measures. Also, to ensure better security, double-check all the measures mentioned above. 

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