Staying crypto safe should be the utmost interest of every crypto user. Crypto came with an innovation that handed total control over to fund owners but it came at a disadvantage. The security of your funds depends solely on you. The lack of a centralized security and regulation over crypto has turned it to be a beehive for scammers and other unscrupulous elements.
There have been widely reported cases of crypto hacks and theft running into millions of dollars. In fact over 2 billion dollars worth of crypto has been stolen online over the past 6 years. There are countless hacks affecting exchange platforms and mobile wallet owners and this has fuelled the increased backlash against crypto.
It’s a devastating experience seeing your hard earned funds stolen online. You need to take extreme measures to guide your crypto treasures from harm. I will outline below the basic precautions you should take to be safe online.
- Never disclose or share your recovery phrase: Your recovery phrase can grant anyone access to your wallet. It’s your secret property and should not be revealed to anyone offline and online no matter what happens.
- Refrain from storing details online: Storing details such as recovery phrase or password online is very risky because some apps grant access to your device data and can be accessed by hackers. Its better having a note where you write them down.
- Always be mindful of fraudulent platforms: This is the most common ways scammers or hackers operate online. There are many investment platforms littered online promising investors heaven on earth. They just need your funds to enjoy their own heaven on earth. There are many spam telegram bots promising airdrops, scam tokens airdropped to your wallet, phishing links cloaked in click baits posted on social media by fake celebrity profiles or impostor accounts impersonating reliable platforms. They inject malware that grant them access to your funds whenever you interact with those links or bots.
- Enable higher security: You can do this by setting up a stronger security access to your wallet and device aside the normal password. It is recommended to set up 2 factor authentication and make use of fingerprint or face unlock.
Its also advised to have different wallets for airdrops or other non verified crypto platforms. You can read about our preferred wallets for mobile users. What about getting a hardware wallet? Investing in one will give you an extra security edge. Popular hardware wallets include Ledger Nano, Safepal and Trezor.
Also make sure your apps and devices are always updated to avoid leaving a loophole for the bad eggs. It’s really a terrible experience having your wallet wiped out. I have experienced that before and I can tell you how painful it is.
These measures above can give you a reliable safe experience online to a good extent but you always have to be more vigilant and try to be informed so you’ll always be aware of the latest innovations in crypto theft and how to stay crypto safe.
Have you experienced a similar experience? What are your thoughts?