Not your keys, not your coins. This phrase must sound familiar to crypto users. So, you got yourself a non-custodial wallet and are ready to rock the crypto world. Does this mean that you can carry on risk-free now? No, unfortunately not.
In 2022, private key hacks were among the most lucrative hacks. So, how can you keep your crypto keys safe from hackers? We will take a look at that and will give you some tips.
Tip #1: Use Cold Storage
The crypto world sees cold storage as the safest form of storing your crypto assets. You can do this with a hardware wallet. For instance, with a Ledger, Trezor, or SafePal wallet. Cold wallets are not connected to the internet. Hence, it’s more difficult to hack them.
This is in contrast to hot wallets. For example, a MetaMask, Phantom, or Keplr wallet. These connect to the internet. On the other hand, you can connect cold wallets to hot wallets, making the hot wallets safer. Most cold wallets look like a USB stick. Make sure to keep the recovery or seed phrase in a secure place. These phrases are lists of 12 or 24 random words that give you access to your wallet. For example, in case you lost your wallet.
Learn how to manage your #crypto on the @iSafePal App! 📲
More tutorials & guides available at:
📖#SafePal Academy: https://t.co/w0m4unFNOo
📹Youtube channel: https://t.co/FnbQtDTnjF
Download SafePal wallets: https://t.co/rpCuiT2CEl pic.twitter.com/4CPCtU0kNN— SafePal Support (@safepal_support) July 31, 2023
Tip #2: Use Multiple Wallets
You can spread your risk by using multiple wallets. In case something happens with one wallet, you still have your other wallets intact. It’s like not putting all your eggs in one basket.
In addition to this, you can also use ‘multi-signature’ or ‘multisig’ wallets. These need more than one private key to sign a transaction. In other words, a hacker can’t get your funds with only one signature.
Tip #3: Don’t Use Public Wi-Fi
Once you’re away from your safe internet connection at home, you need to rely on public Wi-Fi. You should not use public Wi-Fi connections to make crypto transactions. It’s not safe, since you expose your passwords, crypto keys, and who knows what else. When using public Wi-Fi, you should use a trustworthy VPN.
Tip #4: Use MFA
MFA (multi-factor authentication) is a useful buffer against hacks. 2FA (2-Factor Authentication) or an SMS (OTP or One Time Password) are typical options. Once you log in, you will need to add an extra code. This code you receive either via an SMS or email message or from a 2FA app. Hackers will have a harder time getting into your account without the proper codes.
Online #security tips 🔐
-Use Strong and Varied Passwords
-Set up Two-factor or Multi-factor Authentication (MFA)
-Use Firewalls and Anti-viruses
-Avoid Online use of Debit Cards
-Avoid Unfamiliar Websites
-Stay Cautious on Social Media
-Don’t Use Public WiFi without a #DPN pic.twitter.com/cbC6aZg4QK— Deeper Network (@deeper_network) August 1, 2023
Tip #5: Use Passwords
Pick strong passwords and change them on a regular basis. Don’t use the same password for accessing a variety of devices. The longer you make a password, the harder it is to crack. Keep these tips in mind, for instance,
- Use a combination of alphabets, numbers, and special characters.
- Use lowercase and uppercase.
- At least 8 letters.
- Randomly generated.
- Don’t use personal information.
Last but not least, keep track of your passwords. Use password managers to store your passwords.
Tips #6: Be Aware of Phishing Attacks
This is when a website looks legit, and you enter your credentials. However, it turns out that the website wasn’t legit at all. For example, you receive an email stating that your account was compromised. For instance, for one of your exchanges. The email urges you to change your username and password immediately.
Before you make any such hasty actions, make sure the link is HTTPS. You also want to double-check the website URL. Be careful when you reply to an email, text, or chat messages.
Types of Phishing Attacks pic.twitter.com/LdUpwfzlIK
— Security Trybe (@SecurityTrybe) July 29, 2023
Tips #7: Stay Updated with Antivirus
Make use of antivirus programs. These scan and protect you against hacking and phishing attempts. Make sure to buy a licensed version, it’s money well spent. However, also make sure to update them on a regular basis. Keep yourself informed about the latest threats, and update all your systems regularly.
Tips #8: Use Back-Ups
Back up all your wallet data on a regular basis. Keep these backups stored in a few different and secure locations. You may also consider encrypting your backups. This protects you against unauthorized access.
Have a recovery and contingency plan and record or document this. This allows a trusted person to access your data in case of an emergency. However, make sure to store this in a secure location.
Conclusion
We looked at various ways to prevent your crypto keys from getting hacked. There are many scammers out there, that use inventive and convincing methods. We provide a list of ways to protect yourself from these methods.
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