The rise of cryptocurrencies has been nothing short of meteoric. But as the amount of money flying around in crypto has increased, so has its appeal to bad actors. Now crypto hacks have become a depressingly common occurrence. These criminals are always on the lookout for new ways to steal your digital assets, whether from a crypto exchange, crypto wallet, or a bridge between blockchains. Bitcoin, Ethereum, and the other cryptocurrencies available out there are under attack.
In this article, we will delve into common ways hackers steal crypto, provide you with five essential tips to protect your crypto accounts, and share a recent example that underscores the importance of following security best practices when buying and using crypto.
How Hackers Steal Crypto
Crypto Gambling Site Stake’s Massive Withdrawals: $41 Million on Sept. 4
One of the most alarming recent incidents in the world of cryptocurrencies involved the crypto gambling site Stake. On September 4, the platform experienced an astonishing $41 million in withdrawals, which blockchain security analysts have described as “suspicious outflows.”
This incident is not an isolated one for 2023. Earlier in the year, on July 23, payments provider Alphapo suffered a substantial $31 million in suspicious withdrawals. Alphapo was a service provider for various crypto-gambling sites, including Hypedrop, Bovada, and Ignition.
There are a few different ways bad actors look to get their claws into other people’s crypto.
From phishing attack that attackers tend to masquerade as a legitimate entity or person hoping to gain the trust of the victim, to exploits where hackers will be looking for weak points and bugs in the code that could leave it vulnerable to being exploited. The above incidents serve as a stark reminder that even well-established platforms can fall victim to cyberattacks. So, what can you do to protect your hard-earned crypto assets?
5 Tips to Protect Your Crypto Accounts from Hackers
Use a Hardware Wallet
Hardware wallets are like small, secure vaults for your cryptocurrencies. They store your private keys offline, making them extremely difficult for hackers to access. When you’re not actively trading or using your crypto, transfer your assets to a hardware wallet. Popular options include Ledger Nano S, Ledger Nano X, and Trezor. Remember to keep your hardware wallet and recovery seed (a set of words for account recovery) in a safe and secure place, preferably away from the internet.
Enable Two-Factor Authentication (2FA)
Two-factor authentication is a crucial layer of security for your crypto accounts. It requires you to provide two forms of verification when logging in or making transactions. Typically, this involves something you know (your password) and something you have (a temporary code generated by an authentication app, SMS, or email). By enabling 2FA, even if a hacker manages to obtain your password, they won’t be able to access your account without the second verification factor.
Keep Software Updated
Crypto wallet and exchange providers regularly release updates to patch security vulnerabilities and improve functionality. Neglecting to update your software can leave your accounts exposed to known threats. Make it a habit to check for updates and install them promptly. Beware of phishing attempts that may mimic update notifications; always download updates from official sources.
Beware of Phishing Scams
Phishing scams are a common tactic employed by hackers to trick you into revealing sensitive information. They often involve fake emails, websites, or messages designed to mimic legitimate crypto services. Be cautious of unsolicited communications asking for your wallet information, passwords, or private keys. Double-check the website’s URL and ensure you’re using secure and official channels for communication with crypto services.
Diversify Your Holdings
Spreading your crypto holdings across multiple wallets and exchanges can minimize your risk. Storing all your assets in one place means a security breach at that single point of access could result in significant losses. By diversifying, you reduce the impact of a potential breach. Additionally, consider using different types of wallets, such as hardware, software, and mobile wallets, to add multiple layers of security.
Uquid Continues Improving on Its Infrastructure for Better Security Performance
Whether you’re deeply into cryptocurrencies or simply someone who occasionally shops online, it’s crucial to prioritize safety and transparency. Fortunately, in the realm of Web 3.0, Uquid has discovered inventive approaches to transform the shopping process, ensuring unparalleled safety and security for our customers.
At Uquid, we recognize the paramount importance of security and privacy in the realm of online shopping, particularly when integrating cutting-edge technologies such as cryptocurrency and Web 3.0. We are fully committed to safeguarding user funds and sensitive data through the following measures:
1. Decentralized Storage: We refrain from storing any personal information on our servers. Users have complete ownership and control over their personal data, aligning with the principle of decentralization.
2. Encrypted Storage: We employ encryption technology to securely store users’ private keys locally on their own devices, significantly reducing the risk of these keys being compromised or lost.
3. User Accountability: While we tirelessly strive to offer a secure platform, users also bear a responsibility. It is crucial for users to securely store their private keys, avoid online storage, and refrain from sharing them.
We are enthusiastic about the potential that Web 3.0 holds and continuously strive to innovate, ensuring that our users experience the safest, most secure, and most efficient online shopping environment possible. With Uquid, you are not only purchasing a product; you are investing in a future where online shopping becomes safer, more transparent, and more rewarding.
As the crypto landscape evolves, Uquid is committed to enhancing their infrastructure to provide users with better security. Keeping an eye on such proactive developments can help you choose services that prioritize your assets’ safety.
In conclusion, the world of cryptocurrencies is rife with opportunities, but it’s equally fraught with risks. Stay vigilant, follow best security practices, and leverage the tips provided in this article to keep your crypto accounts and wallets safe from hackers. Your digital assets are worth protecting.
About Uquid
Launched in 2016, Uquid pioneers in applying DeFi and Web 3.0 to E-commerce that aims to bring the best Shop to Earn experience to customers with verified merchants, exclusive deals, cashbacks and Payin3 with Crypto.
Throughout the years, Uquid still keeps its fantastic performance with continuous growth and the best effort to upgrade their store following the official Roadmap. With the largest selections of over 160 million physical, digital and NFTs products listed and comprehensive shipping services to over 200 countries around the world, Uquid is confident in serving any demand of customers in the Metaverse.
Users shopping at Uquid are offered flexible and convenient payment methods including cryptocurrency, fiat or wallets. Uquid’s ambition is to dominate the crypto marketplace by offering Buy Now Pay Later option to customers. Uquid Payin3 is all about protecting crypto futures value, by delaying the payment in three installments for 90 days, interest-free. With many years of building an infrastructure for Ecommerce in Metaverse, Uquid has found the easiest and safest way for customers to access their money and shop online.
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