BlockX Chain
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How to Prevent Hackers from Intruding into Your Crypto Wallet

Stories of attacks and hacks sweep the crypto space from time to time. The most unpleasant aspect of these disclosures is frequently the significant amount lost to the e-heist and the number of users affected. We just learned about a merciless hack on the crypto firm Nomad, in which hackers stole over $200 million. Similarly, a March hack on the Axie Infinity Ronin bridge resulted in a loss of more than $600 million… and the list continues. Already, about $200 billion has been lost due to cryptocurrency attacks in 2022 alone.

As the threat of hacking grows more serious by the day, it is critical that you exercise caution to ensure that your digital assets are safely kept. In this article, we will go over the actions you can take to keep your digital wallet secure and out of the hands of crypto hackers.

Strong Password is Important

It is important that you take this aspect of your account setup seriously. Account password setting is one of the necessary requirements for owning an account on a centralized crypto exchange like BlockX (coming soon); therefore, you should not take it with levity. Ensure that you use a password with a strong combination of alphabets, numbers, and special characters.

The advantage of this is that the combination makes your password strong and not easily predicted from your available information. Once you get this first aspect right, you are definitely getting started on the right foot.

Two-factor Authentication

The essence of 2FA is to help create further reinforcement for your account. With two-factor authentication, it becomes nearly impossible for an individual to get into your account without needing an authentication code from a device you directly have access to.

2FA is usually completed either through texts sent to your phone or through more secure systems like Google Authenticator. If your exchange does not provide this option, it is high time you considered switching to safer crypto exchanges.

Check Website URL

Scammers who are unable to gain access to a cryptocurrency exchange may resort to imitation and phishing. Typically, they accomplish this by creating a whole new website that is identical to the original exchange website.

That is why, if you are accessing through a link or social media, you should always double-check the URL of the exchange. Because it is impossible for two comparable URLs to exist on the internet, scammers will make changes that are practically imperceptible to a user. This might be accomplished by exchanging terms in the exchange’s domain name.

Avoid Public Wi-Fi

It is no longer a secret that public internet connections are not secure for personal devices. Hackers could set up internet connections in public spaces just to perpetrate their acts. The whole idea is to deceive people and lure them into connecting to the “free goodie”. Upon connecting, all personal data, including your passwords, credit card details, browsing history, and, of course, your crypto wallet details, will be downloaded, and your crypto will be gone.

You might be getting free access to the internet, but you would have lost a lot of valuables in the process.

Beware of Suspicious Links

Did you recently receive an email informing you of a massive offer that is soon to expire? Perhaps you were instructed to immediately click through a link in order not to miss out. This is frequently the act of hackers or scammers looking to steal your personal information and gain access to your crypto wallet.

That is why you should be wary of links that appear suspicious or make promises that seem too good to be true. Before you click any link, double-check the sender by checking the sending email address. You can also conduct due diligence by confirming such offers on your exchange’s official social media channels.

Backup Seed Phrase

If you are using a non-custodial wallet, you are bound to hold your private key seed phrase. As much as you might not be susceptible to hacks on an exchange, ensure that you keep this seed phrase in a place that is secure. If otherwise, you risk giving up access to your hard-earned investment.

Use Hardware Wallet when Necessary

If you are interested in crypto for the long term, you should think about storing your funds on a physical device. In this instance, a cold wallet could suffice, allowing you to easily shift your assets and keep the device in a secure location.

It is entirely up to you to keep your cryptocurrency wallet secure. . It is your duty to take all the necessary precautions to safeguard your digital assets.

To learn more and stay updated on developments from BlockX, you can check us out across our channels using the links below:

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akinremi opeyemi

akinremi opeyemi

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A highly creative mind with exceptional financial market, cryptocurrency analysis, content creation/marketing, SEO and digital marketing experience