Cryptocurrency hacking problems are on the rise! Just a few days ago, the Poly Network hack successfully stole over $600 million in Ethereum and other cryptos. Avoid falling victim to these attacks by protecting your cryptocurrency account.
Cryptocurrency is a profitable business scheme. Unfortunately, the thought goes in both ways. Investors can mine and earn their crypto coins easily by going online. However, they are also vulnerable to attacks from cybercriminals, who make huge profits from stealing digital currencies.
Cryptocurrency Hacking Problems
The cryptocurrency market is growing rapidly because of the digital lifestyle people recently adopted due to the pandemic. Now, cybercriminals are getting even more determined with their cryptocurrency attacks.
Some of the most common hacking crimes reported are:
- Phone-Port Attacks
- Remote Control or Computer device(s) takeover
- Phishing Attacks
- Ponzi Scheme
There is, admittedly, no perfect solution for cryptocurrency hacking problems. Attackers are constantly coming up with new and creative ways to launch their attacks.
However, cryptocurrency miners and investors can improve their security. CNBC listed out some of the best security protocols you can use to protect your crypto coins.
7 Ways to Protect Your Ethereum, Bitcoin and Dogecoin
7. Use a unique email for cryptocurrency exchange
Avoid linking your cryptocurrency account to your personal email, which might contain information on your address, banks, etc. The new email should be used exclusively for crypto trading only.
6. Set a long and hard password
A good password is hard to encrypt, even for hackers. It is recommended that you use 10-16 characters, with upper and lowercase letters, special characters, and numbers. If it gets too hard to remember, write it on a piece of paper.
5. "Do not port" SIM card
Hackers often try to steal your identity and access your account through your SIM card number. Call your local cellphone provider and tell them to add a passcode to your number. The "do not port your SIM card" option should be available for one year.
4. Turn off SMS-based two-factor authentication
This strategy is linked up to the previous warning. If hackers have already stolen your mobile number, they will use two-factor authentication to steal your account. It is better to stick to account recovery, linked to the unique email recommended above.
3. Do not keep all cryptocurrency investments in one place
In the unfortunate situation where you get hacked, a hacker will have a hard time accessing different digital wallets.
2. Create a "cold wallet"
The cold wallet is a concept for storing Bitcoins and other cryptos in an offline computer. Conversely, a hot wallet is connected to the internet. Use one hot wallet for your daily transactions, and move the rest of your investments to a cold wallet. You can create your cold wallet by downloading a dedicated app for it and installing the system in an offline computer.
1. Do not talk about cryptocurrency in public
While this suggestion seems simple, it is also very effective. Hackers choose their victims by checking on their online activity, like social media messages or posts about crypto. This instruction suggests to stay on a low profile and avoid getting identified.