How to protect your cryptocurrencies investments against hackers ?

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How to protect your cryptocurrencies investments against hackers ?

protect your crypto coins against hackers

Cryptocurrency investments can be exciting, but they can also be extremely nerve-wracking. The fear of losing money through a hack is always lurking, especially when your crypto assets are stored online in an insecure exchange. If you’ve invested any money into the growing cryptocurrency market, then you’re most likely aware by now that there have been several major hacks within the past 12 months.

From COIN get hacked to Binance lose 20 million in user funds and more recently Coincheck lost ¥58 billion in NEM tokens. Unfortunately, this is just the tip of the iceberg for crypto securities. According to recent research from IBM and ChainSecurity, there are approximately 10 ongoing hacking attempts on digital wallets every minute of every day.

Protecting your coins is essential as you understand that there is no customer service or insurance as there would be in banking system. Most of the time, loosing your coins is forever .This is an important part of a more global risk management strategy. Make sure to read this guide to fully understand the stakes involved :

With that being said it’s essential that you protect your investments from hackers if you want to keep your funds safe from cyberattacks in the future.

Here we will cover everything you need to know about investing in cryptocurrency securely, as well as some basic security measures you can take to mitigate the risk of hackers targeting your wallet or address.

Use a cold storage wallet for long-term investments

One of the best ways to protect your investment from hackers is by using a cold storage wallet for long-term investments. Cold storage wallets are offline and stored on a secure device such as a hard drive or paper wallet. You should never keep large amounts of funds in an online exchange, as hackers can easily infiltrate these systems and steal your funds.

If possible, it’s best to store your funds in a cold wallet that’s stored offline. Cold storage wallets are a great way to protect your investment from hackers. With a cold storage wallet, you can keep your funds offline, away from the prying eyes of hackers.

Ledger is the leading actor in this sector. Their main product is Ledger Nano S plus, offering a maximal protection for your assets :

This method is especially useful for long-term investments, such as large amounts of funds that you want to keep out of an online exchange for a certain period of time. If you’re looking to protect your funds from hackers, then it’s best to store them in a cold wallet.

If you are not familiar with wallets and how they work, it is important that you read this article :

Two Factor Authentication (2FA) for your exchanges and wallets

It’s essential that you protect yourself and your investments by using two factor authentication on all of your exchanges and wallets. 2FA is a security protocol that forces you to enter two different pieces of information in order to gain access to your account. This way, even if an exchange has been hacked, an attacker would need to figure out your password and your phone number in order to access your account.

There are a number of ways to implement 2FA on your exchanges and wallets. Some of the most common ways include generating a code that’s sent to your phone via SMS or entering a code into your account when logging in.

The phone app Google authenticator is a good example.

It’s also important to remember to protect your account with a strong password. If you use a weak password, then an attacker would only need to guess your password while also knowing your phone number or code to gain access to your account.

Security protection : managing passwords

As the popularity of cryptocurrencies continues to grow, it is more important than ever to ensure the security of your digital assets. Unfortunately, hackers are constantly seeking ways to steal these valuable assets, and one common method is through the use of weak or reused passwords. In this article, we’ll explore the importance of strong security and password management in protecting your cryptocurrencies from hackers.

One of the biggest risks associated with password reuse is that, if a hacker is able to gain access to one of your accounts using a reused password, they can then use that same password to try to access your other accounts.

This is known as “credential stuffing,” and it can be incredibly effective for hackers, as many people use the same password for multiple accounts. In order to protect yourself from this type of attack, it is essential to use unique, strong passwords for each of your accounts, including your cryptocurrency accounts.

Create unique and strong passwords

So, how can you create and remember strong passwords? One helpful tip is to use a passphrase instead of a traditional password. A passphrase is a longer, more complex string of words that is easier to remember than a random collection of characters.

Another option is to use a password manager, such as Bitwarden, which can securely store and generate strong passwords for you.

In addition to using strong passwords, it is also important to practice good security hygiene in order to protect your cryptocurrencies from hackers. This includes things like enabling two-factor authentication whenever possible as mentionned earlier, and also being cautious when clicking on links or downloading attachments, and keeping your software and operating system up to date with the latest security patches.

By taking the time to implement strong security measures and practice good password management, you can greatly reduce your risk of having your cryptocurrencies stolen by hackers. Don’t let your hard-earned assets fall into the wrong hands – take the steps necessary to protect them today.

Summary on crypto security

Before you invest in any cryptocurrencies, it’s important to remember that they are still very young projects and are prone to major hacks. If you want to keep your investment safe, then you need to make sure to :

  • Use a cold storage wallet such as Ledger
  • Use a password manager software such as Bitwarden
  • Implement two factor authentication on all of your exchanges and wallets