How to Protect Your Digital Assets
When investing in cryptocurrencies, the most important thing to know is, how to maintain your crypto wallet safely. Once you deposit cryptocurrencies in your wallet, it is essential to remember that all types of cryptocurrency wallets, even the most secure hardware wallets (cold wallets), can be hacked and emptied.
Although blockchain technology produces a data structure with innate security qualities and the blockchain database is “virtually indestructible,” human error or physical device issues (i.e., social engineering and physical security) can still occur. The risks of crypto wallets vary from situation to situation and often change. As a 101 guide, I will explain the common reasons for the sudden disappearance of cryptocurrency inside the wallet.
Password-Stealing Malware
Password-stealing malware scans your computer or mobile device's hard drive to steal your private key. You may allow malicious programs to invade your device when you browse suspicious websites, click on links provided by scammers, open unsafe email attachments, or download software from untrusted sources,
Suppose you do not enable two-factor authentication to protect your crypto wallet; in that case, hackers who manipulate malware can hack into your account in seconds and transfer assets instantly after they have obtained your private key. Therefore, enabling two-factor verification settings is one of the significant security measures to protect encrypted wallets.
Trojan Horse
Trojans are another type of password-stealing malware, but instead of actually “stealing” our cryptocurrency, Trojans scan your hard drive for cryptocurrency holdings. The Trojan will then encrypt your hard drive and send you a ransomware email, threatening to format your hard drive if the ransom is not paid within a certain period. Unfortunately, even well-protected exchanges can still encounter these types of ransomware, and users are often only instructed to pay the ransom.
Continue reading: https://hackernoon.com/crypto-wallet-security-101
When investing in cryptocurrencies, the most important thing to know is, how to maintain your crypto wallet safely. Once you deposit cryptocurrencies in your wallet, it is essential to remember that all types of cryptocurrency wallets, even the most secure hardware wallets (cold wallets), can be hacked and emptied.
Although blockchain technology produces a data structure with innate security qualities and the blockchain database is “virtually indestructible,” human error or physical device issues (i.e., social engineering and physical security) can still occur. The risks of crypto wallets vary from situation to situation and often change. As a 101 guide, I will explain the common reasons for the sudden disappearance of cryptocurrency inside the wallet.
Password-Stealing Malware
Password-stealing malware scans your computer or mobile device's hard drive to steal your private key. You may allow malicious programs to invade your device when you browse suspicious websites, click on links provided by scammers, open unsafe email attachments, or download software from untrusted sources,
Suppose you do not enable two-factor authentication to protect your crypto wallet; in that case, hackers who manipulate malware can hack into your account in seconds and transfer assets instantly after they have obtained your private key. Therefore, enabling two-factor verification settings is one of the significant security measures to protect encrypted wallets.
Trojan Horse
Trojans are another type of password-stealing malware, but instead of actually “stealing” our cryptocurrency, Trojans scan your hard drive for cryptocurrency holdings. The Trojan will then encrypt your hard drive and send you a ransomware email, threatening to format your hard drive if the ransom is not paid within a certain period. Unfortunately, even well-protected exchanges can still encounter these types of ransomware, and users are often only instructed to pay the ransom.
Continue reading: https://hackernoon.com/crypto-wallet-security-101
