our crypto wallet is a gateway to your valuable digital assets, which you have likely worked hard to earn. With the increase in cyber attacks targeting crypto wallets and exchanges over the past year, it’s more important than ever to take the necessary steps to secure your crypto wallet. According to cybersecurity firm Chainalysis, over $3 billion has been lost in crypto hacks and exploits in 2022 alone – the worst year on record.
To avoid becoming a victim of a hack, take the words of Dutch philosopher Desiderius Erasmus to heart: “prevention is better than cure.”
Here are some steps you can take to secure your crypto wallet:
- Use secure wallets: When storing your cryptocurrencies, it’s crucial to use secure wallets, such as hardware wallets. These are tangible, offline storage systems for private keys that are less susceptible to hackers.
- Enable two-factor authentication (2FA): By requiring a second authentication method in addition to your password, 2FA strengthens the security of your account. A code given to your phone or a biometric feature like a fingerprint or facial recognition can be used for this.
- Use secure passwords: Don’t use the same password across several accounts. Instead, use secure passwords for all of your bitcoin accounts. To create and keep secure passwords, think about using a password manager.
- Be careful of phishing attempts: Hackers frequently employ phishing attempts to steal private keys and other types of sensitive information. Be cautious of emails or texts that ask you to click on links or provide personal information.
- Maintain software and hardware updates: Be sure to keep your software and hardware updated with the most recent security patches and upgrades. This can aid in defending against vulnerabilities that are known to exist and may be used by hackers.
- Use a trustworthy exchange: To purchase, sell, and store your bitcoin, pick a trustworthy and secure exchange. Before using an exchange, learn about its security protocols and standing.
- Use a cold storage option: Consider using a cold storage option, such as a paper wallet, to physically store your private keys offline. This adds an extra layer of security to your investment.
- Regularly check your account activity: Keep a close eye on your account activity and transaction history to detect any suspicious activity.
- Use multi-sig wallets: Use multi-sig (multi-signature) wallets, which require multiple approvals before a transaction can take place. This adds an extra layer of security to your account.
- Educate yourself: Stay informed about the latest security threats and trends in the crypto world. The more you know, the better equipped you’ll be to protect your investment.
By following these tips, you can help to safeguard your crypto investments and lower the possibility of losing them due to a hack or other security incident.