👉🏻 Recently, Binance and OKX have both reported that users have lost assets due to various security issues, platform security loopholes, or the users themselves accidentally fell into the trap.
It’s still a commonplace question. In the cryptocurrency world, in addition to being careful not to have your positions blown up by contracts 🤣, you also need to know how to protect your own wallet. Learning the following preventive measures can basically allow you to avoid more than 90% of security threats.
1. Use a hardware wallet:
If you use hardware wallets such as OneKey and Trezor, they provide offline storage methods, which are physically isolated from the Internet and can effectively prevent hacker attacks and network theft. They should be the safest storage method, but they are relatively cumbersome to use. However, if your funds are large enough and will not be used in the short term, this is the safest choice.
2. Enable Two-Factor Authentication (2FA):
Enabling 2FA, also known as two-step verification, in exchange and wallet accounts adds an extra security confirmation step when accessing accounts or transferring assets to prevent unauthorized access.
3. Keep your private key and mnemonic phrase safe:
The private key is the only way to access cryptocurrency. Make sure the private key is not leaked or lost. It is best to keep the private key of a large wallet offline, either on a handwritten note or using a hardware wallet.
4. Avoid using public Wi-Fi:
Avoid using public Wi-Fi when conducting cryptocurrency transactions or accessing wallets, as public networks are vulnerable to hacker attacks, such as the Wi-Fi in airport internet cafes. There is a high probability of encountering disguised Wi-Fi hotspots.
If you connect to such a hotspot, all your online activities can be captured and cracked, and your operations and even plain text transaction passwords can be deduced.
5. Update software regularly:
Make sure you use the latest versions of exchanges, wallets, and operating systems to prevent known security vulnerabilities from being exploited.
6. Use trusted exchanges and wallets:
Choose exchanges and wallet providers with a good reputation and security record. Don’t use fake exchanges. You want to make profits, but they may want all your capital.
7. Beware of phishing and scams:
Do not click on unknown links or download unknown attachments easily, make sure you are visiting the correct official website.
✨ Telegram and Twitter are the hardest hit. Be cautious when clicking on URLs sent to you by strangers, and don’t copy them to your wallet to open them. Once your wallet’s signature or authorization is obtained, your assets may be transferred away instantly.
(Pumping suffered losses in the early years of telegraph 😭)
8. Use multi-signature technology:
Multi-signature requires multiple signatures to complete a transaction, so that even if one private key is stolen, the funds cannot be used alone.
What we often use is a multi-signature wallet, which is a cryptocurrency wallet that requires multiple private key signatures to execute transactions. This type of wallet increases the security and control of funds and is widely used for cryptocurrency management by individuals and institutions.
9. Distributed storage:
Don't store all your funds in one place. Decentralized storage reduces the risk of single points of failure, whether it's a wallet or an exchange.
💡 Don’t put all your assets in one exchange, the so-called “don’t put all your eggs in one basket”
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