Yes, absolutely it's a problem.Hackers are targeting Cryptocurrencies, some say more than 3 Million bitcoins have been lost.In last few months, a lot of people complained about this issue.They have lost their cryptocurrencies or had them stolen.
Cryptocurrencies were supposed to be secure and offer us a clean way to conduct financial transactions.But it seems that cryptocurrencies have been compromised.The popularity of cryptocurrencies didn't only attract investors and youngsters but hackers and some bad guys.
Everyday we see an attack on a pool, an exchange or our wallets.Some of the exchanges are plagued with poor security and lack protection which are usually common in other financial markets.Some exchanges have falsely raised their trading volume to attract new customers.
Some banks have refused to deal with cryptocurrencies. Boycotts by banks can make it impossible for exchanges to process wire transfers to some extent.
𝐖𝐨𝐫𝐥𝐝’𝐬 𝐁𝐢𝐠𝐠𝐞𝐬𝐭 𝐂𝐫𝐲𝐩𝐭𝐨𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐇𝐞𝐢𝐬𝐭
North Korea seem to be stranger to cryptocurrencies.Now, it has become suspect in the world's largest crypto heist.In start of 2018 a committee in South Korea was told that North Korean hackers may have been behind the theft of about 530 million dollars worth digital tokes from Japanese exchange Coincheck.
On Jan 26, Coincheck authorities said someone hacked into their digital wallet and affected some 260,000 customers.Company confessed that they weren't using necessary security measures. The breach was a message for investors that your money isn't safe anywhere. Because all of us were thinking that our money is safe in digital currency.
Now, how can we secure our money?
Here are some basic points.
𝐃𝐨 𝐬𝐨𝐦𝐞 𝐬𝐞𝐚𝐫𝐜𝐡
Whenever you decide to invest your money, you should do some search about the platform you are investing in. Because sometime people just invest their money anywhere and than they come to know that the exchange or coin was a scam.Read their FAQ or their instructions.Search them on internet and look at their past see how old they are.
𝐔𝐬𝐞 𝐨𝐟𝐟𝐥𝐢𝐧𝐞 𝐰𝐚𝐥𝐥𝐞𝐭
If you have a lot of coins than securing them should be your first priority. Some people save their money online and due to some unwanted reasons a virus come up and and send their assets to a bad guy. Transfer your money to a hardware wallet.These hardware wallets will keep your money off the internet and safe from hackers.
𝐀𝐥𝐰𝐚𝐲𝐬 𝐡𝐚𝐯𝐞 𝐚 𝐛𝐚𝐜𝐤𝐮𝐩 𝐩𝐥𝐚𝐧
A blockchain technology company focused on security said, " You can never be to secure with your cryptocurrencies''.
Keep your codes and secrete address safe. Give a backup email address to your wallets for emergency situations.Your laptop could be damaged.Hardware is replaceable but your documents aren't. Use an extra hard drive or USB. You don't need a lot of space to store backups of you wallet, so 8 GB or 16 GB is fine.
I hope this blog was helpful.
Thank you.