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Home»TRADING NEWS»Experts explain how to prevent your cryptocurrency wallet from being hacked
TRADING NEWS

Experts explain how to prevent your cryptocurrency wallet from being hacked

By Crypto FlexsMarch 3, 20243 Mins Read
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Experts explain how to prevent your cryptocurrency wallet from being hacked
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One of the industry’s biggest challenges is keeping investors’ cryptocurrencies safe amid rampant theft and hacking.

Evilcos, the pseudonymous founder of SlowMist, a prominent blockchain security company, has made important recommendations for hardening cryptocurrency wallets against exploits.

How to protect your cryptocurrency wallet

To address the growing concerns within the cryptocurrency community, security experts have emphasized the need to deepen understanding of wallet signature security through research and practical capabilities. Evil Course defend Use browser wallet security extensions like ScamSniffer, PocketUniverse, and WalletGuard.

He emphasized Rabby Wallet’s effectiveness in securing user interactions, describing it as a powerful firewall. According to him, the product is suitable for mobile and computer environments. He noted the importance of incorporating firewall protection into digital asset wallets, emphasizing the importance of taking proactive measures to protect valuable assets.

However, Evil Course warned against over-reliance on technology. The expert emphasized that it is essential for investors to master security protocols, arguing that personal vigilance often trumps automated solutions.

“The most valuable ‘firewall’ is to teach yourself these security skills. My visual analysis is often more powerful than this,” Evilcos said.

Read more: 11 Best Altcoin Wallets to Consider in March 2024

He also warned against prioritizing wealth accumulation over safety and urged investors to prioritize acquiring safety knowledge. Additionally, Evilcos emphasized the maxim “Safety First” as a guiding principle, emphasizing the symbiotic relationship between knowledge and financial security in the volatile cryptocurrency space.

“Don’t think about getting rich every day. First, you may fall into a trap. The first thing to do when entering a dark forest is to acquire safety knowledge and continue to learn. The more money you make, the safer you will be,” Evilcos added.

Emerging Hacks in Cryptocurrency Wallets

Cryptocurrency investors and projects have lost billions of dollars worth of valuable digital assets due to recent wallet hacks. These trends highlight the vulnerabilities inherent in the ecosystem, increasing the vigilance of cybersecurity professionals.

According to Chainalysis, a whopping $3.7 billion worth of cryptocurrency assets were stolen in 2022. By 2023, this number had decreased to $1.7 billion, but the frequency of individual breaches had jumped from 219 to 231.

Chainalysis analysts said, “North Korea-linked hackers stole an estimated $428.8 million from DeFi platforms in 2023, including centralized services ($150 million stolen), exchanges ($330.9 million), and wallet providers (1 “It is estimated that the target was $27 million.”

Read more: MetaMask vs Coinbase Wallet: Comparison and Analysis

Cryptocurrency theft by year. Source: Chainalysis

Earlier this year, a case of asset loss occurred due to a cryptocurrency wallet breach. Notably, Axie Infinity co-founder Jeff Zirlin fell victim to a wallet exploit and lost 3,248 ETH, worth $9.5 million.

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All information contained on our website is published in good faith and for general information purposes only. Any action you take upon the information on our website is strictly at your own risk.

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