Cointime

Download App
iOS & Android

3 Best Strategies to Keep your Crypto Portfolio Safe from Hackers

A digital wallet, like MetaMask, xDeFi, or Frame, is essential when interacting with the world of cryptocurrencies, especially decentralized financial institutions (DeFi). These browser add-ons have many useful features but are also very susceptible to hacking. Although the following seven guidelines cannot guarantee that your assets will be completely safe from theft, they will offer you the best possible defense.

Always visit CoinGecko and CoinMarketCap

Whenever looking for new investment opportunities, check out CoinGecko or CoinMarketCap. Instead of going straight to a protocol’s website, use a third-party aggregator like CoinGecko or CoinMarketCap. This is the most reliable source for obtaining the proper address, rather than a potentially dangerous link found via a search engine. CoinGecko and CoinMarketCap are two such sites; if they were hacked, that would be a different story.

After that, you can either save this URL to your bookmarks for quick access in the future or use the browser’s built-in search function to reach the desired destination quickly. Alternatively, you might use the official Twitter account for the relevant protocol. To secure yourself from being duped by a fraudulent profile, look for the “Verified” symbol.

Last but not least, as seen in the following example, this recommendation also applies to browser-based wallets. The first result we get when we search “MetaMask Wallet” is an ad for a fake version of the real MetaMask website. The fact that there is an extra “A” in the URL and the wrong domain suffix demonstrates this (.co rather than.io). Your Bitcoins will be permanently erased if you enter your recovery phrase.

MetaMask’s official domain name is metamask.io, not metamaask, not.com, or any other variants. Formats such as xDeFi, Frame, Keplr, and Phantom are also vulnerable to piracy.

Connect your digital wallet to a physical wallet

Using a non-custodial wallet, such as MetaMask, allows you to keep control of your private keys. The term “non-custodial” is used to describe this kind of wallet. This healthy dose of sarcasm will provoke serious consideration of all relevant factors. That you have no one to answer to is obvious, and it is one of the many wonderful things about our natural environment that we are allowed to enjoy this liberty.

However, customer service will only help you if you make any mistakes. If you want to safeguard your funds, use a hardware wallet in conjunction with your digital ones. The first and most important piece of advice is this one. The cheapest costs about 60 Euros, while the most complicated can cost several hundred. After a certain sum of money has been invested in bitcoin, you should remember it and go on to something else.

Browser-based wallets are only partially secure. As a result, “Connect a hardware wallet” is a feature in most digital wallets. You can use them with a hardware wallet like a Ledger or Trezor key. Despite a hacker gaining remote access to your computer, these systems will prevent any financial transactions from being processed. Physical validation of this transaction directly from the connected hardware wallet is necessary.

Private keys, passphrases, and recovery files for any address in the world should never be saved on a computer. And that such conduct, especially in the case of a hardware wallet, would be as sensible as displaying a picture of your credit card in your Facebook profile picture.

Learn to identify and avoid phishing attacks

There’s a simple technique: we’ll use your emotions to trap you. This phishing email purports to be an official statement from MetaMask, but in reality, it exploits fear to get the reader to do the sender’s desired action.

Some security measures are implemented in compliance with the suggested. The button seems to go to the official MetaMask website, but when we copy and paste the URL, we get a page that has nothing to do with the cryptocurrency. The goal is obviously for private keys to be stolen in this scenario. Assume that the project teams will not send you emails but instead use official social networks like Twitter to get in touch with you if there has been a real breach of security.

Plus, consider this: without Know Your Customer checks, how can decentralized applications save your email address in their database? You can provide them with an email address to use their services.

More generally, but in line with the broader tone, it’s vital to be extra vigilant while utilizing social networks like Discord and Telegram. Due to the prevalence of sham project channels, it’s easy to be duped into visiting a malicious domain.

And So, To Sum It Up

Remember that you can still be hacked or fall for another form of deception despite following all these suggestions. Anyone who says otherwise is asking for trouble. Human credulity typically remains the weak link in the equation when technology limitations are considered.

However, although there is no such thing as a completely risk-free environment, following a set of best practices like those given in this article can help you mitigate some of the hazards you can encounter when you work with blockchain technology and other cryptocurrencies.

Comments

All Comments

Recommended for you

  • Anthropic's Secondary Market Valuation Reaches $1 Trillion, Surpassing OpenAI

    On April 23, Anthropic's valuation on private equity trading platforms like Forge Global has risen to around $1 trillion, surpassing OpenAI's $880 billion. It is reported that the valuation of this artificial intelligence startup has rapidly increased due to buyers competing to purchase the increasingly scarce secondary market shares of Anthropic. (Dongxin News Agency)

  • BTC Surpasses $78,000

    Market data shows that BTC has surpassed $78,000, currently priced at $78,000.81, with a 24-hour decline of 0.14%. The market is experiencing significant volatility, so please ensure proper risk management.

  • Bitmine Allegedly Acquires 100,000 ETH Worth $233.7 Million

    On April 23, according to monitoring by Lookonchain, three new addresses suspected to be associated with Tom Lee's Bitmine (0xB6a8...9c9E, 0xc2e0...2831, 0x4e5C...276c) received 100,000 ETH from BitGo, valued at $233.7 million.

  • Musk: AI Chip Shortage Expected in the Future

    On April 23, Tesla CEO Elon Musk stated during an earnings call that the company initiated the Terafab chip factory project due to an anticipated severe shortage of AI chips in the future. He remarked, "In terms of industry growth rates, logic chips, and even more so storage chips, we expect to encounter bottlenecks if we do not manufacture chips ourselves. This is the reason for the birth of Terafab." (Dongxin News Agency)

  • US Spot Bitcoin ETF Sees Net Inflow of $331.9 Million Yesterday

    On April 23, according to monitoring by Trader T, the US spot Bitcoin ETF experienced a net inflow of $331.9 million yesterday.

  • US Spot Ethereum ETF Sees Net Inflow of $96.43 Million Yesterday

    On April 23, according to monitoring by Trader T, the US spot Ethereum ETF saw a net inflow of $96.43 million yesterday.

  • U.S. State Department Urges American Citizens to Leave Iran Immediately

    On April 23, the Bureau of Consular Affairs of the U.S. State Department posted on social media that, given Iran's announcement of partial airspace reopening, American citizens in Iran should leave immediately. The post advised U.S. citizens to stay informed about the situation through local media and to consult commercial airlines for information on flights departing Iran. Additionally, U.S. citizens can also travel by land to Armenia, Azerbaijan, Turkey, and Turkmenistan, but should avoid areas along the Iran-Afghanistan, Iran-Iraq, or Iran-Pakistan borders.

  • Tesla: Increasing Investment in AI Computing Power and Advancing New Battery and Material Factories

    On April 23, Tesla's official blog announced that the company is increasing its investment in AI computing power to advance the construction of new battery and battery materials factories. This move is also aimed at further preparing for the production of the third-generation Megapack energy storage system, the Tesla autonomous electric vehicle Cybercab, and the Tesla electric truck Semi.

  • USA: Deploying the Strongest Military Force in History to the Middle East

    On April 23, local time April 22, the U.S. Central Command announced that since the U.S. military began its blockade operations in the waters related to the Strait of Hormuz on April 14, it has requested 31 vessels to turn around or return to port as part of the blockade. The U.S. Central Command also stated that the military is currently deploying the most comprehensive and powerful military force ever seen across the Middle East.

  • Iran Does Not Officially Respond to Extended Ceasefire Deadline

    On April 23, Iran has not provided any official response regarding U.S. President Trump's announcement to extend the temporary ceasefire deadline, nor about the possibility of a second round of negotiations with the U.S. Iranian public opinion widely believes that the contradictions in U.S. rhetoric and its constantly changing policies are the main reasons for Iran's inability to trust the U.S. Additionally, Israel's repeated violations of the Lebanon-Israel ceasefire agreement and the ongoing U.S. maritime blockade against Iran are key factors affecting the negotiation process. Analysts point out that the risk of renewed war and conflict remains very high, and if both sides continue to insist on their current demands and conditions, the nature of this regional crisis may evolve from a purely U.S.-Iran issue into a global problem.