Imagine waking up one day to find your hard-earned crypto investments gone, simply because you didn’t take the necessary steps to protect them.
The Nightmare called Cyberhacking
Dear reader, this is a true story.
My friend, Fade, told me about a friend who lost all his funds in 2018. He had approximately $24 million worth of Ethereum (ETH), which vanished after a computer hack.
What do you think happened?
He was searching online for the latest BTC to Naira exchange rate and got redirected to an unknown site. Unfortunately, Fade’s friend had his Ethereum wallet’s private key on his computer, which was connected to the internet. Hackers gained access to his computer through the unknown site he visited and installed malware that allowed them to steal his private key.
The hackers were able to gain access to his asset by using a private key to transfer his Ethereum funds to their own wallet. The transaction was executed on the Ethereum blockchain, making it irreversible.
And that’s how he lost all of his crypto assets in one day.
The Bitter truth about Cyberhacking
This type of hack is a common tactic by hackers to steal cryptocurrencies.
Globally, around 2,220 cyberattacks are launched daily. This equates to 800,000+ attacks each year. These hacking statistics aren’t just numbers; they’re snapshots of a digital battlefield between your personal security and cyberhackers.
In this case, Fadekemi’s friend’s mistake was storing his private key on an internet-connected device, making it vulnerable to hacking.
To avoid similar incidents, we’ve curated 10 Proven Ways to Safeguard Your Cryptocurrency Investments from Hackers.
How to Protect yourself from Cyberhacking
Here are some straightforward tips to keep your assets safe from cyberhacking:
Use a Hardware Wallet Or Safe your Asset Online
If you have a large amount of cryptocurrency, you should store your wallet offline on a hardware wallet. Hardware wallets provide one of the safest ways to store your crypto assets, as they are not connected to the internet and are thus less vulnerable to malware or phishing attacks.
It’s like keeping your money in a safe rather than under your mattress. Even if your hardware wallet is lost or stolen, your assets remain secure as long as you have your recovery phrase. Just make sure you never share it with anyone.
Be Cautious with Public Wi-Fi
Imagine yourself trading or checking the dollar to naira exchange rate while sipping coffee at a café, enjoying free wifi. Cool right? But can you imagine yourself in a similar situation like Fade’s friend?
Public Wi-Fi is a hacker’s playground. Public Wi-Fi networks are often not secure, making it easy for hackers to intercept transmitting data. Avoid accessing your crypto accounts over unsecured networks.
If you must use public Wi-Fi, consider using a Virtual Private Network (VPN) to encrypt your connection. Additionally, avoid performing sensitive transactions in public places where people can see your screen.
Keep all your Software Up to Date
Cybercriminals are constantly looking for vulnerabilities in outdated software, this can be a gateway for hackers to access your personal information and crypto assets. So keep your software updated and close those security gaps. Most of these software updates can be set to install automatically, ensuring you always have the latest security features.
Regularly Monitor Your Accounts
By keeping a close eye on your accounts, you can detect unauthorized access early and take appropriate measures to protect your assets. Make it a habit to review your transaction history regularly. Look out for any unfamiliar transactions and report them to your service provider immediately. The sooner you catch any suspicious activity, the better your chances of preventing significant losses.
Beware of Phishing links
If you get a message from someone claiming to be from a crypto exchange or wallet provider, avoid clicking on any links. Instead, go directly to the official website or app. Phishing scams are a common method hackers use to steal cryptocurrency.
To prevent this type of scam, download wallets only from the developer’s official website. Avoid clicking on advertisements found on search engines or social media. Stay vigilant and protect your assets by verifying the source before clicking on any links.
Use Secure Exchanges
When trading cryptocurrencies, use reputable and secure exchanges like Jackocoins that have security measures in place for you. Avoid using lesser-known exchanges with dubious security practices, as they are more likely to be targets of cyberattacks.
Exchanges like Jackocoins have established reputations for security and reliability. They invest heavily in security infrastructure to protect their users’ funds and data. However, even the most secure exchanges are not immune to attacks, so it’s essential to follow best practices for account security.
Learn anti-cyberhacking measures
Education is a powerful tool in protecting your investments. The more you know about potential threats and security best practices, the better equipped you are to safeguard your assets.
Stay informed about the latest security threats and trends in the cryptocurrency space. Follow reputable sources and communities that discuss crypto security, such as Reddit, Twitter, and dedicated crypto news websites.
Be Wary of Scams
See that iphone 15 pro max they said you won? That’s a scam, dear.
Be cautious of phishing attempts, fake websites, and too-good-to-be-true investment opportunities. Scammers often use sophisticated tactics to trick you into giving away your private keys or personal information. Always double-check URLs,to know if it’s secure or not and more importantly be skeptical of dubious messages or emails claiming to offer investment advice or opportunities.
Backup Your Wallet
Backing up your wallet is essential for recovering your funds in case your device is lost, stolen, or damaged. Most wallet software provides an option to create a backup, usually in the form of a recovery phrase or seed.
Store this backup in a safe, offline location, such as a secure USB drive or a written copy kept in a safe place. A backup ensures that you can restore your wallet and access your funds even if your original device is compromised.
Stay Anonymous
Maintaining a level of anonymity can also enhance your security. Avoid sharing details about your crypto holdings or trading activities publicly. The less information potential attackers have about you, the harder it is for them to target you. Use pseudonyms on social media and crypto forums, and be cautious about the information you share. Keeping a low profile can help you reduce the risk of becoming a target for cybercriminals.
How Jackocoins Can help with Your Security Issues
With Jackocoins, you can protect your investments from cyberattacks. How? Jackocoins is a secure exchange platform that takes security seriously. All transactions are safe, and hackers won’t be able to access your account.
You don’t need to visit other sites to check the Dollar to Naira exchange rate or the impact of BTC to Naira trading. Jackocoins provides all this information, keeping you up-to-date with the latest cryptocurrency news.
Jackocoins also offers 24/7 customer support and a secure wallet to store your funds.
By using Jackocoins, you can protect your investments and trade with confidence. Protecting your personal security from cyberhacking seems challenging, but a little effort goes a long way.
Don’t wait for a breach like Fade’s friend experienced. Sign up now and experience peace of mind knowing your assets are secure.
Till next time!
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