6 Ways to Protect Your Crypto Exchange From Hackers in 2024

In the last 10 years, interest in cryptocurrencies has been growing every day. This is considered a very lucrative and profitable investment in the future, and a way to gain wealth without much effort. However, trading digital money should not be taken lightly, because the market situation changes daily, and there are certain things that as a trader you need to pay attention to. We are talking about a hacker attack. What can you do to save your money?

Crypto wallet

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A cryptocurrency wallet is a must-have tool if you already have or want to buy a cryptocurrency. A wallet or wallet is an application, device, or way to store cryptocurrencies, and in most cases, cryptocurrencies can be sent directly from them. We need a wallet to keep cryptocurrencies safe and to send them to others or send them to the stock exchange for trading. Cryptocurrencies are located at the so-called private address within the wallet. That address should only be known to you and do not share it with others. If your wallet has a code, always make sure that the code is newly formed, of sufficient length and quality to protect your funds. A hot wallet is any wallet that is connected to the internet, while a Cold is not. This makes a big difference between them and makes Cold wallets generally safer to store cryptocurrencies, while Hot wallets are very easy to send coins quickly from one address to another. If you are actively trading, a desktop wallet is always the best recommendation. If you are on the go often and do not use your computer that often then the mobile app is a very good solution. If you keep cryptocurrencies in the long run then you can choose one of the cold wallets. And of course, you can combine several different wallets and so you have a great backup.

Don’t fall prey to fake apps

There are many fake apps and platforms today so you should always approach this with caution. Otherwise, you may run out of money overnight. Sometimes it is very difficult to identify a fake platform, so you need to find out as much information about it as possible, read reviews, and pay attention to every letter in the name because that is the most common way to cheat. You can learn more about it if you visit this site.

Double authentication

Source: auth0.com

If you haven’t heard of this type of protection by now, it’s time to find out. Two-factor authentication (2FA) is often referred to as two-step verification or multifactor authentication. But no matter what you call it, it’s an extra layer of protection that you can “put” on your online account. Most popular services (Google, Facebook, Amazon, Microsoft, Twitter…) offer this form of protection because it has de facto become the standard. Unfortunately, a standard that many do not use enough. There are theoretical chances that any account can be breached, but using double or even triple protection greatly increases your chances of being more secure. When you use 2FA or 3FA then you are not interesting to hackers either.

Fake Chrome extensions

Criminals continue to steal cryptocurrencies through fake Chrome extensions, which are distributed online through ads on Google search engines. If we take a closer look at how the extension works, you can locate where the request to transfer user data is sent from and redirect it to the hacker’s address. After a person installs this extension, hackers access the private keys of digital wallets and pass them on to attackers who generate keys and “track” cryptocurrencies primarily with that address. Hundreds of thousands of crypto assets are stolen this way every month, although the actual amount may be higher. Furthermore, cryptocurrencies can be stolen without any confirmed records in the meantime.

Watch out for phishing and scam

Source: it3000.co.uk

A scam is a word that means a false scheme whose ultimate goal is a fraud. It is performed by an individual or a group of people, and scams of this type traditionally rely on the trust of the victim. With the advent of the Internet and new communication technologies, the scam has also progressed. Nowadays, it is very widespread on the Internet and social networks. Frauds through fake lotteries, requests for help, and identity theft are very common. A special case of scams is “phishing”.

A phishing email is a type of online scam where an attacker uses email to steal your credentials (username and password) or to infect your computer. This type of e-mail is more and more common and it works so that hackers, ie criminals pose as large companies (Google, Netflix, Amazon, etc.) and prompt you to download and open the attached files or click on the link in the message to access your personal information. The term “phishing” originated from the English word “fishing” (fishing) because hackers “throw a hook” like in fishing with this mail and wait for one of the target users to “catch”.

Cryptocurrency “mixing” service

Source: tradersdna.com

This is a service that interweaves transactions of several currencies, thus deleting statistics on previous transfers. Randomization of algorithms, non-simultaneous sending of coins, a variable commission of 0.4% – 4% complicate the tracking of your cryptocurrency transactions so much that it becomes impossible for a third party. This is due to the fact by split micro-transactions and while we add “mixing cash” to this, already cleared cryptocurrencies from single wallets are shipped in several elements to the wallet address. This prevents the detection of any correlation with your identity, confirmed by a crypto-alternative with a targeted wallet, in which you will receive funds after mixing.

Final thoughts

The advantage of investing in cryptocurrencies is the fact that they do not have inflation. Inflation over time makes the value of each FIAT currency decline due to additional printing. Almost every cryptocurrency at the time of its creation has a limited amount in circulation. So, e.g. the maximum amount of Bitcoin, in theory, could be 21 million. As the need for a currency grows, so does its value – which prevents inflation in the long run. Investing in cryptocurrencies requires effort and caution. Ask about all the precautions before you start trading. Consider any investment related to a safer investment useful.

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