- Securing your wallet is not an easy thing to do.
- There are a lot of hackers in the crypto world.
- Aladdin Pro is a secure crypto wallet with many distinct features.
Crypto is creating a new path into the future of finance, yet it still has some risks that have been hunting this industry since it started. Hacking is one of the most known ghosts that is still hovering around in every financial market, and the crypto space is not exempt from its haunting.
A lot of crypto wallets get hacked, making people lose millions of dollars and a lot of assets. And while this might be unstoppable for now, it still can be managed.
How does the crypto wallet hack work?
There are many ways for crypto wallets to get hacked, which is one of the main reasons why people hesitate when considering crypto as an investment.
Some of the most known ways to hack a crypto wallet are:
- Phishing: It is the easiest and most famous way to hack a crypto wallet, it depends on making the user hand the hacker their access to the wallet. This method usually uses fake websites that require users to enter their information to become available for hackers to steal them.
- Compromising SMS verifications: This method uses SMS verifications that are usually a part of the 2FA verification. There are many ways to do this method such as wiretapping, cloning the SIM Card, or vhishing (also known as voice phishing).
- Malware: This is an old method that is still effective in stealing crypto assets. It works by infecting the device with keyloggers to steal passwords and PINs while you enter them.
- Mobile applications: Not all mobile applications are secure due to the poor architecture and security backdoors.
There are many other ways for hackers to get access to the users’ crypto wallets, yet users can do many things to protect themselves and their wallets from getting hacked.
8 pro tips to protect your crypto wallet
Although anyone is a potential victim of hackers, there are some things that users can do to make their crypto wallet safer and more secure. These steps might look simple and inconsequential, but they are very beneficial and they could protect the user from major fraud.
Cold wallet, Hot wallet
When it comes to protecting your crypto assets, a cold wallet may be a better choice. Since a cold wallet does not connect to the internet, it is safer than a hot wallet against cyberattacks.
One example of this is when the Japanese exchange BITpoint discovered a $32 million unauthorized withdrawal from its hot wallet in different cryptocurrencies targeting more than 50,000 users’ accounts.
The exchange held 5 cryptocurrencies in this hot wallet, which are Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. Yet, they clarified that their cold wallet was not affected by the attack.
Secure your internet
When making crypto transactions and trades, a secure internet should be always in mind. It is better to avoid using public Wi-Fi networks and use a VPN for additional security even if you are using your home network.
A VPN is meant to change your IP address and location, which keeps your browsing activity safe and private from threat actors.
Maintain multiple wallets
There is no limitation for wallet creation, and splitting your crypto assets between multiple wallets can help you protect your assets more efficiently. You can use one wallet for daily use and keep the other assets that you don’t trade or send and buy daily in other wallets.
Secure your device
Make sure that your device is secure against any attack using the latest updates of virus definition and use a strong antivirus and firewall for better protection. This will help you avoid hackers from taking advantage of the weakness by writing code to target the vulnerability.
Keep your recovery phrase and private key a secret
It is really important to keep your recovery phrase and private key secret. The recovery phrase is a unique phrase that helps you open your crypto wallet, same for the private key. So it is better to keep them to yourself.
Keep an offline copy of your recovery phrase
It is always better to keep an offline version of your recovery phrase. You can write it down and keep it safe or you can store it on a USB drive or as an encrypted text. You can also keep an online version of it but that might not be the best solution since it could be stolen in a much easier way.
Different recovery phrases for more security
One of the common mistakes that people make regularly is using the same password to multiple accounts. This makes it much easier to steal or hack any account of yours once they got into one of them already.
It is much better to choose a different recovery phrase for each wallet. This will make it harder for hackers to get access to your assets.
Layer up for more protection
It is much better to use many layers of security to protect your digital assets. You can try face recognition, fingerprint, passcodes, or voice recognition. The more layers you have, the easier it is to protect your wallet.
There are many things to be done for protecting your crypto wallet, but on the Aladdin Pro Wallet app, security is one of the most important features. This wallet makes it much easier to keep an eye on your wallet with its layers of protection, innovative features, and its easy-to-use layout.