You may have heard about the insane crypto exchange hacks and other ( Ethereum ) hacks that have caused forks or havoc financially or technically. Whether it’s an exchange or an individual just like you – we have to keep our funds safe. Just like with real money, you want to make sure it stays secure. Here are some tips for keeping your cryptocurrency safe:
Keep your private key a secret.
Your private key is like a secret password that lets you access your cryptocurrency. Don’t tell anyone else what it is, and don’t write it down where someone else might find it.
Use a strong password.
When you create an account to store your cryptocurrency, make sure you use a strong password. That means a password that’s hard to guess and includes numbers, letters, and special characters.
Use two-factor authentication.
Two-factor authentication is like having an extra lock on your account. When you log in, you’ll have to enter a code that’s sent to your phone or email address in addition to your password.
Use a reputable exchange.
If you want to buy or sell cryptocurrency, use a reputable exchange. That means an exchange that has a good reputation for security and doesn’t have a history of getting hacked.
Keep your software up to date.
If you use software to store your cryptocurrency, make sure you keep it up to date. That way, you’ll have the latest security features and bug fixes.
Be careful with public Wi-Fi.
If you’re using public Wi-Fi to access your cryptocurrency, be careful. Public Wi-Fi can be less secure than your home Wi-Fi, so avoid logging into your account or making transactions if you can.
Mobile SIM Chip Swaps
One of the more shady ways to take over your crypto is to get ahold of your phone, where many have access to their wallets or Google Authenticator. The hacker will contact your phone provider and say the phone has been lost and they need a replacement. Using a SIM chip they’ve bought wherever – some hackers have convinced phone providers into transferring the phone to the new burner phone’s SIM chip. The hacker then uses your phone number to access exchanges and deactivating 2FA, changing passwords, and then re-activating it. They move funds while you try to figure out what happened. Consider contacting your provider and telling them specifically not to transfer SIM Chips without your express authorization, with identity confirmed.
Remember, just like with fiat money, it’s important to keep your cryptocurrency safe. By following these tips, you can help increase the security of your coin.