The hackers are always looking for an opportunity to hack those people’s accounts who invest in cryptocurrency and security of the wallets because the most profitable business currently is the cryptocurrency market.
One of the famous incidents which took place in the cryptocurrency market was the phone-porting hack where the hackers used unique social engineering technique to steal people’s mobile number. This stolen number was then used for getting the authorization of a wallet and steal funds from that wallet. Hence some methods need to be followed to defend your cryptocurrency assets from hacking.
Email and passwords:
One needs to be careful from the very starting when you make a cryptocurrency account. Set up a unique email ID that you’re going to use for that account and never share that ID with anyone. Set up a really hard and long password for the cryptocurrency account and write it down on a paper so that it will only be recoverable through that paper. Keep all other data regarding your cryptocurrency private.
Securing a wallet is similar to securing your data on a computer. You have to be aware of the links, advertisement, and any type of attachment which appears when a browser is being surfed. Store your crypto in cold wallets rather than hot wallets. Unlike hot wallets, cold wallets are not connected to the internet. This will also help you defend your cryptocurrency assets from hacking.
Don’t use two-factor authentication on an SMS because the mobile number can be ported. Instead use something a bit more like google authenticator or yubikey would be much better.
Encrypt your whole device in which you are going use your cryptocurrency wallet. Make sure to install the best antivirus software along with anti-malware and anti-ransomware and keep this software updated.
The remote access in a window is allowed by default. It is done by the window services so that whenever there is a problem with the windows the owner can contact these window services and they can access the computer easy to resolve the problem. It should be turned off if a person has crypto wallets downloaded on a computer. It will prevent hackers from getting access to the computer and eventually stealing the cryptocurrencies.
Coins should never be left in exchange accounts unless a person needs to use them for trading. If there is no further need for exchange then one should immediately withdraw their coins and store them in offline wallets like Trezor wallets or nano ledge. These are also called hardware wallets. That way the cryptocurrencies will be safe and could be used in the future when their value is increased. Offline wallets are considered to be the best method to defend your cryptocurrency assets from hacking with just one drawback. If the offline wallet is lost, the crypto coins in it are lost forever, they cannot be recovered