9 Ways to Keep Your ICO Funds Secured

[Stroch]

2018 will be the year of ICOs. This brings a large concern because setting up an ICO is pretty easy. You have tons of Youtube videos how to set up the ERC20 token (token built on Ethereum blockchain). That, on the contrary, lowers the level of skills that are needed to enter the market. Hackers that are targeting ICOs know that it’s almost impossible to hack Ethereum’s or Bitcoin’s Blockchain, instead of doing that they are targeting weak points. Without naming names, who have been unfortunate to get hacked, we have made an overview, where are the main security issues, and how could you avoid them.

WHAT ARE THE WEAK POINTS OF PAST HACKS AND HOW CAN YOU ELIMINATE THEM FROM YOUR ICO?


USE A COLD STORAGE WALLET
If it’s offline, it’s hard to touch. For an extra layer of security use hardware wallets or paper wallets. Remember to lock them up in some place secure.

NEVER USE THE SAME PASSWORD TWICE
You need only one security breach to turn everything upside down. Use different passwords for all the accounts, if one of them gets hacked, the rest are safe.
If possible, always use 2-step verification. If your password is compromised, they still need to access your phone to get that second step verification.

EDUCATE YOUR TEAM ON CYBERSECURITY
Don’t expect your ICO’s team to be experts in cybersecurity. When dealing with other people’s money, security comes first.

KEEP YOUR KEY STRUCTURE SECURED
Keep the passwords for different servers or services on only need-to-know bases. By doing so it will lower the risk of sensitive information ending up in wrong hands.

THERE WILL BE PHISHING
One of the biggest victims are the people who are never cautious or are lazy. There will be phishing sites that look exactly like yours. To reduce the risk of that happening, buy domains that are similar to yours. That means to get all the .net, .org, .co or even some misspelled domains. It will lower the risk of phishing sites to look authoritative.

EDUCATE YOUR CUSTOMERS
Your customers need your help. Educate them on how to store their tokens, how they can trade your tokens, and how they can keep their ICO tokens secured.

KEEP AUDITING YOUR CODE
Technology is growing at a rapid base. Always monitor, test, and audit your code.

BUILD A STRONG COMMUNITY
When you build a great community around your ICO or blockchain project, you will create an extra layer of defense. This means that people will care more about your project, and you will have more eyes and ears around you, who will report if they see something that is out of ordinary, like phishing sites.

MONITOR YOUR COMMUNITY 24/7
Always have people who are monitoring your social media accounts and are ready to react when someone spams your community or advertises false information.

Let us know in comments below, how would you improve the security of an ICO or Token-Sale?

Check out the video

PS! What do you think which security holes ICOs should watch out for?

[santiPOGI]

NEVER USE THE SAME PASSWORD TWICE
You need only one security breach to turn everything upside down. Use different passwords for all the accounts, if one of them gets hacked, the rest are safe.
If possible, always use 2-step verification. If your password is compromised, they still need to access your phone to get that second step verification.

2 step verification is one of the best security we can apply. they may hack your email and password but the phone you are holding will still the best.

USE A COLD STORAGE WALLET
If it’s offline, it’s hard to touch. For an extra layer of security use hardware wallets or paper wallets. Remember to lock them up in some place secure.

Not all people are into this, but this one of the best wallet where we can store it for a long time, safest!

[contactmike1]

Nice list of advices you have. I see a tendency , that more and more worthless ICOs come to the market and it is a big pain for me to select something to invest in. What is more, even a potential project can fall down below ICO price after listing and it makes me skipping ICO stage.

Somewhere I saw infographic with total ICOs collection for the last 7 years and 2017 year was like 5 times more powerfull than 2016, so 2018 is expected to be the same.

[Gibreil]

Thanks for your concern. I am also searching for tips to secure the tokens in case I will invest in ICO. A lot of hackers are usually take advantage to those people who are not aware in the cyber world. However, if you take a glance on every tutorial found in YouTube or any channel that talks about crypto, you can learn a lot on how to secure you wallet in order for you to protect from strangers.

[kindbtc]

Icos are receiving big funds so they should be capable enough to secure the funds and be transparent about their security policy, i think we need to create awareness among common investors and customers in the crypto world who are suffering hacked accounts, phishing emails and similar scams, they should know the risks in crypto world and how to keep their wallet and funds secure.

[indika8821]

Network endpoints such as end-user mobile devices, laptops, and desktops are common security Achilles heels. That’s because their operating systems and accompanying pieces of software almost always prioritize functionality over security. Attackers are very good at taking advantage of security holes in endpoints to take over your system. To minimize the risk, consider setting up devices that are used exclusively for your fundraising project and nothing else.

[1 currency now]

NEVER USE THE SAME PASSWORD TWICE
You need only one security breach to turn everything upside down. Use different passwords for all the accounts, if one of them gets hacked, the rest are safe.
If possible, always use 2-step verification. If your password is compromised, they still need to access your phone to get that second step verification.

2 step verification is one of the best security we can apply. they may hack your email and password but the phone you are holding will still the best.

USE A COLD STORAGE WALLET
If it’s offline, it’s hard to touch. For an extra layer of security use hardware wallets or paper wallets. Remember to lock them up in some place secure.

Not all people are into this, but this one of the best wallet where we can store it for a long time, safest!

People have to learn that this is the only option that they should choose if they intend to store the coins for a long time.

[Kayum10029]

wow very knowledgable information. many a time hackers hack our fund.... but if we know the security system then hackers can not hack.

[JENREM]

Icos are receiving big funds so they should be capable enough to secure the funds and be transparent about their security policy, i think we need to create awareness among common investors and customers in the crypto world who are suffering hacked accounts, phishing emails and similar scams, they should know the risks in crypto world and how to keep their wallet and funds secure.

Youre right! Most of the ICO's actually receiving big amount of funds most especially if the project is very succesful. That's why I Also think what would be the best way that the fund will become more secure not just the wallet itself but also the account you are using too.

[a04191234]

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[tonylewisverdu]

2018 will be the year of ICOs. This brings a large concern because setting up an ICO is pretty easy. You have tons of Youtube videos how to set up the ERC20 token (token built on Ethereum blockchain). That, on the contrary, lowers the level of skills that are needed to enter the market. Hackers that are targeting ICOs know that it’s almost impossible to hack Ethereum’s or Bitcoin’s Blockchain, instead of doing that they are targeting weak points. Without naming names, who have been unfortunate to get hacked, we have made an overview, where are the main security issues, and how could you avoid them.

WHAT ARE THE WEAK POINTS OF PAST HACKS AND HOW CAN YOU ELIMINATE THEM FROM YOUR ICO?


USE A COLD STORAGE WALLET
If it’s offline, it’s hard to touch. For an extra layer of security use hardware wallets or paper wallets. Remember to lock them up in some place secure.

NEVER USE THE SAME PASSWORD TWICE
You need only one security breach to turn everything upside down. Use different passwords for all the accounts, if one of them gets hacked, the rest are safe.
If possible, always use 2-step verification. If your password is compromised, they still need to access your phone to get that second step verification.

EDUCATE YOUR TEAM ON CYBERSECURITY
Don’t expect your ICO’s team to be experts in cybersecurity. When dealing with other people’s money, security comes first.

KEEP YOUR KEY STRUCTURE SECURED
Keep the passwords for different servers or services on only need-to-know bases. By doing so it will lower the risk of sensitive information ending up in wrong hands.

THERE WILL BE PHISHING
One of the biggest victims are the people who are never cautious or are lazy. There will be phishing sites that look exactly like yours. To reduce the risk of that happening, buy domains that are similar to yours. That means to get all the .net, .org, .co or even some misspelled domains. It will lower the risk of phishing sites to look authoritative.

EDUCATE YOUR CUSTOMERS
Your customers need your help. Educate them on how to store their tokens, how they can trade your tokens, and how they can keep their ICO tokens secured.

KEEP AUDITING YOUR CODE
Technology is growing at a rapid base. Always monitor, test, and audit your code.

BUILD A STRONG COMMUNITY
When you build a great community around your ICO or blockchain project, you will create an extra layer of defense. This means that people will care more about your project, and you will have more eyes and ears around you, who will report if they see something that is out of ordinary, like phishing sites.

MONITOR YOUR COMMUNITY 24/7
Always have people who are monitoring your social media accounts and are ready to react when someone spams your community or advertises false information.

Let us know in comments below, how would you improve the security of an ICO or Token-Sale?

Check out the video

PS! What do you think which security holes ICOs should watch out for?

great article.. very informative..

[platcomcasa]

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