https://cdn-images-1.medium.com/max/1000/1*yReMFcsY4zbYQQOOp-hlKA.jpegCrypto investor Michael Terpin filed a USD224 million lawsuit against AT&T accusing the telecommunications giant of negligence that allegedly caused his account being hacked and lose roughly USD24 million worth of cryptocurrency tokens (at the time). Terpin says criminals accessed his mobile phone account by carrying out
SIM swap fraud. They then stole the tokens and allegedly transferred his account to an international criminal gang. In this type of scam, criminals pose as the owners of their victims’ mobile phone numbers, convincing mobile carrier to grant them access to their mobile phones. This allows them to access the victim’s accounts including cryptocurrency wallets.
In the crypto space, cryptocurrency wallets that are directly connected to the internet are known as hot wallets’. In general, hot wallets provide quick and easy access to cryptocurrencies. Vast majority of the cryptocurrency owners are still using
hot wallets, storing their assets directly on exchange platforms such as Coinbase and Binance, mobile phones or computers. The private key inside these wallets is exposed to the internet therefore making it more vulnerable to hackers and a slew of other nefarious methods of stealing sensitive information. As a result, these users’ assets are prone to extremely high risk of hacking and infiltration.
We know that leaving sensitive information online represent a security problem. Therefore, the best approach to safeguarding your assets is to stay away from the internet and store your private keys offline. Unikeys addresses this problem by providing a robust
cold wallet solution — the UKey card, that doesn’t leave you expose to theft or hackers.
Cold Wallets In A NutshellCold wallets do not connect to the internet, therefore provides greater security standard. The private keys inside the wallets are stored offline in which it cannot be hacked by anyone. To access the private keys, the card holder should authenticate themselves by placing his/her
fingerprints to the biometric sensor embedded in the UKey card. The whole process is done offline which eliminates the risks of exposing sensitive information such as biometric data or personal information to potential hackers.
For a long term investment, protecting your assets using the UKey card is the safest route as they are stored offline. Many cryptocurrency owners had their assets stolen because they were not stored properly and securely, leaving them to be exposed to potential hackers. The UKey card was created specifically for the purpose to
overcome the downfalls of hot wallets and reinforce the ownerships of cryptocurrency holders. Every time you execute a transaction, you will need the UKey card to sign the transaction by placing your fingerprint on the biometric sensor. This provides another layer of security because the private key is encrypted inside the card that is completely offline. Only the card holder has access to the assets, exponentially r
educing the chance of hacking and theft.
For more technical details about the UKey card, please go to our previous blog
https://medium.com/@Unikeys/why-the-ukey-card-is-safe-c2b70e3d15bb which gives you a glimpse of some of the most important features of the product.
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