Preventive Measures To Protect Crypto Assets From Hackers

[muhammadrafi560]

The crypto industry suffering quite badly due to the existence of large number of fraudulent and scammers. Most from you already knew the Twitter hack incident happened recently. And according to some news the hackers stolen 10 Bitcoins from this single event. The purpose of writing this article is to prevent you you from any loss. these are some of the preventive measures that you can implement to protect your crypto assets. Remember that the situation is very vulnerable and a single mistake can lead to to unwanted situation. So please take it very seriously.

How To Protect Your Crypto

These are some of the tips to keep your crypto safe.

1. Wallets Selection

Crypto wallet selection is very important. Always try to store your cryptocurrency preferably in a hardware wallet or choose wallets that are reliable and trusted.

2. Stay Away From Unknown Resources

Don't ever install apps and software from unknown sources. Because the hackers can access your secure files and folders stored on your device. And your Private data can be stolen anytime. So beware!

3. Never Click On Spam Links

This is another big trick used by the hackers tu to stolen your money. So never click on any links that you didn't recognise. These can be arrived in your inbox and other messengers.

4. Enable 2 Factor Authentication (2FA)

Always make to turn on 2FA where ever you have funds. Try to implement as many protective layers to prevent your money. Use Google authenticator app and SMS authentication.

5. Spread Portfolio

Keep in mind the historical saying "Don't keep all eggs in one basket" because if something unusual happens, all eggs will be broken. So another good strategy to keep your crypto safe is to spread your portfolio on multiple places. Don't kept all of your assets on a single place.

Hopefully these tips help you to keep your assets safe and secure.

[o_e_l_e_o]

Always try to store your cryptocurrency preferably in a hardware wallet or choose wallets that are reliable and trusted.

Don't trust, verify! Don't trust that the wallet you are using is safe - instead choose an open source wallet, review the code or look for community consensus if you can't, and verify your download prior to installing.

Use Google authenticator app and SMS authentication.

Both poor choices for 2FA. Google Authenticator does not allow you to securely back up, and SMS is easy to intercept or redirect. You should choose a free and open source authenticator app like andOTP, Tofu, or Aegis.

Further, most of the places you use 2FA are online exchange accounts or web wallets, which are terrible places to store your coins. Any coins stored on such a service do not belong to you. Withdraw them to a hardware or a cold wallet.

[Charles-Tim]

There are other things to avoid or do if you want to protect your wallets or cryptocurrencies. You focus more on how wallets will not be hacked and still not talked about it indepth, and there are two other things to know.

1. Protection from scammers that will lure you to pay, in this case, your wallet can be safe but you will be the one to release the coins from your wallet and pay them.

2. Protection of your wallets or cryptocurrencies by appropriate wallet back up.  Some wallet owners make use of strigent back up but they need stringent and careful security in a way they will not only avoid hackers but also safe wallet backups appropriately in a way it will not post. Some people lose their wallet or bitcoin because their device was damaged and backup lost.

To know more about these, you can read the article below

Crypto scam revealed
https://bitcointalk.org/index.php?topic=5232577.msg54021683#msg54021683

How to secure crypto wallets
https://bitcointalk.org/index.php?topic=5232577.msg54021683#msg54021683

2. Stay Away From Unknown Resources
Don't ever install apps and software from unknown sources. Because the hackers can access your secure files and folders stored on your device. And your Private data can be stolen anytime. So beware!

You are right but also some known sources too like googleplay, if you want to install app, it will be good to use the official legit website for the download, and make sure the site is legit. The link below will be of help

Officially visit websites & download apps, not fake ones
https://bitcointalk.org/index.php?topic=5259689.msg54725580#msg54725580

4. Enable 2 Factor Authentication (2FA)

You are right, but know that 99.99% noncustodial wallets are not using 2FA and they are recommended but in case you use custodial wallet, make sure you enable the 2FA on another device because malware can compromise both the wallet and the 2FA on the same device at the same time (but avoid malware). On  noncustodial wallets, your wallet store your keys while you keys are used to unlock bitcoin from blockchain, which means your bitcoin is on blockchain and you can use any wallet with the same derivation part to recover back your bitcoin and other cryptocurrencies using seed phrase, this is what custodial wallets can not give, on custodial wallet, your keys are controlled by the third parties.

If you want to know more about malware, you can read the article below
Malware that can steal bitcoin from wallet devices and their preventions.
https://bitcointalk.org/index.php?topic=5238363.msg54169267#msg54169267

[o_e_l_e_o]

on custodial wallet, your bitcoin is not stored on blockchain but with the third party, which means you are not the owner of your coins on the blockchain ledger.

That's not accurate. Regardless of what type of wallet you are using, your bitcoin is always stored on the blockchain and not in your wallet. Wallets only store keys, not coins. With a non-custodial wallet, you are the only person who can access your keys, and therefore, the only person who can control the associated coins. Conversely, with a custodial wallet, although the coins are still stored on the blockchain, the keys for those coins are held by a third party, which gives the third party the ability to do anything they like with "your" coins.

[Charles-Tim]

on custodial wallet, your bitcoin is not stored on blockchain but with the third party, which means you are not the owner of your coins on the blockchain ledger.

That's not accurate. Regardless of what type of wallet you are using, your bitcoin is always stored on the blockchain and not in your wallet. Wallets only store keys, not coins. With a non-custodial wallet, you are the only person who can access your keys, and therefore, the only person who can control the associated coins. Conversely, with a custodial wallet, although the coins are still stored on the blockchain, the keys for those coins are held by a third party, which gives the third party the ability to do anything they like with "your" coins.

You are very right, I will correct that, that is what I am trying to explain too, but you have made it clear, which means the the third party controls the keys. Normally all bitcoin are stored on blockchain and wallet has the keys to access the bitcoin on blockchain but custodial wallet providers hold the keys and control it, although, in response to wallet owners decisions. But I can not use custodial wallet because I like have my keys on my wallet (custodial noncustodial wallet) and control it myself.

I have corrected it.

On custodial wallet, your keys are controlled by the third parties.

[hatshepsut93]

You didn't mention the most important preventive measure - isolating your private keys from potentially unsecure environments. You mentioned hardware wallets, but they are just one to achieve it. Another method is creating your own cold storage with an old PC or laptop that is disconnected from the Internet and with freshly installed or live Linux OS. And if you can't afford neither of these options, you can at least access your Bitcoin wallet from a live OS on a USB stick, instead of the system that you use on a daily basis.

[coupable]

Another method is creating your own cold storage with an old PC or laptop that is disconnected from the Internet and with freshly installed or live Linux OS. And if you can't afford neither of these options, you can at least access your Bitcoin wallet from a live OS on a USB stick, instead of the system that you use on a daily basis.

Those options work fine with storing big amounts or holding assets for a long terms.
In daily basis, i think most of the users can't be confortable with what you suggested. Instead, it's better to install a non-custodial wallet in mobile device for regular daily paiements, which can be used to store small amounts [let's say less than 1000$]. Not to forget that it's not a wise idea to have the same seed used in multiple clients.

[Eureka_07]

Always stay to be anonymous. It is a best practice if you will always hide those e-mails that you are using on different wallets, exchange, etc.
Use strong passwords.
Do not use passwords you've used on other websites.
Do not use your e-mail password upon registration to any websites. Websites can have access on your passwords if they are not encrypted.
Do not use public Wi-Fi when you access your wallets!

Stay safe

[Charles-Tim]

Always stay to be anonymous.

While high level of privacy could be maintained, but you can not be anonymous. And, if the email used is new but handled carelessly like using it for airdrop collections and the likes, there is still probability of phishing attack through the new email.

Custodial wallet is not advisable because of the email, when there are many noncustodial wallets that can help in maintaining high level of privacy, no email require, no personal details require than the device you use. There are good online noncustodial wallets but cold wallets are the best in term of safety, it stores private key offline.

[noormcs5]

Always stay to be anonymous.

While high level of privacy could be maintained, but you can not be anonymous. And, if the email used is new but handled carelessly like using it for airdrop collections and the likes, there is still probability of phishing attack through the new email.

Custodial wallet is not advisable because of the email, when there are many noncustodial wallets that can help in maintaining high level of privacy, no email require, no personal details require than the device you use. There are good online noncustodial wallets but cold wallets are the best in term of safety, it stores private key offline.

If you want to use email for your wallets, you should keep it save and do not  use that email for airdrops collection etc. You should make one email which is only meant to register at coin base , exchanges and other sensitive sites and keep it secure with 2fa and complex password. That email should not be used at any other site and no one should know that email except you.

[Maus0728]

save and do not  use that email for airdrops collection etc.

Or just refrain from claiming random airdrop that you can see in this community or any other social media and messaging platforms. Airdrop participation may lead to not just exposing your privacy on the internet but can also compromise the device you're using only to receive little to no value token.

As per using email, it would be better to switch to another alternative open source email like [1] https://protonmail.com/ or [2] https://tutanota.com/.

Lastly, even though I still don't have any experience setting up an air-gapped device that will exponentially protect your crypto in the long run considering with proper setup and usage, this thread is a must read that will fasten your learning curve in terms of security and privacy.

[3] [Guide] Secure air-gapped crypto wallet storage method

[Findingnemo]

Basic thing you have to do if you want to save yourself from phishing links then stop using Gmail, yes this is the place most of the mass spam attacks happens so converting into protonmail like service you can ensure better security of your email and synced accounts to recover.2FA is getting useless these days because scammers found lot of ways to bypass this method so better choose the hardware wallet for storage and importantly stop downloading apps from unknown sites or third party websites.

[Lordhermes]

Always stay to be anonymous. It is a best practice if you will always hide those e-mails that you are using on different wallets, exchange, etc.
Use strong passwords.
Do not use passwords you've used on other websites.
Do not use your e-mail password upon registration to any websites. Websites can have access on your passwords if they are not encrypted.
Do not use public Wi-Fi when you access your wallets!

Stay safe

Public Wi-Fi gets users to destruction, it had lure them gradually hacking and accessing their details because of free Wi-Fi connections, it causes a big harm on our account details, so please, stay out of or reasearch the kind of Wi-Fi you made connection with.

[khaled0111]

^^
True, you should avoid connecting to a random public Wi-Fi unless you don't have any other alternatives.
You can mitigate the risks of getting hacked when connected to a public Wi-Fi by using a reliable VPN client.
In this case, even if someone is using a sniffer, he will end up with encrypted data.

[OcTradism]

Find almost all things you need about security and privacy at Good topics on security and privacy. I don't say it has all advanced methods but basic methods are enough for newbies to secure their devices, accounts, wallets and protect their funds.

[AakZaki]

Both poor choices for 2FA. Google Authenticator does not allow you to securely back up, and SMS is easy to intercept or redirect. You should choose a free and open source authenticator app like andOTP, Tofu, or Aegis.
~snip~

Indeed a bad choice when using Google Authenticator. I have used it before and can't back up when I have to replace an old smartphone with a new one. At this time I prefer to use the Authy Application which has the 2FA code backup feature very easily. Can be multi-device and account security verification using a code sent via SMS to the registered number.

Further, most of the places you use 2FA are online exchange accounts or web wallets, which are terrible places to store your coins. Any coins stored on such a service do not belong to you. Withdraw them to a hardware or a cold wallet.

The use of hardware wallet is felt to be safer because it has better protection and has full control over the assets owned. But using an online wallet such as an exchange service has a higher risk, being vulnerable to hacking. The use of online wallets is more risky to be hacked.

[taufik123]

^^
True, you should avoid connecting to a random public Wi-Fi unless you don't have any other alternatives.
You can mitigate the risks of getting hacked when connected to a public Wi-Fi by using a reliable VPN client.
In this case, even if someone is using a sniffer, he will end up with encrypted data.

Public wifi that is widely available in cafes and other places is very dangerous for users especially those who are very preventive of their security and personal information. Hackers usually use this method to do hacking by doing snifing so that it will enter the user's device that is connected to the public wifi.

VPN will provide more protection to the network so that it won't be able to hack easily. But don't use free VPN because it's used by many people. Premium VPN is recommended.

Being more careful is a good thing. Stay alert with personal data and crypto assets owned. Don't surf the internet without using security, because that would be very risky.