There are currently over 300 million cryptocurrency users in the world, and around 18,000 companies around the world now accept cryptocurrency as a form of payment.
Hackers also love to target cryptocurrency.
In one of the biggest cryptocurrency heists, hackers stole $600 million. The hackers exploited vulnerability in the Poly Network.
This is a platform that connects different types of cryptocurrencies.
Poly Network is a decentralized financial platform that cuts out the middleman such as brokerages.
After the hack, Poly Network urged the hackers to return the stolen assets.
In a weird turn of events, the hackers returned some of the stolen cryptocurrency.
The problem was it would have been very difficult for the hackers to launder and cash out the stolen cryptocurrency.
So, the hackers realized the safest option was to return the stolen assets.
Security experts had already started tracking the stolen currency. They had discovered the hacker’s IP address and device fingerprints.
The security team concluded that the hackers had long planned and organized the attack.
Within 48 hours of the hack, the criminals had returned some of the stolen cryptocurrency.
They also released a statement that said they carried out the attack for fun and to expose the vulnerability before other hackers stole the funds.
Now, cryptocurrency is only becoming more popular. Banks, social media, and even some governments use cryptocurrency.
But, using cryptocurrency is dangerous if you don’t make security a priority.
While no payment methods are 100% secure, crypto transactions can be riskier.
Another problem with cryptocurrency payments is that there is no recourse if you want a refund. So, once you make the payment it’s gone for good.
If you are using cryptocurrency, here are a few factors to help keep you safe.
Use two different wallets:
A hot cryptocurrency wallet is connected to a crypto exchange or is online. A hot wallet is more prone to cyber-attacks since it is online.
A cold wallet is offline, making it more secure since it’s not connected to the internet.
If you use cryptocurrency, you should have two wallets: A hot one and a cold one.
You want to keep most of your cryptocurrency in your offline cold wallet.
When needed, you can move money from your cold to hot wallet, so you can make a payment using your hot wallet.
Only keep a small amount of cryptocurrency in your hot wallet. This way if it gets stolen you won’t lose everything.
Offline keys:
If you use cryptocurrency then you have private keys to access your wallet. The problem is these keys are usually stored online where the wallet is hosted as well.
This means if a hacker steals your wallet, they will also have access to your keys. When they have both it will be easy for them to steal your cryptocurrency.
To prevent this, it is best to store your keys offline.
You should store them on a device that is not connected to the internet. For example, you could store the key on a USB drive.
The only issue is that every time you wanted to complete a transaction you would need to insert the USB.
Crypto scams:
Like anything that becomes popular, scammers love to steal cryptocurrency.
One of the most popular ways they do this is to post fake crypto giveaways. They will tell you that you won the giveaway and they need to send you the payment.
They often use celebrity photos and promise to send you back more funds than you deposited.
Scammers will post on social media and comment on how the giveaway is legitimate.
But they are simply trying to gain access to your wallet.
Once they steal your money, they will delete their account. And your money is gone for good.
So, while cryptocurrency transactions are becoming more mainstream, like any other payment form, they have their risks.
The good thing is you can take extra steps to protect your cryptocurrency.
And of course, anytime you are browsing the internet don’t forget to use a VPN (virtual private network.)
