Bitcoin and Ethereum have become popular and are in great demand, making them a target for hackers who wish to take advantage of these valuable assets. As digital currencies increase in value and become more prevalent in our daily lives, the economics of hacking suggests that attackers will continue to gravitate toward them. 

One of the most striking incidents involved the theft of more than $35 million from Crypto.com, a platform for buying and selling Bitcoin and other Cryptocurrencies. Using Crypto as a currency is a paradigm shift towards a more decentralized system of money, and storing your Crypto in wallets and other places is fine, but you can't just leave it lying around. Since hackers can erase their digital footprints, tracking their work can be difficult. In addition, the Crypto sector is still not regulated by any government entity or central bank; investors do not have any legal recourse when their accounts have been hacked.

5 Tips for Protecting a Cryptocurrency Investment

        1.Take a Hybrid Approach to Digital Wallet Security

Hackers have been interested in online wallets as they have risen in popularity. According to experts, physical wallets should be used to hold the majority of a consumer's bitcoin, with just a tiny quantity of cash kept in the online wallet. The physical wallet should also be kept safe, such as in a safe or safety deposit box. It is also advised to keep the private and public keys separate. Both should be protected with strong passwords and, if feasible, multi-factor authentication. More traditional choices will develop as bitcoin becomes more ubiquitous, but in the meanwhile, you are responsible for keeping your money secure.

Also read: Top 5 Ethereum Killers To Buy In 2022

        2.Two Strong Passwords are Key

Cryptocurrency services are high on the list of targets for hackers, so you should never reuse passwords across accounts. Though Cryptocurrency is an innovative technology with a quick evolution, the easiest and fastest way to secure your wallet is by using tried-and-true security measures. Choose a strong, unique password that no one else can guess for each, and also if possible, you can enable two-factor authentication and password rotation. An automated password manager can streamline this process and reduce the number of guesses.

        3.Don’t Post Online about the Success in Crypto

Crypto remains relatively unknown in many parts of the world. Unless they read sensational media accounts of people who got rich from Bitcoin early, their only insight is sensational media reports. Some investors are passionate about the status of their chosen currency. If you have a public profile, be cautious about publishing criticism, strong negative sentiments, or factual information about certain currencies on Social Media. Some enthusiasts could retaliate by publicly revealing your phone number, address, spouse's name, and so on.

Also read: Top 5 Crypto Price Prediction Websites

        4.Use reputable Cryptocurrency Wallets & Exchanges

Investors should thoroughly examine each platform's security features before picking which platform to utilize to understand how their data will be secured. Always prefer entities using the best security measures such as demanding multifactor authentication, SSL/TLS encryption, and keeping Cryptocurrency on air-gapped devices that are kept offline. Using several Cryptocurrency platforms can be safer provided owners use unique, complicated passwords for each network. Whether you use one or several Cryptocurrency platforms, it is critical to use a secure password manager to prevent password loss.

        5.Don’t Get Phished

It would be best to always use a secure internet connection, never use public Wi-Fi connections as much as possible, and use a VPN for added security. Also, you should secure your personal devices and passwords must be changed regularly. In the Cryptocurrency sector, phishing attacks using harmful advertising and emails are common. Be cautious when doing Crypto transactions, and avoid any questionable or unknown linkages. In a recent Cryptocurrency theft, a cyber organization used spear-phishing operations to target Cryptocurrency exchanges. Since 2018, attackers have stolen $200 million in Cryptocurrency from firms in the United States and Japan. 

The Bottomline

Our Crypto success is frequently lauded, but it is crucial to realize that too much focus might expose you to a $5 wrench assault. If you have a Crypto fortune, keep as much of your information disguised as possible. Keep your funds in a cold wallet, and never give out your login details to anyone. Make sure you don't click on links in applications like Discord that lead to login sites, as these apps have previously been targeted by phishing. There are numerous methods of securing your wallet and essential safety precautions when dealing with Cryptocurrencies, which are constantly evolving. Stay informed about the latest security tips, attack techniques, and prevention tactics.

Disclaimer - The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.