Cryptocurrencies are becoming increasingly popular in the mainstream, and that means your wallet is also becoming more tempting to cybercriminals. Even though most of us try to keep our digital assets safe, it’s impossible to completely safeguard against hackers. That’s why it’s important to secure your crypto wallet from hackers before they can get access to your funds. Keeping track of all of your different wallet addresses can be challenging for newcomers, but it doesn’t have to be as daunting as you think. We’ve outlined some easy tips you can follow in order to keep scammers at bay and make sure that only you have access to your crypto holdings. Read on for more information about how a digital wallet is protected from hackers, and how you can safeguard yours as well.
The first way you can safeguard your crypto wallet from hackers is by using a reputable digital wallet. The best way to make sure you’re picking the right wallet is to research the available options and make sure they’re reputable. By choosing a trusted wallet, you can be sure that they will use state-of-the-art security measures in order to keep your data safe from prying hands. Additionally, it’s a good idea to check to see if your wallet provider offers 2-factor authentication to make sure your account stays as secure as possible. One thing worth noting is that you’ll also want to pick a wallet that works best for the type of cryptocurrency you plan to store inside of it. If you’re a Bitcoin user, for example, you’ll want to stay away from wallets that support other cryptocurrencies. It’s a good idea to only store your crypto in one wallet to avoid getting confused about which address you’re sending funds to. If you need to keep some funds in different wallets, try to use a different wallet address for each one.
In addition to making sure you’re using a reputable crypto wallet, you should also make sure that you’re setting up 2-factor authentication. This feature requires a code in addition to your password whenever you try to log in, making it harder for hackers to break into your account. This is especially important if you’re managing multiple crypto wallets. Many crypto exchanges and wallet providers offer this feature, so it’s worth making sure you’ve enabled it if you want to keep your account as secure as possible. You might be tempted to skip this step if you’re using a wallet that you plan to keep small. However, there’s no such thing as being too careful when it comes to securing your information from hackers. It’s a good idea to set up 2-factor authentication even if you only plan on keeping a small amount of crypto in your wallet. This way, even if someone does manage to break into your account, they’ll only be able to make off with a relatively small amount of money.
One of the easiest ways to safeguard your crypto wallet from hackers is to stay away from phishing scams. Phishing scams are a common method used by scammers to gain access to people’s digital wallets by pretending to be legitimate companies. You can protect yourself against phishing scams by following these steps: First, make sure you’re only logging into wallet providers through their official websites. Next, look for signs that the site might not be legitimate by looking for misspellings, bad grammar, or a weird website layout. And finally, don’t ever click on links that you receive in emails from companies you don’t recognize. Preventing yourself from falling for phishing scams is one of the best ways to make sure your crypto wallet stays safe from hackers.
Cold storage refers to the practice of storing your private keys offline, which can be a good way to safeguard your crypto wallet from hackers. There are several ways you can go about cold storage, including using a paper wallet or a hardware wallet. If you’re using a paper wallet, the best way to safeguard it from hackers is by keeping it in a secure, fireproof location. A hardware wallet is another great option for cold storage since it’s completely offline. It’s worth noting that hardware wallets can be quite expensive, but they can be worth the cost if you plan on storing a substantial amount of crypto in them. For additional security, you can also create a paper wallet that’s completely offline. When you do this, it’s important to make sure you create a new wallet address for each crypto asset you plan to store. Doing so will help you keep track of which assets you’re holding, while also keeping them safe from hackers.
Another good way to make sure your crypto wallet stays safe from hackers is by never accessing it using public WiFi. It’s important to remember that public WiFi networks are wide open and anyone can access them. Hackers can set up shop on public WiFi networks by setting up a fake network, or “rogue access point”. If you log into your wallet using public WiFi, you’ll be giving hackers an easy way to break into your account. One way to protect yourself from this is by using a virtual private network (VPN). A VPN will help encrypt your data and prevent hackers from accessing it. Another good way to stay safe while using public WiFi is to avoid logging into sensitive accounts like your email or crypto wallet. This way, hackers won’t be able to get ahold of your sensitive information if they break into the network.
The final way you can protect your crypto wallet from hackers is by safeguarding your device. This means making sure that you’ve got the latest software installed, you’re using a strong password, and you’re installing anti-virus software. Make sure you’ve got the latest software installed since older versions of operating systems like Windows or MacOS may have bugs that cybercriminals have found ways to exploit. It’s also important to make sure that you’re using a strong password since hackers can try to break into your account using brute force attacks. Finally, it’s important to make sure that you’re installing anti-virus software on all of your devices. This way, if a malicious piece of software tries to break into your device, your anti-virus software will be able to catch it before it can do any damage.
Cryptocurrencies can seem like a scary new technology, but they’re actually pretty easy to use provided you know how to safeguard your crypto wallet from hackers. First and foremost, you’ll want to make sure that you’re using a reputable crypto wallet that has state-of-the-art security features. It’s also a good idea to take extra precautions to make sure that your account stays as secure as possible by setting up 2-factor authentication, never falling for crypto phishing scams, and using cold storage for your private keys. And finally, it’s important to safeguard your device from hackers and keep it free of viruses so that hackers don’t have a backdoor into your account.
Curve Finance is one of the latest projects to be hacked, with the Frontend of their website being compromised.
A quote from Curve Finance, "We are becoming aware of a potential front end issue that is approving a bad contract. For now, please do not perform any approvals or swaps".
According to Paradigm researcher samczsun, Curve’s frontend is currently compromised. The researcher warned Curve users not to use the protocol until further notice.
Curve later appeared to confirm the ongoing exploit on Twitter, writing in reply to samczsun, “Don’t use the frontend yet. Investigating!”
On-chain data show that the malicious contract associated with the exploit appears to have siphoned over $573,000 in USDC and DAI from victims. The funds, already transferred to the attacker’s wallet and swapped for ETH tokens, are now being sent to multiple other addresses in batches of 45 ETH.
Curve Finance is a decentralized finance (DeFi) protocol that provides “extremely efficient” stablecoin trading services with low slippage and fees. It is considered a pillar of the DeFi ecosystem, with over $6 billion in total value locked.
Please note this is an ongoing story.