5 Important Tips to Protect Your Crypto Assets from Hacker Threats
In the crypto world, security is everything. Recently, the crypto community was shocked by the largest hack in history, where Bybit, one of the most popular CEXs, lost 1.5 billion USD or Rp 23.5 trillion in the form of Ethereum (ETH). This attack serves as a reminder that anyone can become a target for hackers, and many investors have lost their funds due to hacks, phishing, and negligence in securing their accounts and wallets. Therefore, it is crucial to understand how to protect crypto assets to keep them safe and avoid becoming victims of the increasingly rampant cyber attacks, and we will discuss everything in the following article!
Cold wallet vs. Hot Wallet
One of the most fundamental aspects of crypto security is choosing the right wallet. In the crypto world, there are two main types of wallets used by investors: hot wallets and cold wallets. Each has its advantages and disadvantages that must be considered based on needs and desired security levels.
Hot wallets like Metamask and Trust Wallet make it easy for users to transact because they are always connected to the internet. However, due to this connectivity, hot wallets are also more vulnerable to hacking and malware attacks. Conversely, cold wallets like Ledger or Trezor are not connected to the internet, making them safer from cyber attacks. Therefore, if you want to store assets long-term, using a cold wallet is the best choice.
In addition to choosing the right type of wallet, you should also ensure that your private key or seed phrase is not shared with anyone. Many hacking cases occur because account owners accidentally share this information with irresponsible parties. Remember, in the crypto world, not your keys, not your coins—if you do not have control over the private key, then the assets do not truly belong to you.
Enable Two-Factor Authentication (2FA) & Use Strong Passwords
Account security for exchanges and wallets can be enhanced by enabling two-factor authentication (2FA). With 2FA, each time you log in or make a transaction, the system will request additional verification, usually in the form of a code sent to an app like Google Authenticator. This makes accounts much harder to hack, even if someone manages to obtain the password.
In addition to 2FA, using a strong password is also very important. Avoid using easily guessed passwords such as birthdays or simple number combinations. It's best to use a combination of uppercase letters, lowercase letters, numbers, and symbols to enhance security. If possible, use a password manager to securely store and manage your credentials.
Be Cautious of Phishing and Scams
In the crypto world, phishing attacks are becoming more rampant and sophisticated. These attacks typically take the form of emails, social media messages, or fake websites that mimic the appearance of official services such as exchanges or wallets. The goal is to steal login credentials or private keys.
To avoid becoming a victim of phishing, always be cautious of emails or messages that ask for personal information or direct you to suspicious sites. Ensure you only access the official exchange sites, not through links sent by others. If you receive suspicious messages offering giveaways or significant profits in a short time, ignore them immediately as they are most likely scams.
Use a Secure & Trusted Exchange
Not all exchanges have the same security standards. Some exchanges may offer low transaction fees or attractive bonuses, but if they do not have strong security systems, the risk of losing funds is very high. Therefore, it is important to choose exchanges that have a good reputation and have proven to be secure.
A secure exchange typically has security measures such as cold storage for most user funds, two-factor authentication, and strong data encryption systems. Additionally, a reputable exchange also has clear licensing and regulations.
For example, although Bybit recently experienced a major hack, they still guarantee solvency and ensure that all user funds remain safe with a 1:1 guarantee. This underscores the importance of choosing a platform with strong security and financial systems to handle emergency situations.
However, even when using a trusted exchange, it is still advisable not to store all your assets on that platform. Use the exchange only for transactions and immediately transfer funds to your personal wallet after completion.
Stay Updated with Crypto Security Threats & Trends
The crypto world continues to evolve, as do the threats within it. Therefore, as an investor, it is necessary to always stay updated on the latest developments related to crypto security to avoid becoming a victim of trending attacks.
Joining trusted crypto communities on Reddit or Telegram can also be a good way to share information and receive early warnings about potential threats.
In addition to following news and communities, you should also continuously educate yourself about how blockchain works, smart contracts, and hacking techniques often used by hackers. By understanding how this technology works, you can be more vigilant and less easily deceived by increasingly complex scam schemes.
Conclusion
Security in the crypto world is an aspect that cannot be overlooked, especially with the increasing number of cyber attacks against investors and exchange platforms. Major hacking incidents like those experienced by Bybit serve as a reminder that risks remain, even on reputable platforms. Choosing the right wallet, securing the private key, enabling 2FA, and using strong passwords are essential steps. Furthermore, being vigilant against phishing, selecting trusted exchanges, and staying updated on crypto security developments can minimize the risk of asset loss.
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Risk Disclaimer: Cryptocurrency prices are subject to high market risk and price volatility. You should only invest in products that you are familiar with and where you understand the associated risks. You should carefully consider your investment experience, financial situation, investment objectives, and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. Past performance is not a reliable indicator of future performance. The value of your investment can go down as well as up, and you may not get back the amount you invested. You are solely responsible for your investment decisions.
