Recently, the ByBit exchange had a major incident of being hacked for $1.5 billion, but for individuals, avoiding cryptocurrency scams is also very important.
Especially in the world of virtual currencies, hackers and scams are very rampant. For beginners, you must be very careful. This article will tell you how to protect your assets when investing in cryptocurrencies!
Please be sure to remember the following safety measures.
1. Choose a reliable cryptocurrency exchange
There are currently hundreds of cryptocurrency exchanges on the market, but you should know that many exchanges themselves are not regulated, so if they go bankrupt, it is difficult to recover the funds stored in them.
In addition, due to the high-risk nature of cryptocurrencies, even the largest exchanges are at risk of bankruptcy. FTX, an exchange once endorsed by NBA and NFL stars and whose founder was even invited to testify before Congress, also collapsed in just a few days.
Therefore, choosing a reliable and large cryptocurrency exchange is the first step in avoiding risks.
According to data from Coinmarketcap and Coingecko, the largest cryptocurrency exchange in the world is currently "Binance", and its size is several times larger than the next few combined.
Therefore, the first step in protecting cryptocurrency assets is to choose a reliable cryptocurrency exchange.
2. Set up "two-factor authentication" for the exchange
The so-called "two-factor authentication" refers to needing two devices to log in.
For example, after logging in with an account password, you also need to use your mobile phone to enter a constantly changing six-digit number to successfully log in.
This way, even if your account password is leaked, as long as the other party does not have your mobile phone, they will still not be able to log in.
Two-factor authentication is also known as 2FA. If you haven't set it up yet, please do so quickly. Account passwords are easy to leak, but two-factor authentication can greatly prevent account theft due to password leaks.
3. Beware of phishing: Pay attention to the website address every time you log in to the exchange
"Phishing websites" refer to fake websites that are disguised as legitimate websites.
As the world's largest cryptocurrency exchange, Binance has many hackers or criminals who will create a fake website that looks exactly like the Binance website to trick you into logging in or depositing funds.
If you log in, they will directly obtain your account password; if you deposit funds, the money will never be recovered.
This type of phishing is very rampant. If you search for Binance on Google, you may find it, or you may enter a phishing website by clicking on a link from the community.
Therefore, before entering your account password each time, please double-check that the address bar is "binance.com" and does not have any prefixes or suffixes (such as: real-binance.com, binance-official.com, etc., be careful).
Or go to the App Store and use official channels to download the official Binance App.
4. Be careful when using public Wi-Fi and avoid logging in to exchanges in public places
Using Wi-Fi in public places is also risky, especially free Wi-Fi is even riskier. It is recommended not to use unfamiliar wireless networks to log in when you are out and about. It is better to use your own mobile network or a reliable VPN.
People with even higher security requirements will not even open cryptocurrency websites or Apps in public places to avoid being coveted by people with ulterior motives.
5. Always pay attention to App updates
Hackers' methods are constantly evolving, so you must always pay attention to App updates.
It is recommended to use the automatic update function of iOS or Android to ensure that the App is always in an updated state and ensure high security.
6. Always pay attention to community messages
Before FTX collapsed and ByBit was hacked, there were many messages popping up on the community (such as X, news reports).
Due to the high-risk nature of cryptocurrencies themselves, be sure to develop the habit of paying attention to these messages at all times. If there is a problem, withdraw your coins without hesitation, even if it turns out to be a false alarm (which is often the case). Withdrawing coins will only waste a little transaction fee at most, which is still very worthwhile compared to the 100% disappearance of funds.
Remember, if there is any trouble, withdraw your coins immediately, which is an important way to protect your cryptocurrency assets.
7. If you are worried about exchange risks, you can use a cold wallet
If you do not trust any cryptocurrency exchange, using a "cold wallet" is the safest way. As long as you keep the recovery phrase (or private key) of your "cold wallet" safe, no one will be able to hack into your cold wallet.
However, the biggest risk of cold wallets also lies here. If you lose your recovery phrase (or private key), no one can save you.
Therefore, although cold wallets are the most secure, the threshold for safekeeping is also very high. It is generally recommended to keep part of the funds in a cold wallet and part of the funds in an exchange (of course, a highly secure exchange, such as Binance). If there is any trouble, then transfer the funds from the exchange to the cold wallet.
Conclusion: How to protect your assets in 2025?
Finally, let's summarize how to protect your cryptocurrency assets in 2025?
First, use the largest and relatively most secure cryptocurrency exchange, "Binance". Cryptocurrency exchanges often go bankrupt, so the larger the size, the safer it is.
After registering with Binance, remember to turn on two-factor authentication to prevent your account password from being stolen. In addition, you should also pay close attention to the login address and not be deceived by phishing websites.
In daily use, you should also pay attention to keeping the App updated, avoiding the use of public Wi-Fi or using a reliable VPN.
Finally, you must always pay attention to news on the community and not be careless. If there is any trouble, you must immediately transfer your assets to a cold wallet. However, the biggest problem with cold wallets is that you must keep your recovery phrase safe. It is common to hear about cryptocurrency exchanges being hacked, but it is even more common to hear about cold wallet private keys being lost.
The above are ways to ensure the security of your assets. Share it with everyone!