Cybersecurity in the Crypto Space: Protecting Digital Assets from Hacks and Scams

As the crypto space actually keeps evolving and evolving every blessed day, I will say it is actually a very good news that there is growing massive adoption of the crypto space but at the same time, I will say it is also attracting a lot of cyber threats which needs to be attended to. I have come to discover that even though the decentralised nature of the crypto space has brought so much positivity, but at the same time, I believe it has bring so much of negativity that needs to be dealt with actually

As many of us know, the cryptocurrency is built on the blockchain technology which is secure to an extent due to the decentralised nature it has. But that does not mean it is not prone to cyber attacks. Cryptocurrency is not like the traditional banking systems that have this centralised authority as it helps to give them the necessary security they need. But we all know that when you make a crypto transaction, it cannot be reversed again and that is why when there are lost assets, it is always difficult to recover it.

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As the crypto space is really growing and offering a lot of opportunities financially, it has also been a space that has been frequently targeted by hackers and scammers. In fact, over the years, billions of dollars have been lost as digital assets by hackers in the crypto space. When you pay attention to this crazy figure, you will definitely agree with me that it is high time, cyber security measures are put in place not only for individuals but also for institutional digital assets.

Over the years, I have noticed some frequent threats in the crypto space which I will be discussing about. The first is the Phishing attack . In fact phishing is one of the most common types of attack in the crypto space as it deals with tracking users to reveal their private keys or generally personal information that will give them the login access to their wallets by making use of deceptive links and websites.

The second popular threat is the exchange hacks. As we all know, the crypto transactions that involve buying and selling thrives because we have cryptocurrency exchanges but recently this year, they have become massive targets for hackers as in fact lot of crypto exchange have been hacked by hacked and lot of funds have even stolen. One popular example is the Kucoin hack that happened two years ago.

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There is also the rug pulls and Defi Scams. This was actually caused by the rapid rise of decentralised finance as it has brought a lot of scammers to exploit lot of investors. Rug pull is when developers of a crypto token withdrew all the liquidity and making the holders of these token to have worthless tokens. Most of the time, the unfortunate thing is that those scams have been painted to look like legitimate projects so it is somehow difficult to notice them sometimes.

I can keep mentioning over and over again but let me stop here. Well I believe there are some measures that can be put in place to protect your digital assets from these hacks and scams that I talked about. The first is making sure you use hardware wallets. I know this is difficult to do at times but that is just the truth. You need to be able to store your keys in hardware wallets as this will protect you from online attacks and reduce the risk of suffering from thefts.

The second measure to follow which I constantly made use of is for you to enable the two factor authentication. When it comes to this one, it gives you this additional layer of security as it requires users to even verify their identity. So by doing so, even if hackers get your login credentials, they will still need the access of your two factor authentication which will make it difficult for them to have access to your accounts without your permission.

The last one I will of course discus is you you staying inform. Trust me, the crypto space is constantly evolving day by day and when it comes to that, the method that those cyber criminals are using is also evolving day by day. You need to stay informed as a user so that you will be able to decode the latest threats and trend in cyber security for you own good. It is highly needed. Also in addition, make sure that you choose highly reputable exchange for your crypto journey. Don't just choose anyhow exchange so that you will not fall victims to exchange that are scams in nature.