My thoughts on Cryptocurrency hack
We know that Cryptocurrency is growing exponentially. Currently, Almost all cryptos are showing positive price movement though we have experienced huge downfall just a week before. Bitcoin and Altcoins lost more than half of their value from their all-time high. The more we see the growth of Cryptocurrency, the more we see cryptocurrency hack.
Mt. gox was the first big bitcoin hack. Hacker steals 850,000 bitcoin from the exchange. As a result, Mt.gox had filed for bankruptcy. That was not the last hacking incidence. Still, We have seen a lot of exchange hack. Recently, hackers steals $435 million worth of NEM from another Japanese exchange Coincheck. Later coincheck decided to compensate the investors.
How to protect your Exchange wallet:
If you look at the Steemit advice on spam and phishing links, You will get an idea how to protect your account
Beware of spam and phishing links in transfer memos. Do not open links from users you do not trust. Do not provide your private keys to any third party websites.
Phishing is the most common techniques used by the hackers. Never click on the unkown links. Scammers set up fake websites that resemble reputable business sites in order to get you to enter your account or personal information. Double check your website name where you are entering your personal information.
What is the solution for this exchange hack? to me, the Decentralized exchange is the best solution? What do you think what is the best solution to prevent exchange hack? Please leave a comment below.
Thank you for reading this post
Please upvote this post if you like, Thank you
HELP ME REACH 500 FOLLOWERS!
Steemit: https://steemit.com/@coinkaka/
Thank you for all of our support and upvotes!!!
Best Regards,
Image Source:pixabay.com
Interesting article idea ! As for me, I stick with paper wallets for holding coins like ethereum, litecoin, btc, and basically it works like that: you generate it, you keep the private key for yourself, and the public key for sending or receiving purpose; it is an offline storage (you can also store the private and public key on your USB key). And this solution is proved to be 100% safe for me ! When you want to take something from it though, you have to totally empty it, it's safer to generate another one and just forget the last paper wallet as it becomes corrupted with the process of emptying. Then you can put everything back in a new secure offline possibility. See paper wallet generators on google, it gives you interesting possibilities to generate any type of wallet you want ! They are really the best solution for me when you want to be safe. One last thing: you must generate them offline too (via private connection) and download the html version of the generator. That's the safest way.
Everything is explained on these 3 amazing and free possibilities:
https://www.bitaddress.org/bitaddress.org-v3.3.0-SHA256-dec17c07685e1870960903d8f58090475b25af946fe95a734f88408cef4aa194.html
https://walletgenerator.net
https://bitcoinpaperwallet.com/
Awesome tips. Will check out the links. You broke it down so well.
Thanks a lot ! I tried to provide the best of my experience. Trust me I have Ethereum, Bitcoin and Litecoin staying on that type of generated wallets and nothing has happened because I only let the private key be seen by me and keep it on paper and on external storage :D
Thank you the wonderful info, nice post
this is a very useful post for all of us about account security, hopefully we always be careful in the use of post key and all other passwords for security. Thanks for you
You got a 1.66% upvote from @buildawhale courtesy of @coinkaka!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.
If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.
Thank you coinkaka for making a transfer to me for an upvote of 5.10% on this post!
Half of your bid goes to @budgets which funds growth projects for Steem like our top 25 posts on Steem!
The other half helps holders of Steem power earn about 60% APR on a delegation to me!
For help, will you please visit https://jerrybanfield.com/contact/ because I check my discord server daily?
To learn more about Steem, will you please use http://steem.guide/ because this URL forwards to my most recently updated complete Steem tutorial?
Hey, @coinkaka !!! Nice Post.
I always Expecting such type of informative post on your blog.
this is a to a great degree accommodating post for each one of us about record security, in a perfect world, we for the most part are careful in the use of post scratch and each other mystery scratch for security Interesting article thought! Concerning me, I remain with paper wallets for holding coins like ethereum, litecoin, bitcoin.Then you can return everything in another ensured detached believability.
If you are HODLing the coins, never leave it in an exchange... keep it in hardware wallet instead...
If you are day trader, only leave the amount you wanna trade inside...
Ransomware: Detection and Protection
https://www.tokens24.com/news/ransomware-detection-protection/
You got a 8.85% upvote from @ipromote courtesy of @coinkaka!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.
If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.