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The scary truth about crypto wallets- they can be hacked!


 The scary truth about crypto wallets- they can be hacked!!?

Crypto wallet security, this post, we will talk about crypto wallet security and how you can avoid to get jacked

You may have heard of all the horror stories involving cryptocurrency exchanges, but wallets? That’s another story all together. The truth is that cryptocurrency wallets are also susceptible to hacking and theft, so you need to be extremely careful when using them to store your coins. Here’s what you need to know about crypto wallets and security, and how you can minimize the risks.

Wallet Security Basics

For starters, make sure you have a strong password on your wallet that doesn’t contain personal information. Hackers will try to guess your password using various brute force methods, so make it long and difficult for them to crack. Additionally, never store all of your coins in one place or online wallet, or you could lose everything in an instant if that service is compromised. Instead, keep an offline wallet (offline wallets are discussed below) and leave smaller amounts of coins in different online exchanges as needed. And finally: always enable two-factor authentication on any site that offers it! This is especially important for exchanges and wallets where you hold assets.

Wallet Safety Tips for Beginners

For those of you who are new to cryptocurrency, it’s important to understand that these exchanges are NOT regulated by any central authority, and as such there is no actual insurance or ownership of your cryptocurrencies. So what does that mean for you? Well, if you store your coins in an exchange wallet – which most beginners do because let’s face it we don’t want to go through all that trouble setting up a separate hardware wallet just yet – then yes, one day all of your assets could suddenly vanish into thin air. Cryptocurrency exchanges have been hacked before – Mt Gox, for example – but more recently so has Bithumb and Coinrail. How safe is Binance? I wouldn't say 100% safe.

2 tips for protecting your wallet from hacks

Keep your wallet safe by following these two simple rules. Never connect your crypto wallet to any third party software, hardware or solutions and never share your private keys with anyone else. These are two of the most common ways that hackers steal users cryptocurrency so it’s important to stay on top of how these wallets work and keep your information secure. Never forget that you need to remain vigilant when managing your digital currency. The more familiar you are with how wallets function, especially online ones, is one of best ways to avoid getting ripped off through a hack or phishing scam. You also don’t want to leave money in a wallet for too long; when not actively using a digital wallet, make sure you transfer any funds into offline storage where it’s safer from hackers!

What To Do If Your Wallet Gets Hacked

there is no denying that bitcoin, ethereum and other cryptocurrencies are on a tear right now. like with all new technologies and trends there will always be some bad apples in town looking to take advantage of others. There have been several instances where hackers gained access to people’s digital currency accounts through nefarious means. That’s why it’s important to know what to do if your crypto wallet is hacked so you don’t lose any money in the process.

So, you’ve lost your phone. You realized it within seconds and immediately logged into your account to do everything you could to prevent any issues. But it was too late; someone had already claimed your wallet—your private key was gone with no way of getting it back. What now? Well, first off, don’t panic . . . just because someone got into your account doesn’t mean that all is lost. There are a few things you can do to minimize damage and keep yourself safe moving forward: Backup Your Wallet: Anytime you make a big transaction or get money in your wallet for something big (i.e. an investment) always write down a 12-24 word passphrase that gives access to your wallet.

Can crypto wallets be hacked?

Yes, your crypto wallet can be hacked and that’s a fact. In today’s world, cyber security is always a huge concern and there are hackers out there trying to get into your personal information so you need to have it under lock and key at all times when dealing with any type of currency in an online environment. Thankfully, blockchain technology makes it easy for developers to build their own cryptocurrency wallets and make them secure but if you’re not careful then you could easily become a victim of online hacking. Hackers are well aware of how valuable cryptocurrencies are becoming so they’re becoming much more aggressive in terms of finding ways to infiltrate people’s private information.

I like to think that I’m a pretty savvy cyber security enthusiast and am fairly well read on threats and best practices, but let me ask you a simple question: Have you heard of any cryptowallets being hacked? It doesn’t take much time to find recent examples. Ever heard of The DAO? They call it a hack. Then there was CoinDash (cryptocurrency portfolio management platform) that raised $7 million through an ICO (Initial Coin Offering) back in July 2017 – only to have their website taken down, Twitter account compromised, and roughly $8 million worth of Ether stolen from its investors within hours of raising capital.

Can coinbase wallet be hacked?

Although there have been no known hacks of Coinbase's hosted wallet service, it's still important to stay vigilant when storing cryptocurrency. You should still enable 2 factor authentication on your wallet and secure any computers that will access or interact with your wallet. One way to secure a computer is by installing a Linux distribution called Tails, which allows you to use a computer without leaving any traces on it. This has been recommended by many security experts as an effective way to store cryptocurrencies safely. Some people even suggest using air gap storage devices in conjunction with an offline hardware wallet like Ledger Nano S or Trezor One for increased safety and security.

Crypto wallets can and do get hacked, and while there’s always risk involved with any form of currency, even fiat (USD), it’s especially worrisome when you put your faith in a digital wallet. A single hack on Coinbase or another exchange could potentially cost investors millions. Before putting any money into cryptocurrencies, it’s important to understand how hard it is to secure your funds. While blockchain technology is undeniably innovative and secure, hackers will find vulnerabilities just like with anything else on a computer network; all it takes is one bad actor for one instance to compromise an entire ecosystem. That should be enough for anyone considering investing in cryptocurrency—or any form of online transaction—to pause for a moment before sending their savings over to Coinbase or another exchange site.

Whether you’re a crypto newbie or a financial pro, it is not unlikely that you may have heard of malware and encryption before. However, most of us would probably not know what these two terms actually mean and how they affect our lives in reality. Let’s take a look at both terms and find out why they are very much important to our every day lives. Encryption: The practice of encoding information so that only authorized parties can read it. Encryption is a method of protecting information from unauthorized users by converting readable data into an unreadable format. Encrypted data cannot be understood without special decryption software, which decrypts the original data and allows it to be read again securely.