Cyber Security Experts Explain How to Avoid Getting Your Crypto Wallet Hacked

By admin On Мар 3, 2024

beincrypto.com 5 h

One of the biggest challenges in the industry is assuring investors’ cryptos are safe amid the prevalent thefts and hacks.

Evilcos, the pseudonymous founder of SlowMist, a prominent blockchain security firm, has made crucial recommendations to fortify crypto wallets against exploits.

How To Protect Your Crypto Wallet

Addressing the mounting concerns within the crypto community, the security expert underscored the necessity of deepening one’s understanding of wallet signature security through research and practical proficiency. Evilcos advocated using browser wallet security extensions such as ScamSniffer, PocketUniverse, and WalletGuard.

He highlighted Rabby Wallet’s efficacy in user interaction security, portraying it as a robust firewall. According to him, the product suits mobile and computer environments. He noted the importance of integrating firewall protection into digital asset wallets, stressing the significance of safeguarding valuable assets through proactive measures.

However, Evilcos cautioned against overreliance on technology. The expert emphasized the indispensability of investors mastering security protocols, asserting that personal vigilance often surpasses automated solutions.

“The most valuable ‘firewall’ is to master these security technologies yourself. My naked-eye analysis is often more powerful than these,” Evilcos said

He also warned against prioritizing wealth accumulation over safety, urging investors to prioritize acquiring safety knowledge. Moreover, Evilcos emphasized the adage “safety first” as a guiding principle, highlighting the symbiotic relationship between knowledge and financial security in the volatile crypto sphere.

“Don’t think about getting rich every day, you may fall into pitfalls first. The first thing you need to do when entering the dark forest is to learn safety knowledge and keep learning. Once you make money, you will be more secure,” Evilcos added.

The Rising Hacks of Crypto Wallets

Crypto investors and projects have recently lost significant digital assets valued at billions of dollars to wallet hacks. This trend underscores the vulnerability inherent in the ecosystem, prompting intensified vigilance from cybersecurity specialists.

Chainalysis said 2022 witnessed a staggering $3.7 billion in crypto assets stolen. Although this figure dipped to $1.7 billion in 2023, the frequency of individual breaches surged from 219 to 231.

“We estimate that North Korea-linked hackers stole approximately $428.8 million from DeFi platforms in 2023, and also targeted centralized services ($150.0 million stolen), exchanges ($330.9 million), and wallet providers ($127.0 million),” analysts at Chainalysis explained.

Crypto Theft by Year. Source: Chainalysis

Even within the current year’s initial months, crypto wallet breaches resulting in asset losses have surfaced. Notably, Jeff Zirlin, a cofounder of Axie Infinity, fell victim to a wallet exploit, losing 3,248 ETH valued at $9.5 million.

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