Safeguard Your Cryptocurrency: Simple Guidelines to Protect Against Online Hacks
Summary:
Learn how to protect your cryptocurrency funds from online hacks by following three simple guidelines. Understand the threat landscape, including the activities of the Lazarus Group, a North Korean state-sponsored hacking group. Most hacks exploit social engineering tactics and human error. Take steps like using hardware wallets, enabling Two-Factor Authentication (2FA), and being cautious when clicking on links. This article provides general information and does not constitute legal or investment advice.
Cryptocurrency users are frequently targeted by online hacks, as demonstrated by the recent case of Mark Cuban losing nearly a million dollars from his digital wallet. However, there are three straightforward guidelines that can significantly enhance the security of your funds. Prior to diving into these recommendations, it is essential to understand the current threats.
The Lazarus Group, a North Korean state-sponsored hacking group, is known for its sophisticated cyberattacks and criminal activities linked to the WannaCry ransomware attack. This attack disrupted critical services in various organizations, including healthcare institutions and government agencies. The group has also been involved in several crypto-related hacks, such as the theft of 3,831 Bitcoin from a South Korean exchange in 2017.
The activities of the Lazarus Group in the cryptocurrency space have raised concerns about its ability to generate funds for the North Korean regime while evading international sanctions. In 2022, the group was implicated in significant cryptocurrency hacks, including the theft of $620 million from Axie Infinity bridge Ronin. The FBI has attributed multiple hacks to the Lazarus Group, with cumulative losses exceeding $200 million in 2023.
Most hacks exploit social engineering tactics and human error rather than relying on physical device access or brute-forcing passwords. Phishing and social engineering techniques are commonly employed, where hackers pose as trustworthy individuals or organizations to trick victims into revealing sensitive information. These tactics prey on human curiosity and greed, using deceptive emails or messages to prompt malicious actions.
To protect your crypto assets, there are three simple steps you can follow. Firstly, use hardware wallets for long-term storage. These wallets are not directly connected to the internet, making them highly secure against phishing attacks and malware. Hardware wallets keep your private keys offline and out of reach from potential hackers.
Secondly, enable Two-Factor Authentication (2FA) on all your crypto exchange and wallet accounts. This additional security measure requires you to provide a one-time code generated by an app like Google Authenticator, adding an extra layer of protection even if your password is compromised.
Lastly, exercise caution when clicking on links in emails and social media. Scammers often use enticing offers or giveaways to lure victims into their schemes. Consider using separate accounts or wallets for experimental purposes and airdrops to minimize the risk of losing your funds.
It is important to note that this article provides general information and should not be considered legal or investment advice. The opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.
Published At
9/17/2023 8:50:00 PM
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