Ways To Shield Your Digital Assets From Common Attacks

• Hacks, Bugs, and Smart contract errors are major reasons for the crypto industry’s loss of $4 Billion in 2022.
• Shielding your digital assets is a never-ending process.

In today’s time, buying crypto is comparatively easier than keeping a hold of it. This is largely due to errors, bugs, and hacks. Not only newbies but also experienced professionals with sophisticated wealth are equally vulnerable to these bad actors. 

Today, there is a toolbox available to help combat these bad actors in the market. The only requirement is that the user download it and utilize it.

Cryptosecurity Issues

The year 2022 proved to be unprofitable, with the crypto industry losing $4 Billion worth of currency to hacks, while tons of millions were lost due to human error such as incorrect transfers of funds or locking their funds into smart contracts for an indefinite time. 

All it takes is a lack of vigilance while performing operations on your portfolio, a few distracted clicks, and within seconds you have given control of your portfolio to any third participant.

Since crypto is on the rise, the rapid increase in hacks and scams in the crypto market seems to match the market’s current narrative. Likewise, at the time when the NFT market was flying high, attackers targeted that market in order to make quick and easy cash from it.

Attackers used tricks like spoofed websites, phishing scams, false telegrams, and discord channels to get their hands on some of the blue-chip NFTs, such as Fiidenzas, and Bored Apes. It is worth noting that $3 Million worth of NFTs were illegally wiped off the market in May alone.

Below-par wallet UX is one of the major opportunities for attackers to capitalize on. They can lure users into signing seemingly innocuous transactions that don’t seem suspicious at all but end up emptying the user’s wallet. However, with each passing day, advancements are being made to strengthen the security of crypto wallets.

It’s Important To Choose Your Tools Wisely

Here, by tools, we mean exchanges, if you’re using a centralized exchange where there is a network administrator with access to all your private data. In this case, it is better to set up two-factor authorization. This level of protection should be there to protect the email account that is linked to the centralized exchange. 

It is advised that you never Google a site if it is suspicious of phishing or click on the first link that appears on your screen; these are some common techniques that attackers use to lure the user into the trap.

These are some common attack scenarios that occur in the CEX space, but the real deal is, how to protect your funds in a decentralized space because, out of the total funds that were lost last year, 80% of them accounted for the DeFi space.

You Should Always Be On Guard

The above-discussed security measure can surely protect your digital assets to a significant extent. However, security is not a one-time thing; it’s a never-ending process. 

This means that the user should always be aware of their surroundings and be up-to-date with all that’s happening in the crypto space, including all the scams, bugs, errors, etc. 

For dedicated crypto users, especially, who take the front seat on the DeFi rollercoaster, the independent researcher officer’s telegram channel is a paradise for gathering information. 

As for casual users, bookmarking the crypto sites, enabling two-factor authentication, and setting unique passwords should do the trick.