Notwithstanding the fluctuations in the crypto market and assets facing some declines, most investors are still keen on protecting their crypto assets.
About $1.9 billion worth of cryptocurrency was stolen in the first seven months of this year, according to a report released by blockchain analysis firm Chainalysis.
So, to avoid falling victim, learning how to protect your crypto asset is essential.
In this article, representatives of Coin Return Group will take us through 5 steps everyone should take to protect their cryptocurrency assets.
The Coin Return Group is a group of blockchain experts that assist victims in recovering their lost or stolen coin assets.
There have been cases of cryptocurrency being compromised. What do you have to say about this?
Whenever an opportunity is presented for people to invest and make returns, it is often the case that the rotten eggs will come around.
It is not surprising that the crypto market is exploited in this respect. Crypto scammers took about 14 billion dollars in 2021, and the trend continues for a while.
These compromises are often due to circumstances outside of the blockchain itself. Nevertheless, people can avoid falling victim to this compromise.
Cryptocurrency is said to be built on blockchains and is very secure. Why do you think we still need to protect it?
Crypto networks are, in the true sense, somewhat impossible to hack, so there is some level of assurance in that regard.
Hackers have, however, devised means through which they achieve their aims. They may steal it directly or trick users into giving the digital money to them.
So, most times, the users are the link. But, some of our recommendations from the Coin Return Group will help you avoid such troubles. We also have dedicated services focusing on Blockchain security.
Are there things people are doing to enable this compromise?
As we have noted, the major problem and cause of crypto theft is rarely the blockchain itself. Many people fall for cheap scams and disclose their keys to scammers.
It is often this information that hackers put together and use to steal your crypto. Your wallet is the same thing as any of your accounts.
If you protect your details well enough, you can avoid becoming susceptible to hacking.
Could this compromise be stopped if people took proper precautions?
Yes! There are safety precautions that can help in navigating that hurdle. Our primary goal at Coin Return Group is not only to help people recover stolen assets, but we are also committed to helping to avoid such theft.
What procedures can people take to protect their cryptocurrency assets from being compromised?
There are different precautionary steps owners of cryptocurrencies can adopt to avoid being victims of crypto theft. We shall highlight five:
- Adopt hardware wallets
- Fact check exchanges before employing their services
- Beware of likely and common crypto scams
- Turn on 2FA authentication
- Use strong and different passwords