Blog Community Bitcoin Security Lessons from The KuCoin Cryptocurrency Exchange Hack

Bitcoin Security Lessons from The KuCoin Cryptocurrency Exchange Hack

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It is a recent but not new happening that a hot wallet from a crypto agency has been stolen. The hot wallets are the vaults where funds are stored while connected to the internet. As of now, the mega hack has so far accounted for a loss of $150 million.

As per an estimate by some users who managed to track the stolen funds, the theft detection was possible after the discovery of some “larger withdrawals” (large enough to start a security audit). It showed the missing funds, bitcoin assets.

From this case, it is evident enough that having responsible online practices is an absolute necessity, especially with your economic assets lying there, vulnerable if proper care is not there.

You must follow some of the methods while online surfing like hiding your IP address so that none of your information is accessible to the hackers through Digital Footprints. Here are some of the cybersecurity tips you would want to have a look at if you own some fortune of cryptos in your wallets today:

Encryption using a VPN

Essential giveaway points that give easy access to all the cyber fraudulent is through IP address which could be used to access your files and manage to break through your passwords. This is where the usage of a VPN (Virtual Private Network) comes in handy – to hide the IP address which usually is found to be connected to the bitcoins whenever you transact one.

A VPN helps by not allowing the IP address to be decoded by the malicious elements on the internet, thus your cryptos stay secure and most importantly with you.

Avoid Transactions over your Phone

A common mistake that quite many crypto owners’ do is transacting through their phones which could make quite a lot easier to hack and theft as well. The following turn of events would be your crypto wallet emptied through easy access to your handset. The basics to follow is never store crypto on your handset or if necessary store it in the smallest possible amount. It could save you from huge losses by a slight caution.

Create Unique Passwords

Your online login ids are password protected considering it as a genuine security factor. When your password is as easy as your birthdate or your pet name, you hand down your account to hackers while transacting online. It can be the way to bankruptcy through a barely secured wallet.

For this, you may use a password that is uniquely made and cannot be guessed easily. Having the same ID and password for every site you register with, is a convenient option, but not at all recommended.

The 2-factor authentication

When someone tries to break through your account, single password protection shows weak security. It can entice malicious organizations to hack your account rather than the more secure accounts.

One of the essential practices to be followed is having two walled security, which can notify you when someone tries to break through one of your walls. Again, this might add one more step in your login process but provides security and safety. Try to enable it at maximum platforms.

Encrypt your Wallet

E-wallets are quite a thing now. Without encryption, your wallet is open to threats of viruses, easy vulnerabilities of the internet as well as manual thefts. It could be an accessible asset for the stealers.

You cannot ignore using it; it is better to encrypt it. To safeguard your cryptos, always make sure your wallet is safely encrypted using some application or your built-in feature. Convenience with caution is the right approach.

Conclusion

When you involve in online transactions, having personally aware and, responsible online hygiene becomes mandatory. It can help you protect your privacy as well as transact securely. Hence the next time you look to check the boxes off the security list, make sure these factors are well covered. After all, privacy matters the most.

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