One of the industry's biggest challenges is ensuring the safety of investors' cryptocurrencies amid widespread theft and hacking.
Evilcos, the pseudonymous founder of SlowMist, a prominent blockchain security company, made important recommendations to harden crypto wallets against exploits.
How to secure your crypto wallet
Addressing growing concerns within the cryptocurrency community, security experts have emphasized the need to improve our understanding of wallet signature security through research and practical familiarization.evil cos advocated Use browser wallet security extensions like ScamSniffer, PocketUniverse, and WalletGuard.
He highlighted the effectiveness of Rabby Wallet in user interaction security and described it as a robust firewall. He said the product is suitable for mobile and computer environments. He pointed out the importance of integrating firewall protection into digital asset wallets and emphasized the importance of protecting valuable assets through proactive measures.
However, Evilcos warned against over-reliance on technology. The expert emphasized that it is essential for investors to master security protocols, arguing that individual vigilance often trumps automated solutions.
“The most valuable 'firewall' is to master these security techniques yourself. My naked eye analysis is often stronger than these,” Evilcos said.
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He also warned against prioritizing wealth accumulation over safety and urged investors to prioritize acquiring safety knowledge. Additionally, Mr. Evilcos highlighted the maxim “safety first” as his guiding principle, emphasizing the symbiotic relationship between knowledge and financial security in the volatile cryptocurrency space.
“Don't think about getting rich every day. You may fall into the pitfalls first. The first thing you have to do when you enter the dark forest is to learn safety knowledge and keep learning. Once you have money The more you earn, the more secure you are,” Evilcos added.
Crypto wallet hacks on the rise
Cryptocurrency investors and projects have recently lost billions of dollars worth of important digital assets due to wallet hacks. This trend highlights the vulnerabilities inherent in the ecosystem and requires increased vigilance from cybersecurity experts.
Chainalysis said a staggering $3.7 billion in crypto assets were stolen in 2022. This figure decreased to $1.7 billion in 2023, but the frequency of individual breaches jumped from 219 to 231.
“We estimate that North Korea-related hackers stole approximately $428.8 million from DeFi platforms in 2023. We also estimate that North Korea-linked hackers stole approximately $428.8 million from DeFi platforms in 2023. ($330.9 million) and wallet providers ($127 million),” Chainalysis analysts explained.
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Even within the first few months of this year, cryptocurrency wallet breaches leading to asset loss have surfaced. In particular, Axie Infinity co-founder Jeff Zirlin fell victim to a wallet exploit and lost 3,248 ETH worth $9.5 million.
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