Crypto thieves are getting bolder by the day - Protect your crypto now!

Cryptocurrencies are obtained by the crypto thieves either directly, or by tricking people to hand them over to them without any condition. With an increasing number of cryptocurrencies, Cryptocurrency theft is also on the rise and crypto-crime is one of the fastest-growing enterprises as well. So, in such a situation, it has now become important to secure your cryptos in the earliest possible way or method.

What is crypto theft?

As depicted by the cryptocurrency developers of a Cryptocurrency development company, with evolving cryptocurrencies across the globe, hackers are on the prowl to steal your digital assets. As per statistics, there was a hack recently where the crypto thieves were able to steal more than $320 million in cryptocurrency from different digital wallets.

Key cryptocurrency thefts –

· It is estimated that over $600 million dollars was stolen and it was one of the biggest thefts in history.

· Crypto hackers attacked the Poly network which is best known to connect different blockchains so that everyone can work together.

·  The money was stolen from tens of thousands of crypto community members across the globe.

The hackers stole the money and instantly started sending it to various cryptocurrency addresses and it was estimated that $610 million worth of digital assets were transferred to three different addresses. The hackers successfully converted the stolen assets at decentralized exchanges and avoided the AML (anti-money laundering) checks, and the stolen cryptocurrencies were laundered through centralized exchanges as well.

How to safeguard your cryptocurrencies?

Cryptocurrencies are mainly stolen from digital wallets or exchange providers. A crypto wallet is known to store private keys that allow trading cryptocurrencies online. If hackers can get hold of this private key, then they can perform fraudulent transactions or directly leading steal crypto coins. However, there are several ways that can protect your cryptos from theft –

· Cold wallet usage: Compared to hot wallets, cold wallets do not require any internet connection to transact cryptocurrencies. To safeguard your cryptos using a cold wallet or hardware wallet is to store the private keys in a cold wallet and it is the most viable option as the hardware wallets come encrypted and keeps the key secure.

· Secured internet connectivity: A secure internet connection is a must before carrying out cryptocurrency transactions. Always avoid public Wi-Fi networks and use a VPN for home connections for added security. Using a VPN will help in changing the IP address and location and keep your browsing activity safe from crypto hackers.

· Update passwords: The importance of password update can never be underrated when discussing the safety of cryptocurrencies. Never use the same password for multiple devices and keep them updated by changing them regularly. Make sure to use a strong and complex password that will be difficult to guess.

· Avoid getting phished: Phishing scams are initiated through malicious ads and emails which are quite common in the cryptocurrency ecosystem. While making crypto transactions avoid clicking on any suspicious links that are circulated through ads and emails.

Concluding up, Blockchain development and issuance of new cryptocurrencies are still passing through an evolutionary stage, and this makes it important to protect your digital assets by securing your wallet with essential safety precautions. Stay updated with the latest security news and theft prevention strategies.