Ever since the inception of crypto currency, with over 50 million individuals investing into divers forms of cryptocurrencies, it is very important to understand the several severe risk associated with this. Unfortunately, a large percentage of the masses have failed at this point,making them very vulnerable to cryto fraud of various kinds and degrees.
•The Rising Threat of Cryptocurrency Hacks and some of the way to counter this.
You may ask yourself,what are some of the rising threat to this cryto of a thing and why is it that many countries have chosen to ban/place restrictions on the use of cryptocurrencies.
Well,keep reading....
....Cryptocurrency represents a substantial monetary ecosystem, making it an appealing target for hackers. In the previous year alone, there has been records of cybercriminals successfully pilfering nearly $4 billion from unsuspecting investors.
Since crypto world has proven to be very juicy and show promising sign of a quicker way to get rich and richer without any traditional form of labour,it has become a center of target for cybercriminals who wants to leverage on the power of various technology to achieve this fraudulent feat.
The more the crypto space evolves,the more the threat of cyber crimes.
But my question is "Should cryptocurrencies be decentralized or not,so as to have a better regulation.Which is better? "
Here are some of the ways you can overcome the risk of being defrauded by cybercriminals:
1)Build a strong security around your digital wallet:
One of the primary vulnerabilities lies in the direct connection between your digital wallet and the blockchain. To mitigate the risk of hacking, it is advised to refrain from linking your digital wallet directly to the blockchain. This precautionary measure can significantly reduce the likelihood of unauthorized access to your assets.
2)Securing Your Private Key:
The private key is a vital component of cryptocurrency security, granting access to your digital wallet. To keep hackers at bay, avoid storing your private key code on password managers or any online devices susceptible to breaches. Instead, choose a secure offline storage solution within your home. It could be your physical books, electronic notepad or even png (picture) formats.This physical separation enhances the protection of your private key and minimizes the chances of unauthorized access.
3)Leveraging AI-Powered Protection:
Fortunately, advancements in technology offer additional layers of defense against scams and phishing attempts. Shield3, a free service employing artificial intelligence, can help you avoid falling victim to various types of scam sites. By analyzing your behaviors and detecting suspicious patterns, Shield3 provides proactive protection. Additionally, this service offers paid add-ons for enhanced security, catering to the needs of more advanced cryptocurrency investors.
4)Educate Yourself and being abreast of updates about cyber crimes
As with any investment, conducting thorough research is imperative before delving into the world of cryptocurrency. Learning from the experiences of those who have encountered losses in the past will help you make informed decisions and minimize potential pitfalls. As well as keeping abreast with infos and updates from reputable and verified companies such as BINANCE and other popular crypto companies.
