Neglect of security measures
Investing in cryptocurrencies is associated with high risks, including as a result of the presence on the market of a large number of scammers who use various methods of attacks to obtain crypto-savings for investors. So, according to the recognition of the cryptotrader Peter McCormack, attacks on Crypto Wallets are committed daily. The exchanges are also subject to constant checks on strength.
Each holder of a cryptocurrency must be aware of potential threats and observe all precautions when working with cryptocurrencies:
– Choose the method of storing cryptocurrency: it’s best to use cold wallets and have them backed up;
– Use two-factor authentication of the user
– Install a reliable anti-virus program
– Never disclose your private key
– Always check the addresses of wallets and links
– Have a reliable system of passwords and sit-phrases
It is also worth keeping your passwords and sid-phrases in a safe place, otherwise it’s likely to repeat the fate of Mark Frauenfelder, who in 2017 nearly lost his bitcoins for more than $ 32,000. And all because he lost a sheet with a password of 24 words from a cold wallet. Realizing that he can not remember the PIN-code to the wallet, he was horrified by the realization that he can not get his cryptocurrencies in any way.
Frauenfelder appealed to the technical support of the crypto wallet maker, wrote on forums, searched for ways to hack him and even turned to a hypnosis specialist, but all this did not bring the desired result.
As a result, he was helped by a young hacker, who wrote an instruction on how to crack the software to a cold wallet. However, it cost him many months of stress, money and commission to the hacker for recovering the password and the sid-phrase.
Write: Richard Abermann