Cybersecurity tips to protect your cryptocurrency from hackers, scams, and fraud. Learn best practices for securing digital assets and staying safe online.
The cryptocurrency market is changing and growing daily, with new coins created weekly. While the broader market is struggling with weak demand and remains at a critical juncture, Cardano’s ADA is among the top-performing altcoins.
The 8th largest cryptocurrency by market cap has made a breakout of the local support of $0.6638 and could test the $0.70 zone soon, according to U.Today. When discussing the bullish outlook for the ADA price prediction, it’s essential to understand that the Securities and Exchange Commission’s potential approval of Grayscale’s Cardano ETF filing can impact liquidity and trading volumes.
Investors and traders aren’t the only ones interested in cryptocurrency. Hackers are thrilled with the idea of unregulated money, which opens new attack vectors and allows them to disappear, leaving no trace. ADA and other cryptocurrency transactions can’t be reversed, altered, or cancelled.
Once transactions have been written to the blockchain – in other words, confirmed – they become immutable. If threat actors get access to or transfer funds from a victim’s wallet, the money is lost forever. Neither transactions nor accounts are connected to real-world identities, so it’s easy for hackers to remain unidentified when they use cryptocurrency,
Cyberattacks Are An Ever-Present Threat, And The Crypto World Is No Exception
No threat facing the world has grown so fast, or in a way as difficult to understand, as the danger from cyberattacks. Investors and traders must understand that the inherent risk is increasing; cybercriminals are getting smarter, and their tactics are becoming more sophisticated. There are multiple types of cyberattacks where malicious actors take advantage of cryptocurrencies, such as:
- Ransomware: When ransomware occurs in the crypto space, malware encrypts files containing the victim’s private keys or digital wallet, making them unreadable. The attacker demands a ransom to provide the encryption key. As a rule, hackers demand payment in the form of cryptocurrency. Infection methods include phishing emails, malicious websites, and compromised accounts.
- DDoS extorsion: Threat actors blackmail crypto exchanges or blockchain networks by asking them to pay ADA or any other cryptocurrency to avoid their site or service being disrupted by a DDoS attack. The system may struggle to process transactions. Plus, legitimate users can’t connect to network resources.
- Crypto hijacking: The computing power of a compromised device is used to mine cryptocurrency without the owner’s knowledge (Also called cryptomining). Smartphones, servers, and computers are vulnerable to crypto hijacking. Applications may be able to access data and information from the device or other applications. Unlike malware, control is camouflaged in the background.
We Suggest These Steps To Secure Your Cryptocurrency
Transfer Crypto From A Centralized Exchange To A Self-Custody Wallet
If you wish to own Cardano’s ADA, you can choose from among the many crypto exchanges that provide this service. Of course, you must give priority to the security features. Otherwise, you risk losing your hard-earned savings. Crypto exchanges are some of the most targeted in terms of cyberattacks, and while most attempts by hackers have been successfully mitigated, there have been several reports of damaging attacks. Find a reliable exchange with strong security measures and strong DDoS prevention tools.
Better yet, withdraw your funds to a secure wallet to stay in control of your assets. Due to the difficulty of effectively implementing safety measures, crypto exchanges can’t fully guarantee protection. Whether they call it withdrawing, sending, or transferring, crypto exchanges let you move your funds to a wallet that is compatible with the asset you’re relocating.
A self-custody wallet puts you in complete control of your cryptocurrency, so you must take full responsibility for the security. Lock your account when not in use to make it harder for others to access your account.
Keep Safe Backups Of Everything
No matter what type of wallet you use, having a backup of your data ensures quick recovery and minimizes information loss. Go to your wallet’s settings and select the backup option or the export keys option; encrypt your backups to protect against unauthorized access. If you lose your wallet’s private keys, you’ve permanently lost your cryptocurrency. Keep multiple backups on different devices, such as USB drives and paper, which aren’t prone to failure. This way, you have alternate recovery paths.
When Dealing With Unsolicited Messages, Be Careful
One of the most prevalent social engineering techniques, phishing, involves sending deceptive messages that seem to be from legitimate sources. Don’t reply without investigating. Most importantly, never confront the sender of a phishing message yourself because it could result in you being targeted specifically. The sender doesn’t even know if your number is active.
Refrain from opening attachments or clicking on links from unidentified sources even if the sender seems familiar, as you can potentially infect your phone. A phishing link can direct you to a website containing malicious code. You can always use a free site like VirusTotal to scan for malicious files and links before executing/opening them.
Replying to unsolicited messages increases the chances of receiving more spam, so you should block the number. It requires a few adjustments in your settings. Android phones allow for freedom when it comes to customization, so the process will vary from device to device.
Many phones have built-in options to filter out messages from unknown senders or mark texts as spam. Be cautious when sharing your phone number online with unfamiliar organizations because it exposes you to other social engineering-based tactics, such as pretexting, quid pro quo, or vishing.
In Closing
Cyberattacks have become increasingly targeted and complex due to sophisticated pieces of malware. Individual users are more vulnerable than ever before since hackers have adapted their strategies to exploit weaknesses in smart contracts, wallets, and decentralized finance (DeFi) platforms. As such, it’s necessary to take personal responsibility and protect yourself. Acquire new skills, expand your knowledge, and, above all, shift your perspective.
Image credits: Free Vector | Realistic cardano coin illustration
