Recently Cryptopia got hacked by unidentified person(s) where losses are estimated up to 3.5 million worth of combining assets of all users. Cryptopia is a New Zealand-based crypto exchange that is in operation since 2014 with an average trading volume of 2 million USD and 1.4 million registered users.
Apart from the sizeable losses this hack shook the crypto community from the core as this exchange hack forced them to think twice about holding their investments on exchanges. Additionally, it also highlighted the loopholes and gaps in cybersecurity and regulatory practices.
The exchange hack is definitely not in your control but you can take care of your own account as it is another way where the hackers target an individual account. With this blog of blocksutra, you can minimize the crypto exchange hacking possibilities and risk of losing your hard-earned money in the form of cryptocurrencies.
How can you avoid Cryptocurrency Exchange Hacking?
Today most of us are transacting through portable electronic devices like Smartphones, Tablets to complete almost every transaction. Thus putting best practices forward in order to secure your devices is the need of the hour.
You can make good use of these 4 important tips in order to get yourself out of the hacking net
Change Your Passwords Frequently
People of a very common habit of using the same password for a very long time. The possible reason can be many like carelessness, forgetfulness, or avoiding any such activity which may possibly trouble their minds.
Unfortunately, you are simply in the pretty inviting mode for potential hackers, especially when you do not change the password of your email on a frequent basis then you are welcoming some serious threats.
Users have a common misconception that if they have enabled 2FA security then their accounts are simply hackproof but it’s like living in a utopia. The Truth is with 2FA enabled feature You simply minimize the chances of mild to moderate level threats.
Regarding plausible cryptocurrency exchange hacks again the above-mentioned strategy is most helpful. Some exchanges offer IP Address Whitelisting features please make good use of that.
On top of that ensure the maximum security level provided by the exchange which you use on a regular basis. Change passwords at least on the monthly cycle and avoid accessing your account from non-familiar devices and locations.
Don’t store Your Sensitive Data at ‘Easily Hackable Places’
A lot of people foolishly store their sensitive data like Passwords, keycodes, phrases, mnemonics, etc. on online portals (mostly in the drafts section of their email). If any such person is reading this blog then please stop doing this on immediate terms. You are unintentionally handing over access to your assets to hackers as they are just one click away from scamming you.
It’s humanly not impossible to remember the usernames and passwords of some 50 different accounts or so. But treating your email drafts section as the most secure place on the earth doesn’t also make sense. You should give it a second thought!
There are better alternatives that are not only easily accessible but way more secure.
If you do not make any sort of swearing for only online mode then storing your all sensitive data at an offline place makes more sense anytime.
Don’t use similar/predictable passwords
It is one of those common mistakes that let a hacker access all your crypto accounts in a single go. For the sake of convenience and giving any kind of excess pain to their brain, people use the same password(s) across multiple accounts and exchanges.
By the time the hacker gets access to your email id he or she also gets access to various platforms whose emails/login notifications and other reminders are sitting in the mailbox. Similar passwords are a major blow to your account protection in this case especially if it matches the password of your email id.
Additionally, if the passwords match your user id, name, date of birth, and/or other common details which is publicly accessible then it makes the task for hackers even easier. Now what you can do is put at least a small variation in passwords across the different accounts.
Also, try making passwords unique for those account(s) where you perform most of the trading activities and/or hold your assets.
One more thing do not share your login credentials on a public platform even if somebody is promising you to pay 1 bitcoin. They are nothing but pure scammers and you should be avoiding them.
Enable 2FA/Email passcodes
If you are creating an account then try putting at least one additional security layering on your account provided by the cryptocurrency exchange. Most of the exchanges provide Google Authentication and/or Email passcodes which you need in the next step by the time you log in. Some exchanges come with an advanced security feature which is called ‘IP Whitelist’. In this, you can whitelist the IP address(es) you use to access your account.
Try following all of the above-mentioned tips to stay off the hacking net and successfully avert the exchange hacking attempts. You are the first and foremost responsible person for any data breach so at least shrink the risk from your own side.