Security tips for cryptocurrency

Securing your digital assets can be harder than you might think.

Are you a cryptocurrency holder? Maybe you’ve got a couple of crypto wallet apps for easily viewing your cryptocurrency. Perhaps you’re getting into automated trading with tools such as Gunbot.

Whatever your involvement in the crypto world, you’ll want to make certain that your cryptocurrency is secure – and that’s becoming harder as hackers become increasingly adept at defrauding people of their money. To see how some high-profile cryptocurrency thefts have happened, see the following stories, then read on to see my recommendations for securing your crypto life:

Shocking crypto security fubars

Famous crypto investor hacked out of $2m live on YouTube

There are many more stories out there of both ingenious and deceptively simple ways in which people have had their cryptocurrency stolen. The key is not to be complacent and realise that hackers ARE out to get your money, by any means they can. Follow these tips to help secure your digital assets against these unscrupulous criminals:

Don’t be a target

Firstly, a bigger target is an easier target. If, like so many high-profile crypto YouTubers, you go online bragging about your cryptocurrency holdings, expect to be targeted. There is a reason that Elon Musk denies owning crypto – of course he owns crypto, but he’s smart enough never to publicise the fact.

More than passwords

A ‘secure’ password isn’t enough. Actually, you should mechanisms in place such that even divulging a password would not mean someone can steal your cryptocurrency. Generally this includes 2FA and/or cold storage of the bulk of your crypto. If you have no idea what this means, then you risk losing your crypto. You can contact me in confidence for more advice on the matter.

Not all security is digital

Just as security personnel for high-profile individuals focus too heavily on just their physical security, many holders of large amounts of cryptocurrency focus too heavily just on digital security – if security isn’t 360, you’re vulnerable. If you hold a significant amount of crypto and/or consider yourself a high-profile individual, you are definitely a target and there have been many cases of people being abducted in order to steal their crypto by coercion. I can advise you on this, but the implications physical security are wide-reaching and will depend on your situation. For most people, I would advise a cold storage wallet device, which is stored in a secure location, for the bulk of your cryptocurrency holdings.

What about exchanges?

As I’ve mentioned, the bulk of your crypto should be stored ‘offline’ for optimal security. However, those wishing to trade their crypto need a exchange in order to do so. There have been multiple hacks and exploits of various cryptocurrency exchanges around the world, the most famous of which is probably the MtGox exchange hack. After looking at many different exchanges out there, the only one I can recommend is this one.

The dead man switch

If, for whatever reason, you were unable to get to your crypto, you would want to make sure that a trusted party was able to take over in your absence. One way to achieve this is by setting up a digital ‘dead man switch’. If you have Google account, you can do so easily here.

Need help?

If you’re looking for a more comprehensive audit of your crypto security and advice on how best to achieve this, you can engage my services as a security analyst. Discretion is guaranteed and your details will never be shared with anyone. Feel free to contact me securely here.