Three Tips to Secure Your Crypto Assets – Inspired by Tether Case

Dec 04, 2017 at 20:19 // PR
Guest Author
Three tips to secure your crypto assets

Last Sunday, Tether platform that used to claim its security and transparency thanks to blockchain technologies, lost $31 mln from its main wallet. It happened through malicious action by an external attacker.

Given that Tether is not going to redeem any of stolen tokens, the key questions arises again - what's about security? This case has shaken the global belief in crypto currency market, and even put the key digital currencies under pressure. Not for long, though.

New scams pop up all the time. And today we would like to talk about the tips to make your bitcoin operations safe. Yes. The cryptocurrency transactions are secure due to its decentralized nature. But it doesn’t mean that traditional scam schemes won’t work with that too.

Case #1. Malicious Wallets

Just recently there was a case of hackers using default SSH creds to take over Ethereum mining equipment. Keep in mind, that in cases when owners changed the OS' default credentials and placed the rig behind a firewall, they were safe from the attacks.

Conclusion – take care of your login credentials.

Keep your password close to your heart. Don’t forget to use every security option offered by the service. Keep your mnemonic phrase in paper, not in your computer. Either print it out and delete from a computer.

If you save it on a computer, use special programs for password storage, like KeePass. The best option, however, would be to use a separate laptop operating on Linux for working with cryptocurrencies.

Case #2. Focus and Attention

In Australia a crypto trader managed to lose all his money due to his carelessness. The hackers managed to make a copy of his website and manipulate the google search. So the victim logged into a scam site, consequently giving the hacker all the login details.

Conclusion – always check the website address. In order to avoid logging in to phishing site, save the link in your favorites, and use it to access the web site. Check the correct form of the domain and SSL-certificate availability. Hackers often exchange letters to numbers that look alike. E.g. l into 1.

Case #3. Old School Trojan

Recently, the creators of “CryptoShuffler” have made at least $150,000 worth of Bitcoin by using a very simple scheme. The trojan monitored the user's clipboard and replaced any string that looked like a Bitcoin wallet with the attackers' address.

Conclusion – never download any files from suspicious websites. Do not click the links from unknown e-mails. And please, do use antivirus software.

And remember one thing. Sure enough, you don't need to be a crypto expert or a hacker to keep in mind basic security measures that will protect you against the majority of attacks. Just keep your credentials under control.

Akke Svenson, Cryptocurrency Wallet Founder

Entrepreneur, IT specialist, blockchain enthusiast. Graduated from the Royal Institute of Technology in Sweden and Stanford University in the US. He began his career at Ericsson, then worked on developing services for financial companies in Europe. For a few years he served as CTO at a Silicon Valley fintech startup. After that, he returned to Sweden and founded his own company, specializing in IT consulting. He became interested in blockchain in 2013, believing that modern technology will help build new economic relationships in the world.


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