How to Protect Your Crypto from Hackers

The world is becoming dynamic. Money can no longer be considered the cash that is in your pocket. We exist now in a world of digital money and one delicious form of digital money is cryptocurrency, commonly referred to as crypto. Crypto such as Bitcoin, Ethereum, and USDT has become one of the most popular purchases and sales in Nigeria owing to the fact that it can provide substantial financial gain and can be transported pretty easily using any destination in the globe. As much as crypto has an opportunity, however, it brings about danger. There is always an attempt by hackers to steal something out of people. With one minute, you can lose all your crypto and there is nothing you can do about that.

To understand how to protect your crypto you first need to understand why hackers target your crypto. Crypto cannot be controlled by a government or a bank unlike money in the bank. When stolen it is near impossible to recover it back. Hackers do. They are also aware that a significant number of individuals in Nigeria are not familiar with crypto and would not be aware of all the security regulations. This facilitates them to deceive people.

So consider your crypto as gold. Suppose you had gold in your house, you will put it in an extremely safe place, wouldn't you? Just as such, your crypto must be kept well guarded since hackers can attack even in the oddest moments such as when you are asleep.

Guessing/stealing passwords is one of the most natural methods of hackers stealing their data. There are individuals whose passwords are basic such as 123456 or password. This is risky. Such a password may be guessed by a hacker within seconds.

To generate a password on your crypto wallet or with your exchange account, make it longer and stronger. Combine upper case in lower case letters, numbers and special characters. E.g.: Ade$houna!a64a taqsim! Did you get it, adeshina24?

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Moreover, never have the same password in your email, social media and in your crypto wallet. Provided that one of the accounts is broken, the rest of them may be at stake. Write your password somewhere safe, or use a reliable password manager, but do not just leave it written out in the open, on a cell phone or laptop to be discovered by hackers.

Two-Factor Authentication is similar to installing an extra door on your house prior to anybody entering it. A hacker may obtain your password, but in this case, hackers will require another kind of code that is delivered to your phone or created using an application, such as Google Authenticator.

Always enable 2FA to your crypto-accounts. It is possible in the vast majority of exchanges such as Binance, KuCoin, or Luno. This additional measure renders entry by a hacker extremely difficult. However, a rule to remember, do not divulge your 2FA code ever to anyone.

Phishing occurs in instances where hackers disguise themselves to appear as a person you trust but intend to get the password or private keys. They can also send dummy emails, WhatsApp or even develop websites designed to be real.

As an example, a hacker may email a message that appears to originate at Binance with the message, “Your account is having trouble, click the link to fix it.” Once you click they redirect you into a phony site and in the event that you sign on on this site they can obtain your information.

To prevent this, be careful enough to see the site's address prior to logging in. The official Binance site should look like www.binance.com, you should stay clear of any other site claiming to be Binance and it sounds like www.b1nance.com. Moreover, you should not click on any random websites forwarded to you by people that are unfamiliar to you.

Crypto wallets mainly fall under two types; hot wallet (connected to the internet) and cold wallet (not connected to the internet). Hot wallets are more convenient to work with in everyday transactions and have a lowered susceptibility to hacking. Offline (such as hardware wallets ledger, trezor, etc) and much safer are cold wallets.

Storing large quantities of crypto In case you hold large amounts of crypto it is a good idea to store the majority of it in a cold wallet and just keep enough in a hot wallet to use on a day-to-day basis. By doing this, even when your online account will be compromised your main crypto will be safe.

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A seed phrase or your private key is a house key to your home. Once a person gains access to it, they can steal all of your crypto, and you could not do anything about it.

And under no circumstances should you put your seed phrase into your email or WhatsApp or phone notes. Write it up on paper and store it somewhere that no one can get it except you. Some will even put it on metal plates making it impossible to be damaged by fire or water.

Moreover, do not ever give your private keys to another person, even the representatives of customer support. They will never be requested by real crypto companies.

The primary two crypto tools you use are your phone and computer. Unless they are safe, your crypto cannot be safe. Virus protection: you should always update your device with reasonable protection. Install an antivirus and do not download free apps unless you know where you can trust them.

It is not a good idea to access your crypto accounts through public Wi-Fi unless you want the hackers to spy on your connection. Do not use free Wi-Fi; in case you do not have a choice, use a trusted Virtual Private Network (VPN) that will secure data.

Most Nigerians have been cheated of money through fraudulent investment sites that lure them with big returns. They likely will say to you, invest 100k now, and receive 1 million in a week. Those are frauds. As soon as you transfer your crypto to them you will never get it back.

Make research before investing your money anywhere. Check whether it's registered, read reviews and whether real people who have deposited have managed to withdraw that money. When it promises more than it can deliver it is likely to be above board.

Such social media as Telegram, Twitter, and Instagram have become the arenas where hackers cheat people. They impersonate large merchants or the representative of a company and offer to multiply your funds from two times in case you send them crypto.

Do not get enticed into these games. No legitimate trader or business person will request you to send crypto to them to grow in “order to help you grow your money.” When they are genuine they will enable you to spend your money in your own pocket.

Many Nigerians are still unfamiliar with Crypto and hackers evolve on a daily basis. The better you know the easier it is to be safe. Subscribe to reliable crypto teachers on Youtube, read blogs and go into places where sincere people exchange genuine recommendations.

Mind you, however, not all Telegram and WhatsApp groups are secure. Others are set up by hackers to gather data of members. Join groups that are recommended by people that you trust.

A lot of users lose their crypto due to the desire to get a fast gain. Hackers are aware of this and capitalise on it among them. They make bogus deals, and entice them with large returns within a period of time. The end result is that as a result of greed, the individual is careless.

Be patient. It is not the tip of the newest shiny thing to come rushing in and buy when one can learn, invest and wait to see the time.

Your crypto protection does not consist of the single measure alone but a constellation of safety precautions. Make up strong passwords, turn on 2FA, do not fall for phishing, lock your crypto in secure wallets, and continue to study. It is better to keep in mind that careless people everywhere in the world, including Nigeria, are being watched by hackers.

It is your own crypto matter. You have no bank manager to call should you lose it. Use it as something that is precious to you. Being conscientious, patient, and educated can help you take some advantage of crypto without landing into the hands of criminals.