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Solana wallet hack: Five tips to keep your crypto wallet safe

In the wake of the latest Solana crypto theft, here's how to keep your crypto wallets safe.

crypto currencies do give a high rate of returns, but are equally susceptible to cyber attacks. (Photo Credit: Pixabay)

Crypto wallets based on the Solana blockchain were the latest victim of crypto theft. The attack has affected popular hot Solana wallets including Phantom, Slope and TrustWallet. A hot wallet can be operated on mobile and the web. It allows users to store, send, and receive tokens.

Solana is a blockchain that works on the Proof-of-Stake (PoS) algorithm and is widely regarded as an eco-friendly token. The company claims that a single transaction on its network consumes less energy than two Google searches and 24 times less energy than charging your phone. In the wake of the latest Solana crypto thefts, here’s how to keep your crypto wallets safe.

Store your cryptos in a cold wallet

The first step to securing your crypto wallet is storing it in a cold wallet. Cold wallet stores private keys (the crypto equivalent of your passcode) in a secure physical device, it is one of the best ways to protect your cryptocurrency. It is immune to computer viruses, making it virtually impossible for hackers to steal your coins.

Cold wallets or hardware wallets are way more secure than online wallets because in most access online wallets providers have access, so if they get hacked and your private key is compromised, you could lose your investment.

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Never share your private key

No matter what happens, private keys should never be shared with anyone. Remember that anyone who has access to your private key has access to all your cryptocurrency. The key to protecting your private key is to store it safely and change it often. Make sure you don’t use the same private keys (passwords) for your other sign-ins like Google, etc. Also, do not store your private keys on your computer or mobile device. The best way is to write it down on paper and keep it in a place where only you have access to your keys.

Don’t store cryptos on centralised exchanges

Follow the golden rule: ‘Not your cryptos, not your keys’. Centralised exchanges have access to your private keys, and can control your wallet. It is important to research which exchanges have been compromised in the past because if the exchange is hacked, it shows poor security practices or existing vulnerabilities, thus your investment could be at risk.

Avoid using public WiFi

Do not use public WiFi to access your online crypto wallets or exchanges. In case you don’t have any option, use VPN and connect to hide your IP address and location. VPN masks your IP address and location and creates an encrypted tunnel that keeps your online activities private and secure.

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Beware of phishing activities

Phishing is one of the most common attacks by cybercriminals used to acquire your private keys. Do not click on any URL on Discord, Twitter, etc, claiming a free airdrop or a giveaway.  Additionally, do not trust texts, emails or chats that ask for your personal information.

First published on: 09-08-2022 at 01:28:43 pm
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