Cryptocurrency exchanges and wallets are regularly targeted by hackers. The recent hack of the ByBit platform, amounting to around $1 billion, once again confirmed that the main vulnerability is not technology but users. Security mistakes, neglecting basic digital hygiene rules, and blindly signing transactions—all of these open doors to attackers.
In this article, we will discuss the main rules for protecting cryptocurrency assets and provide expert cybersecurity advice to help you avoid losing funds.
Why Do Hacks Happen?
Most hacks occur not due to blockchain technology flaws but because of social engineering and human errors. One of the most common attacks is transaction spoofing or signing a transfer ownership transaction, which unknowingly hands over wallet control to an attacker.
Main Causes of Hacks:
- Using unprotected devices for transactions
- Connecting to public Wi-Fi networks
- Ignoring multi-factor authentication settings
- Failing to monitor wallet permissions
- Signing transactions without reviewing them in detail
Let’s go over the measures that can help protect your assets from hackers.
1. Never Sign Transactions on Mobile Devices
Mobile phones are convenient but highly vulnerable devices. They are often targeted by malware, phishing attacks, and data interception. Using a mobile wallet without additional precautions poses a serious risk of cryptocurrency theft.
How to Protect Yourself:
- Use mobile wallets only for small amounts and everyday transactions.
- For large transactions, use hardware wallets (Ledger, Trezor).
- Never sign complex transactions on your phone, especially if you don’t fully understand them.
2. Use Separate Browsers for Transactions and Web Surfing
Many users open multiple tabs in a single browser, visiting suspicious sites while making cryptocurrency transactions. This significantly increases the risk of malware infection.
What to Do:
- Use different browsers for different tasks.
- Choose secure browsers like Brave or Firefox for transactions.
- Avoid installing unnecessary browser extensions, especially from unknown sources.
3. Get a Dedicated Device for Cryptocurrency Transactions
If you have significant crypto holdings (several thousand dollars or more), it makes sense to buy a separate laptop for transactions.
Device Requirements:
- A new laptop with no pre-installed software.
- Used exclusively for cryptocurrency operations.
- No social media, messengers, games, or casual web browsing.
4. Use a Secure Internet Connection
Public Wi-Fi networks are a haven for hackers looking to intercept your data. Using such networks for cryptocurrency transactions is a huge risk.
What to Do:
- Turn off Wi-Fi when making cryptocurrency transactions.
- Use mobile internet (hotspot) from a trusted device.
- For extra security, use a VPN with a dedicated IP.
5. Split Funds Across Multiple Wallets
Don’t store all your assets in a single wallet. The more funds in one place, the higher the likelihood of becoming a target.
How to Reduce Risks:
- Distribute assets across multiple wallets.
- Use cold wallets for long-term storage.
- Store large sums in multisig wallets (such as Gnosis Safe).
6. Always Check What You Are Signing
One of the most common attacks is transaction spoofing. Users unknowingly sign a transaction that transfers wallet ownership to attackers.
How to Avoid This:
- Read every transaction before signing it.
- Use wallets with detailed transaction confirmations (Ledger, Trezor).
- If a transaction is complex, test it in a simulator before sending it.
7. Regularly Revoke Wallet Permissions
Cryptocurrency wallets can accumulate a list of permissions granted to various services. Malicious contracts can use these permissions without your involvement.
How to Clear Permissions:
- Use services like Revoke.cash every 1-2 weeks.
- Check which contracts have access to your wallet.
- Revoke unnecessary permissions, especially those with high limits.
Conclusion
The cryptocurrency market remains a battleground between users and hackers. Most attacks occur due to inattention, lack of understanding of transaction details, and failure to follow basic security rules.
Following these seven rules will help protect your assets and reduce the risk of losing funds. Maintain digital hygiene, use secure devices, check transactions carefully, and don’t give hackers a chance to succeed.
Save this article and share it with anyone working with cryptocurrencies—their security is in their own hands!
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