Solana Attack triggers alarm in the crypto market!
Cryptocurrency related crimes have been rising ever since the market was recognized as a tool for the investors to invest and provided everyone a different virtual dimension. Since the opportunities increased in the market by ten folds, the email id related information also got compromised, increasing the instances of crypto related crimes.
Recently, Solana Blockchain attack caused a big trigger in the market. The attack affected the hot wallets of the blockchain which included Phantom, Slope, and Trust Wallet.
From a layman’s perspective, a “Hot Wallet” is nothing but a wallet that is used for the trade of cryptocurrency which can be used and operated either via phone or via computer. It essentially allows the user to store, send and receive tokens.
As the thefts in crypto domain are increasing rapidly and every single day, a new victim is released, scandalizing the entire market, many crypto experts have sat down to pen few key points for the investors to keep in mind to escape from being a victim of these heinous crimes.
The first and foremost consideration for the investor is to store his currency in a cold wallet.
The best way of protecting your cryptocurrency is to store it in a cold wallet, which essentially stores private keys in a physical device, which makes it immune against viruses, malwares making it impossible for the hackers to loot the coins.
The second consideration that the investor has to keep in mind is not share the private key.
The logic behind not sharing the private key is simple. Any person who gets the access of the private key, practically has the cryptocurrency in his control. So it is of utmost importance that the cryptocurrency investor doesn’t share his private key.
The third important consideration for the investor is not to store the cryptos in centralized exchanges.
Basically, as stated earlier, you share the private key, you share your cryptocurrency. Essentially, centralized exchanges have an access to your private keys, making it a hack prone area for the cryptocurrencies.
The usage of Public WIFI is prohibited for the investors of crypto.
The usage of Public WIFI is strictly prohibited for an crypto investor to access his wallet.
Awareness against Phishing activities.
Phishing Activity is nothing but a method used by the hackers to get access to the private keys. The hacker may send an URL, or text or a link and ask you to open the link for additional benefits. If the investor opens the link, then the hacker gets the information about the private key linked to the wallet and loots off all the cryptocurrencies available in the wallet.
While these steps are essential for the cryptocurrency investors to follow, the responsibility lies in the shoulders of the regulatory authorities, to curb the instances of the crimes in the market and make the market place more safe and secure.