Every year, countless people lose their Ethereums as a result of hacking, fraudulent websites and sometimes, through simple negligence. In this article, we have offered a few simple steps to keep your Ethereum safe. Let’s start.
Be careful who you talk to about your Ethereum assets
When it comes to crypto, the first rule of safety is not to disclose to anyone the number of crypto you have. This is applicable not only to the online world via social media or forums, but also to your family and your circle of friends.
That being said, it’s amazing to openly discuss about cryptocurrency and blockchain, and the fact that you hold Ethereum. In fact, if you’re attending a blockchain event or meeting, this will likely be the main topic of discussion with other participants.
However, if you want to keep your Ethereum safe, you should never comment on exactly how much you hold or give the impression that you could be holding a large amount of Ethereums.
Remember to store your ETH in a crypto wallet
A crypto wallet is the safest way to store your Ethereums. It can help in securely storing your private keys, keeping them out of the malicious hands of hackers.
There are many cryptocurrency wallets, and most of them support all major cryptocurrencies. AiBB, the all-in-one crypto wallet, is certainly among the best.
Beware of phishing attacks
In a phishing attack, the hacker uses sophisticated methods to pretend to be someone else in order to steal your Ethereum. This can be done in many ways and has become much simpler with the widespread adoption of the Internet since the attacker can hide behind a computer screen.
The attacker sends you an email claiming to be the representative of a cryptocurrency exchange that you use, in order to steal your password. Social media scams is another one of the most popular phishing strategies.
In this attack, the hacker develops “Twitter robots” who claim to be the official account of a well-known person in the crypto space, automatically responding to other tweets with “Giveaways”.
However, these gifts are nothing more than an elaborate hold-up because they ask people to send a certain amount of ETH to an address they control and expect to recover 10 times the amount.
Do not keep your Ethereums on the crypto exchange
Due to the confusing nature of some Ethereum wallets, especially for newbies, many ETH holders choose to keep their coins on the exchange.
This is often considered the easiest way to store cryptocurrency. However, this practice is very dangerous.
The first major cryptocurrency exchange hack occurred in 2013 when 850,000 Bitcoins were stolen from Mt Gox. At the time, Mt Gox was the largest cryptocurrency exchange, and many people lost all of their coins which, a few years later, were worth a fortune.
Later in 2016, Bitfinex, the largest cryptocurrency exchange of the time, was also compromised and 120,000 Bitcoins were stolen. The exchange, instead of covering for the losses, reduced the balance of all of its users by 35%.
Therefore, a wallet is always the best and safest choice.
With that, we will close this post. I hope you read that right.