Four Ways to Prevent Crypto and NFT Money from Being Stolen

Crypto money and NFT, aka non-fungible tokens, are the current trend. Global cybersecurity firm Check Point® Software Technologies Ltd shares four ways to prevent these two digital assets from being stolen. Based on DappRadar data, NFT sales increased ten times last year. During the first, second and third quarters of 2021, the value reached US$ 1.2 billion (Rp 17 trillion), US$ 1.3 billion (Rp 18.5 trillion), and US$ 10.7 billion (Rp 152 trillion). Learn more on https://nftsdaily.io/ about this matter.

The trading volume on the OpenSea marketplace, for example, was almost US$ 2.7 billion or Rp 38 trillion during January 1-9. Likewise, with crypto transactions such as bitcoin, ethereum, dogecoin to Shiba Inu continues to grow. “The high investor interest in cryptocurrencies is due to low transaction costs and confidentiality.” In a press statement, said , “Check Point.”

One of them, there have been thousands of incidents related to the spread of crypto-based ransomware in recent months. Check Point® Software Technologies Ltd also provides four suggestions for securing cryptocurrencies and NFTs, as follows:

1. Wallet diversification

When buying crypto or NFT money, investors must first create a digital wallet account. Digital wallets are divided into five types, namely:

A. Hot storage is stored through an encrypted storage service provider platform.

B. Paper wallet, in the form of a piece of paper with a private key: Cold storage is stored in physical devices such as USB. The level of security is claimed to be high because of its storage outside the network.

C. A mobile wallet is an application on a mobile phone.

D. Desktop wallet, intended for access via a computer or laptop: Examples of digital wallets in Indonesia are the Indodax bitcoin wallet, Curv, Co from, Pintu, Electrum, Exodus, Luno Bitcoin wallet, Trezor One, and eToro.

“One of the keys to keeping it (digital wallet) safe is to have at least two different wallets,” The goal, the user can use one of them to save and hold purchases. While the other wallets are for trading and exchanging cryptocurrencies, “This way, assets are more protected because only one wallet interacts with external sites and exchanges coins. If cybercriminals manage to access your trading wallet through any attack on an external site connected to the wallet, the other wallets held are safe,” the company said.

2. Ignore ads:

Often, users search for wallet platforms via Google. “Cybercriminals are often behind ad links, creating malicious websites to steal your currency from digital wallets,” said Check Point® Software Technologies Ltd.

3. Double attention to improve security:

One of the steps that must be implemented to protect the wallet from all types of cyber-attacks is to enable two-factor authentication or account two-factor authentication. Thus, each transaction requires not only a password but also other verification steps. When an attacker unnaturally enters a transaction, a message will be received to crosscheck. In addition, it prevents cybercriminals from gaining access to accounts.

Many Investors Sell Bitcoin Crypto Etc. Since Last Month, Why?

In the last month, analysts noted the rise of selling crypto assets (cryptocurrency) such as bitcoin. It happens when the central bank of the United States (US), the Fed, generally withdraws stimulus from the financial markets or tapering off. Coindesk reports that the crypto sell-off has increased since December 2021. At that time, minutes from the Fed committee emerged showing that officials were planning to raise interest rates sooner. The previous extreme cryptocurrency drawdown occurred in July 2021. It caused the prices of digital assets such as bitcoin, Dogecoin to Shiba Inu to fall by around 50% from their peak.

The price of bitcoin, for example, only moved around US$ 35 thousand – US$ 37 thousand in trading (24/1), Even though the price reached US $ 69 thousand in November 2021. Russia’s central bank proposed the ban because it considered cryptocurrencies to threaten its financial stability. In addition, its mining causes environmental problems. “Thus, mechanisms should be developed to block transactions to buy or sell cryptocurrencies,” Russia’s central bank said. In November 2021, India also said it was preparing to introduce a Law (UU) that regulates digital currencies. The Indian Prime Minister said that global cooperation was needed to tackle crypto problems.