InvestingIf you own crypto, STFU

Yes, STFU if you have a lot of cryptos
CoinsauceDecember 2, 20184 min

In recent times, it was reported that hackers no longer only target exchanges to steal cryptocurrencies – they target cryptocurrency investors as well. While it may be true that in the past, crypto exchanges were more vulnerable, it may no longer be the case as regulators begin pressuring these “legal” exchanges to invest time and money to secure their funds.

The only stone left unturned are “uneducated” investors who have no knowledge as to apply more sophisticated levels of security on their crypto wallets and accounts, such as 2-factor authentication (2FA), and using hardware wallets (instead of online wallets). We have previously covered extensively on how to keep your cryptocurrencies safe. Amongst the steps required; keeping quiet about your investments is one key thing to observe.


Low token prices do not dictate smaller hacker appetite

Photo by: NewSky Security

On the contrary, lower token prices actually attract more potential investors to enter the market. When the influx of new buyers enters the market, this naturally becomes a rich feeding ground for hackers – who deploy a host of tactics from social hacking (social engineering), to ransomware; where computer users who got held up must pay money to gain access to their computers again.

This issue is also growing amongst businesses, as they become easy prey due to lack of technology sophistication amongst their staff ranks.


What if I can’t STFU?

What if you’re a public speaker in the crypto space, or an “ICO advisor”? What if you’re a small business owner who accepts cryptos to expand your customer base?

The key is to be prepared in the following ways:

  • Store your tokens in physical devices such as Trezors or Ledgers.
  • Secure your seed phrases to your physical devices, and place an additional layer of security by implementing passwords, and dummy accounts in your Trezors or Ledgers.
  • Have spare Trezors or Ledgers in case there’s a physical threat i.e. theft, robbery etc
  • Secure every single login to your email, social media, exchanges etc with 2FA

At the end, nothing trumps “being hush hush”. After all, this is what gold hoarders do anyway. What’s wrong being secretly rich?

Cover photo by: frontera

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