Some time ago, my friend’s wallet was hacked in Jaxx and he lost all his Cryptocurrencies. I researched about this wallet and found that over the last 4 or 5 years, more than half a million Cryptocurrency have been stolen from this wallet.
it was a challenge for my friend, how such a thing could happen? I want to tell a few simple but important tips that most of us may not pay attention to:
Beware of VPNs
It does not matter where you live. You may use VPNs to protect your privacy. So you must be sure that you are using a reliable VPN, VPNs can have a lot of access to your information. So it’s better to be careful in choosing them. If they aren’t reliable, all your information is at risk.(reliable VPNs can also be dangerous)
Let’s take a brief look at how VPNs work in a simple way:
VPNs create a secure tunnel for us. This tunnel is only between us and the server we want. And all requests and responses are encrypted and no one can check them outside tunnel.
But if we use malicious VPN. There is a seam in this tunnel where requests and responses are monitored by hackers(or organization).
So never enter your wallet with VPN, for people in countries that are subject to international sanctions such as Iran. They can get a VPS from reputable companies to enter with a fixed IP from a specific location. Keep in mind that if you login with IPs in countries that are under sanctions, all your cryptocurrency will be blocked and you will no longer have access to them.
Proper maintenance of the wallet backup key
Most wallets, including software and hardware wallets, give you a number of words (usually 12 or 24 words) as retrieval phrases to recover your passwords.( to transfer the cryptocurrency to another wallet; You need their private key)
If you took a screenshot of this key and saved it on your phone or typed it in Notepad(Personal Device), It is possible for others to access it.
- It is better to write these keys on paper and put them in a safe place.( e.g., put it in a book in your library, a book that you think no one will pick up )
- store the key as a QR code.( make sure to disconnect from the internet)
Cryptocurrency Investment Strategy
If you don’t want to trade constantly and are thinking of long-term investment, I suggest using hardware wallets.
Currently, the safest wallet on the market is the Nano ledger wallet
Never keep a large number of cryptocurrencies in one wallet and keep it in several different wallets.
If you want to invest in this market, which I think the future of the whole world will depend on these currencies, be very smart and know that if lost your money, it won’t return at all.
Special thanks to you dear reader, I hope you find this article useful