Crypto wallets based on the Solana blockchain were the latest victims of crypto theft. The attack affected popular Solana wallets, including Phantom, Slope and TrustWallet. A hot wallet can be used on mobile and online. It allows users to store, send and receive tokens.
Solana is a blockchain that runs on Proof of Stake (PoS) algorithm. and is widely regarded as an eco-friendly sign. The company claims that a single transaction on its network consumes less energy than two Google searches and 24 times less energy than charging your phone. In the wake of the last Crypto thefts in Solanahere’s how to keep your crypto wallets safe.
Store your cryptos in a cold wallet
The first step to securing your crypto wallet is storing it in a cold wallet. A cold wallet stores private keys (the crypto equivalent of your passcode) on a secure physical device, it’s one of the best ways to protect your cryptocurrency. It is immune to computer viruses, making it virtually impossible for hackers to steal your coins.
Cold wallets or hardware wallets are much more secure than online wallets, because in most access wallets, the online wallet providers have access, so if they are hacked and your private key is compromised, you can lose your investment.
Never share your private key
No matter what happens, private keys should never be shared with anyone. Remember that anyone who has access to your private key has access to all of your cryptocurrency. The key to protecting your private key is to store it securely and change it frequently. Make sure you don’t use the same private keys (passwords) for your other logins like Google, etc. Also, do not store your private keys on your computer or mobile device. The best way is to write it down on paper and keep it in a place where only you have access to your keys.
Do not store cryptos on centralized exchanges
Follow the golden rule: ‘Not your cryptos, not your keys’. Centralized exchanges have access to your private keys and can control your wallet. It is important to research which exchanges have been compromised in the past, because if the exchange has been hacked, it indicates poor security practices or existing vulnerabilities, so your investment could be at risk.
Avoid using public WiFi
Do not use public WiFi to access your online crypto wallet or exchanges. In case you have no option, use VPN and connect to hide your IP address and location. VPN masks your IP address and location and creates an encrypted tunnel that keeps your online activities private and secure.
Beware of phishing activities
Phishing is one of the most common attacks by cybercriminals used to obtain your private keys. Don’t click on any URL on Discord, Twitter, etc, claiming a free airdrop or a gift. Additionally, don’t trust texts, emails, or chats that ask for your personal information.
