Crimes related to digital currencies have increased since the market became known as an investment tool for investors. As opportunities in the market increased tenfold, email identities were also compromised and incidents of cryptocurrency-related crime increased. Recently, an attack on the Solana blockchain created a lot of buzz in the market. The attack affected hot blockchain wallets including Phantom, Slope and Trust Wallet.
From a layman’s point of view, a “hot wallet” is nothing more than a wallet used to trade cryptocurrencies that can be accessed and used from a phone or computer. It allows the user to store, send and receive tokens. With the rapid growth of the robbery in the cryptocurrency range, a new victim is produced daily, the entire market is glued, and many cryptographic experts remember to remember important things.
The investor’s first and main attention is to save the currency in a cold wallet. The best way to protect your cryptocurrency is to store it in a cold wallet that stores your private keys on a physical device, protecting it from viruses, malware and coin theft. This is impossible for hackers.
The second thing an investor should remember is that the private key is not shared. The logic of refusing to provide a private key is simple. Anyone who gains access to the private key effectively controls the digital currency. Therefore, it is very important for cryptocurrency investors not to share their private keys.
The third important point for investors is not to store cryptocurrency on centralized exchanges. Basically, as mentioned before, you share your personal key and share your encryption. Essentially, target transactions have access to your personal keys which can cause customs of encryption. The phishing function is nothing more than a way to use hackers to access individual keys.
Hackers can send URLs or texts or links and request to open a link to get additional benefits. If the investor opens the link, the hacker gets information about the private key associated with the wallet and loots all the cryptocurrency in the wallet. While it is important for cryptocurrency investors to follow these steps, regulators have a duty to prevent market crimes and make the market safer.