[ad_1]
How to Protect Your Digital Assets From Fraud and Scammers
While Crypto remains one of the best ways to build long-term wealth, it should be no surprise that scammers and fraudulent maliciousness are on the rise.
This week’s news highlighted a report that even Mark Cuban, one of the most recognizable proponents for cryptocurrency development, lost nearly $900k in assets when his digital wallet was drained of several key holdings. Apparently, he used his phone to check his Metamask wallet, which he had not done for several months. However, Cuban believes he may have downloaded a fraudulent version of the application, which made his real wallet vulnerable to scammers.
While you’d think someone as well-informed in the space as Cuban would know better, the simple truth is that it easy to be duped by the most innocent-looking means. That’s why it’s more important than ever to remember some basic practice to protect your crypto holdings.
Invest In a Hardware Crypto Wallet
Hardware wallets are physical devices, similar to USB drives that store your private keys to access crypto funds. They are considered the safest way to protect your assets and especially useful if you buy tokens that are long-term holds.
It should be noted however that you must keep a backup copy of your private keys in a secure place, because if you lose your hardware wallet you could lose access to your assets forever.
Some of the best options I have found would be:
The small cost for these devices will add a lot of peace of mind that your portfolio is secure from hackers.
Be Wary of Strange Links or Random Contracts
Many times in the crypto space, if you are part of chat discussions on places like Telegram or Discord, you may come across unusual invitations from…
[ad_2]
Source link