Good day everyone, hope we are doing great. I felt that it is really important that i share this little piece of information to the leofinance community. The level of security threat in the cyber space is quite increasing, with so many users, companies and wallet producers complaining about hacking activities. It is no news again that a Self-Custodial wallet can be easily hack into, which i am going to give a good explanation in this post.
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While discoursing with a friend of mine, who is a crypto expert, i asked him if he has lost any of his asset from his Self-Custodial wallet, he confirmed that his wallet has being compromised several times resulting to loss of funds. This quickly got me thinking that safety in the cyber space is not guranteed.
Recently, Atomic, which is popularly known to be the producer of Atomic Crypto Wallet, posted via their twitter handle about recent security threats.
According to the post which was dropped on june 3rd, they stated..
We have received reports of wallets being compromised. We are doing all we can to investigate and analyse the situation. As we have more information, we will share it accordingly.
Other reports posted on june 5th stated..
At the moment less than 1% of our monthly active users have been affected/reported. Last drained transaction was confirmed over 40h ago.
Security investigation is ongoing. We report victim addresses to major exchanges & blockchain analytics to trace and block the stolen funds.
While going through comment section, i could read lots of comments from users complaining about stolen asset. This security threat has become frequent in our society.
Protecting Your Self-Custodial Wallet
This is the most important part of this post, as it gives brief suggestion on how to protect your wallet.
• Be careful of who you give your device to.
• Do not take screenshots of the key phrase of any wallet.
• Passwords that are being saved to your password bank should be reset frequently.
• Do not attempt to click untrusted links
• Avoid sharing public wi-fi.
NOTE : Hackers can only get access to your phone, and not your wallet. The saved key phrase on the phone, can then give the access to the wallet. That is why it is advisable not to take a screenshot of any key phrase. I guess Trust Wallet don't allow screenshot features of key phrase.
In Conclusion
After having a long chat with my friend, i figured out all this important point, and i thought it might be helpful. Please, try to key your key phrase save.
SAY NO TO CYBER THREAT
Big Appreciation to @Bradleyarrow, @onwugbenuvictor, @pele23 and @mightyrocklee, please do well to follow them for quality content.
