4 Effective Ways to Secure Your Crypto Assets

Have you ever wondered how to safeguard your cryptocurrency? If so, you are not by yourself. It's a typical query among proponents of cryptocurrencies. It's critical to have a safety strategy in place for your digital assets given the growth in cryptocurrency thefts and frauds.

Additionally, blockchain technology protects cryptocurrency transactions, but that doesn't exclude bad actors from duping you into granting them access to your wallet so they may hijack your account. Once it’s done it’s tricky to get your assets back and may require assistance from Crypto Asset Recovery Provider.

Let's go over types of crypto scams and four ways to protect your cryptocurrencies so that you have the best chance of avoiding this terrible outcome.

Common Types of Crypto Scams

Email Phishing

Email phishing is a technique where scammers send unsolicited emails & ask users to log in to their crypto accounts. For that, the scammers may offer some lucrative offers in exchange for deposits and gain the access to their crypto assets.

Investment Scams

In this kind of scam, the scammer creates a fake version of any reputed crypto trading platform, and they may post ads on social media platforms to make them believe it's legit.

For larger-scale hacking operations, there may be a significant number of con artists charged with contacting people about cryptocurrency investments. The hackers may permit victims to exchange cryptocurrency once they accept deposits in cryptocurrency. However, because of additional fees, taxes, or waiting periods intended to keep users from understanding they have been cheated, they probably won't be able to withdraw their investment returns. Once you get duped by the hackers you may need to contact a Crypto Asset Recovery provider.

Romance Scams

Hackers create phony accounts on dating apps or websites and match them with victims in romance scams. Once they establish communication with the victims, they might ask for cryptocurrency to cover emergencies like medical costs.

Or the con artists can adopt a different strategy by attempting to persuade the victims to participate in bitcoin trading. The hackers might provide instructions on how to create a cryptocurrency account if the victims don't already have one. Additionally, the hackers can advise the victims to download and set up remote access software on their computers, which would provide scammers access to the victims' online investment accounts. If you have got scammed by any such means, we advise you to consult any reputed Crypto Asset Recovery agent.

Ways to Prevent Yourself from Crypto Scams

It’s always easy to prevent yourself from scams rather than seeking out for recovering it back. To help you out we have shared a few effective ways to use which you can potentially prevent yourself from scams.

Choose the Right Storage Type

Choosing the right storage should be your first and foremost priority, since there are various options available you can choose one based on how often you trade in crypto.

The Custodian method is one effective method where companies like Gemini and Coinbase world like a bank and keep your crypto assets safe with them. However, you shall be mindful of the charges these companies ask to keep custody of your crypto assets.

Another effective way is to store your private key in a small piece of hardware that can easily plug into your computer. This means your crypto assets are stored in blockchain which is usually safer and requires access to your private key.

Spread Your Crypto Assets Holdings

According to Crypto Assets Recovery providers, if you hold a big chunk of crypto assets, you must spread it out. Though there is no specific ratio, you must store them in different places. You can make use of both a hot wallet and a cold wallet for storing purposes.

While a hot wallet is available online and available for day-to-day trading, its more vulnerable to theft and you must store only a small amount of crypto assets in it, whereas, a cold wallet can be used to store the major chunk of your crypto assets and these wallets are not available online.

Safeguard Your Private Keys

If you choose to store the crypto assets on your own then you must make sure that the private key is safe from theft or loss. You can write down the private keys & keep them in some highly secured places like safe deposit, offline computer, etc.

Avoid keeping your private key on a computer, mobile, or cloud that’s vulnerable to hacking. Additionally, you can choose to split the private key and keep them in different locations.

Be Aware of Phishing Scams

As we mentioned above, phishing is a common way for hackers to steal someone’s crypto assets. Therefore, you must be highly careful while opening an email that is suspicious. Since hackers are getting smarter with each passing day they execute their attacks with advanced planning and effectively.

For instance, they may get the email address and identity of a blockchain exchange employee to create a bogus email and ask you to click on the malicious link along with the sensitive information.

Bottomline

Although protecting your cryptocurrency may seem like a difficult and time-consuming undertaking, a proactive approach to cybersecurity pays off over time.

For obvious reasons, it is preferable to prevent damage rather than merely mitigate it, especially when money and digital assets are at stake. You should be able to minimize the danger of a compromise by trading on secure exchanges, splitting your assets among several cold wallets, using secure internet, implementing multi-factor authentication, and exercising caution. In case you have experienced fraud already contact a Crypto Asset Recovery Provider ASAP.