What are the hacker-exclusive measures necessary to protect digital wallets | The Financial Express

What are the hacker-exclusive measures necessary to protect digital wallets

As per a report by Chainalysis, Solana is estimated to have recorded a loss between five million dollars to eight million dollars

What are the hacker-exclusive measures necessary to protect digital wallets
It is believed that hot wallets, on the other hand, are linked to the internet and are a component of cryptocurrency exchanges

According to the CyberThreat report published by Acronis, a software company in data protection, the Conti ransomware group has gained $2.7 billion through cryptocurrency thefts over the course of two years. The report further stated that the database of decentralised finance (DeFi) scams, hacks, and exploits had an estimated value of more than $60 billion at the time this study was being prepared. “On the Internet, one should abstain from clicking spam links. It is advised that users should not divulge their keys, either public or private, to anyone. Cryptocurrency users should start adoption of additional security measures due to an increase in attempts to hack bitcoin wallets and exchanges,” Vijay Pravin Maharajan, founder and CEO, bitsCrunch, told FE Digital Currency.

Annual total cryptocurrency value stolen by victim type | 2019–2021
Source: Chainalysis

As per a report by Chainalysis, Solana is estimated to have recorded a loss of between five million dollars to eight million dollars. It is believed that “Hot wallets, on the other hand, are linked to the internet and are a component of cryptocurrency exchanges, making them more susceptible to cyberattacks,” Ajeet Khurana, founder, Reflexical, mentioned.

Meanwhile, the Solana cryptocurrency saw selling pressure earlier this month as users complained about their funds being taken from “hot” wallets, which include Phantom, Slope, and TrustWallet without their knowledge. “It is better to use the cold wallet, and save your seed phrase offline in a secure location that is confidential. It can be time-consuming to make a password for each of your online accounts, but it is worthwhile to reduce risk and change passwords. Never send cryptocurrency to giveaways in order to verify your address,” Gaurav Raaj, Wize, added.

Note: The ‘unknown’ label means information about the hack type is not publicly available. The ‘other’ label means the hack type is known but does not fit within our defined categories.  Source: Chainalysis

The report noted that the current estimate for scam revenue in 2022 is $1.6 billion, which is 65% less than the amount through the end of July 2021. “Social media hacks are common, and its offerings can put the user in a pickle. After making a transaction, always revoke permissions and disconnect wallets from decentralised applications (dApps). The wallet message ought to resemble others that have been used in the past. Any transaction must be carried out with caution,” Maharajan added.

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