Keep Your Crypto, NFT, and Metaverse Assets Secure With These Cybersecurity Tips
We’re living in an age where our digital lives are starting to overtake our physical lives. With work, entertainment, education, finances, and socialization all going online, people are spending more time in the digital realms than ever.
This is good news for proponents of the metaverse and NFT assets. That’s because it means that people will naturally gravitate towards embracing the Web3 revolution with its many wonderful applications.
The latest figures from the markets are proving that point as NFTs just hit a new all-time high last month by generating trading volume of roughly $7 billion. Compared to the little over $2 billion volume in December last month, we’re looking at over 200% growth in just a single month!
The metaverse is following a similar trajectory as even big name brands like Walmart, Samsung, and Ferrari are joining the frenzy in a bid to profit from this undeniable shift of attention and wealth.
Unfortunately, it’s not all good news as security challenges are rising shoulder-to-shoulder with this recent flurry of growth.
Cybersecurity is the Need of the Hour for Web3 Users
Wherever consumers go, unscrupulous characters with hacking know-how follow. This has been true for every digital transition in the history of the world, and unfortunately, Web3 is being plagued by these same characters.
The number of hacking incidents involving crypto and NFTs has reached all-time highs following the recent growth in userbase. This means that people who are embracing innovation and trying to play their part in promoting a better, fairer future are being left high and dry by these cyber attackers.
While the underlying blockchain technology is as bulletproof as ever, what we’re seeing is that hackers are taking advantage of people’s lack of awareness around cybersecurity best practices for their daily Web3 usage. This is how attackers are managing to drain the digital wallets of unsuspecting, innocent users of all their crypto, NFTs, and more.
Although most people assume that a security lapse must be a fault in the exchange or wallet provider’s systems, it’s actually far more likely to be a compromise of the individual user’s computer system.
It’s not all bad news, however. There are ways to dramatically lower your odds of falling victim to a cyber attack, and with this article, we’re going to highlight some of the most effective and helpful cybersecurity tips.
By following these tips, you can continue being a part of this fascinating new sector of finance without worrying about criminals stealing your hard-earned assets.
5 Tips to Stay Safe in the Wild, Wild West of Web3
Without wasting any time, here are some expert-recommended tips that you should start following today to have a smooth sailing through the murky waters of the digital realms.
1. Never Install Anything From Unknown Developers
The most common way that hackers compromise the wallets of unsuspecting users is by putting a fake application out there and then hoping for people to download it. This could be an image converter, a video downloader, or a fake token generator. Attackers are getting creative by the day and keep brewing novel and more convincing schemes.
The easiest way to avoid this issue is by setting a personal rule of never downloading anything without 10,000 or more downloads on an official platform. For example, in your browser, this could be the Google Chrome extensions. Or the Play Store or Apple App Store on your smartphone.
Most of the malware-laced apps don’t live on these platforms for long enough to gather a big userbase. As a result, you can greatly reduce your risk by avoiding anything with a set number of downloads.
This is especially important if you use a browser wallet like Metamask or an offline wallet on your phone. These are the prime targets for attackers because of how easy it is to drain them by installing malware.
2. Keep Your Files Backed Up Externally
As any cybersecurity expert will tell you, ransomware attacks are the fastest growing digital threat in the world and they love to target crypto users because of the anonymity these digital assets offer.
So if you aren’t already backing up all your important files in an external device, you shouldn’t wait any longer and start today.
Not only it will protect you against crypto and NFT thiefs, but it will also protect you against computer hard drive corruption as well, which happens more often than you might think.
3. Use a Non-Custodial Wallet
Using a non-custodial wallet is crucial because not only does it give you the decentralization that you deserve, but it also protects you against any compromises of the wallet provider that you are using. This is especially true for exchange wallets, as we’ve seen many exchanges that only offered custodial wallets end up losing assets to hackers. In fact, there have been many cases where custodial wallet providers themselves stole all the assets of users and ran away.
To protect yourself against such scenarios, you should only use a non-custodial wallet for the storage of your crypto and NFTs.
At Shihtzu Exchange, your security and peace of mind are our biggest priorities. That’s why our exchange will offer non-custodial wallets to all users, thus giving power back to the people.
4. Watch Out for Dubious Accounts and Suspicious Posts
Another common way that hackers steal assets is by creating an evil twin profile and pretending to be someone they are not. For instance, you’ll see them use the same name, image, and other details as the influencer you’re following. They will usually leave a comment claiming to have some special offer for you or that you should leave them a DM on the social media platform.
Of course, it’s also possible for attackers to overtake the accounts of your favorite influencers or blockchain creators. We saw this happen in 2020 when dozens of the most prominent figures on the Internet had their Twitter accounts hacked by some attackers, who then went on to ask users to send cryptocurrencies to their wallet.
Why would people send their own assets to them? For two reasons. One, the messages came from the accounts of the most influential people on the planet. Some of the big names included Barack Obama, Elon Musk, and Joe Biden.
The second reason was that the attackers promised to send users multiple times more crypto assets in return for their contribution. Over $100,000 worth of assets were lost that day.
The lesson here is to watch out for any suspicious activity and always trust your gut instinct. If something sounds too good to be true, it most likely is.
Your Safety is at the Core of Everything We Do at Shihtzu Exchange
At Shihtzu Exchange, nothing is more important to us than the safety and peace of mind of our beloved community members. This is why we have incorporated the highest standards of cybersecurity across our entire ecosystem of solutions, ranging from military-grade encryption to advanced defense systems that keep intruders out of your accounts.
So if you want to join the metaverse and NFT platform that’s both innovative and secure, be sure to explore the following links: