 | Recently, a security firm published a report which found that only 6 out of 45 wallets analyzed had undergone penetration testing, meaning it's possible that 39 wallets are vulnerable to exploits & hacks. This is a sobering finding considering we've seen multiple crypto wallets exploited & hacked over the last couple of years. All of this brings a big question in mind, and that's... how can YOU protect yourself from Crypto wallet exploits & hacks? Well, THE FIRST STEP is to take all audits penetration tests, bug bounties & other security measures with a grain of salt. As DeFi developer Andre Cronje famously said "They are NOT bullet proof" Take a second to consider that a DeFi protocol that had been audited by Hacken was subsequently exploited late last year. In Hacken's defense, the exploit happened after the DeFi protocol had made some changes, hence HAcken's emphasis on doing security testing after every change in their report. Per Hacken's own explanation of the incident however, the DeFi protocol named (Team Finance) had in fact run another audit after making these changes and yet it was still exploited. And this relates to THE SECOND STEP and that's to remember that all these security ratings and rankings aren't necessarily correct , even IF the security firm behind them is legit, such as Hacken. Besides potential problems with their methodologies, Crypto Security Firms can and often do have biases. This is a consequence of the fact that Crypto Security Firms are paid by the crypto projects and protocols they audit... ding ding ding. This can result in bias security testing and it's why some crypto security firms are less reputable than others. Now, THE THIRD STEP is to remember that even the best Crypto Wallet may not have buletproof security. Even MetaMask had allegedly suffered an exploit. This is a reference to an incident from this April. MetaMask denied the issue was on their end but said the issue was never identified. Weird, right? That's why THE FOURTH STEP is the most important! And that is to make sure that you're always keeping any crypto you hold and not aactively trading on a hardware wallet of some kind (Ledger, Trezor etc.). This makes it almost impossible for your crypto to be stolen. Even IF the underlying software is hacked or exploited. The FIFTH STEP is similarly paramount and that's to make sure you don't give unnecesary authorization to apps and dapps and don't accidentally give authorization to malicious apps and dapps. And the FINAL STEP is a ongoing one, which you have to do almost every day... and that is to stay educated and informed ! The fact that even the most secure and popular crypto wallets aren't perfect means that you constantly need to keep up with the Crypto News. If you stay up to speed with what's going on can save your crypto portfolio! So, is YOUR crypto wallet safe? What are you actively doing to protect it? Have you been hacked before? Waiting for your answers & opinions ! :) [link] [comments] |
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