How to protect your crypto after the Coinbase hack
Crypto traders should go the extra mile to enhance the security of their accounts.
To protect your cryptocurrency, use cold storage, be wary of crypto scams, and never share your private keys.
Is your cryptocurrency safe? Check again.
Coinbase, one of the best crypto exchanges, was hacked on May 11, just days before its public debut on the S&P 500. Cybercriminals bribed overseas support agents for users' sensitive personal information, affecting around one million Coinbase investors.
Hackers did not breach private keys, passwords, funds, or Coinbase Prime accounts. However, personal information such as names, addresses, government IDs, and the last four digitals of Social Security numbers was compromised.
Although crypto trading platforms like Coinbase are responsible for protecting investors from fraudulent activity and hacks, you can take security into your own hands to further safeguard your investments.
Here are the best practices crypto traders can take to protect themselves and their cryptocurrency following the Coinbase hack.
Never share your private keys
First rule of cryptocurrency trading: Never share your private keys.
Private keys are a unique, random string of characters that provide access to your crypto holdings. You should be the sole owner of your private keys to prevent unauthorized selling or transferring of your cryptocurrency. Without your private keys, you may lose access to your crypto holdings.
Use cold storage
One of the best ways to shield your crypto from potential hacks and scammers is to use offline cold storage instead of a virtual hot wallet. While hot wallets can securely hold your crypto assets and private keys, they are connected to the internet and therefore susceptible to hackers.
Instead, use a cold wallet, otherwise called a hardware wallet, which is a physical device not connected to the internet. Ledger and Trezor are two of the most popular cold wallets featured on our list of the best bitcoin wallets.
A cold wallet typically requires its own key to access. If you lose that key, you risk permanently losing access to the crypto in your wallet.
Be wary of crypto scams
Cryptocurrency's decentralized nature, lack of regulations, and irreversible transactions make it a target for scammers. Due to the complexity of trading on the blockchain, inexperienced crypto traders are more easily tricked.
Phishing scams are a common threat in the crypto world. Scammers attempt to impersonate exchange employees or another trusted source via phone, email, or text to trick you into revealing sensitive information like your private keys or passwords. If you suspect a potential phishing scam, contact your exchange to verify the request.
Also, be wary of potential rug pulls or pump-and-dump schemes. In these schemes, scammers aggressively promote a new coin to attract investors, inflating its value only to abandon the project. By the end, investors are left with worthless tokens.
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Only invest in what you understand
Technically, anyone can create a cryptocurrency, but most fail to become the next bitcoin or ether. Some tokens generate an initial hype, only to plummet in value just as quickly. For that reason, it's crucial to read a crypto's white paper before buying. White papers lay out the purpose, technology, and road map behind the coin.
Also, do your homework on the platform or crypto exchange itself, as not all exchanges are created equal. Some scammers even create fake websites or apps mimicking popular exchanges to steal private keys.
Before opening an account with a random exchange, carefully review the platform's history, customer reviews, and the different security measures it has in place to protect your information.
Monitor your account and report suspicious activity
Make sure you regularly monitor your account activity to ensure all transactions are from you and no one else. If there is unauthorized activity on your account, you should:
Lock your account on all devices
Reset your password
Contact the platform or exchange
Set up transaction notifications to be alerted of suspicious activity in your account. In these circumstances, it's best to act as quickly as possible.
Employ additional security measures
Crypto transactions are irreversible, so it's very important to go the extra mile to protect your account with additional security measures such as:
Two-factor authentication: 2FA provides an additional layer of security when you log in, requiring two forms of identification.
Strong password: Avoid using our name or reusing the same password on different accounts. Strong passwords are long, typically 12 to 14 characters, and include numbers, symbols, and upper and lowercase letters.
Keep software up to date: Make sure to regularly update your trading software and crypto wallet for access to the latest security updates and software patches.
Don't know where to start? Consider a financial advisor.
Finding a financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to three fiduciary financial advisors who serve your area in minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. Start your search now.
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