Solana Wallet Hack: Five Tips to Protect Your Crypto Wallet
- on Aug 09, 2022
Crypto Wallets based on the Solana blockchain were the latest victim of crypto theft. The attack affected the most popular Solana wallets, including Phantom, Slope, and TrustWallet. A hot wallet can be operated on mobile and on the web. It allows users to store, send and receive tokens.
Solana is a blockchain that runs on the Proof of Stake (PoS) algorithm and is widely considered an eco-friendly token. The company claims that a single transaction on its network uses less energy than two Google searches and 24 times less energy than charging your phone. In the wake of the last Solana Crypto Theftshere’s how to protect your crypto wallets.
Store your cryptos in a cold wallet
The first step to securing your crypto wallet is to store it in a cold wallet. The cold wallet stores the private keys (the crypto equivalent of your password) in a secure physical device, it is one of the best ways to protect your cryptocurrency. It is immune to computer viruses, making it virtually impossible for hackers to steal your coins.
Cold wallets or hardware wallets are much more secure than web wallets because in most access web wallet providers have access to them, so if they are hacked and your private key is compromised, you could lose your investment.
Never share your private key
No matter what, private keys should never be shared with anyone. Remember that anyone with access to your private key has access to all your cryptocurrencies. The key to protecting your private key is to store it securely and change it often. Make sure you don’t use the same private keys (passwords) for your other logins like Google etc. Also, do not store your private keys on your computer or mobile device. The best way is to write it down and keep it somewhere where only you have access to your keys.
Do not store cryptos on centralized exchanges
Follow the golden rule: “Not your cryptos, not your keys”. Centralized exchanges have access to your private keys and can control your wallet. It is important to research which exchanges have been compromised in the past, because if the exchange is hacked, it shows poor security practices or existing vulnerabilities, so your investment could be at risk.
Avoid using public Wi-Fi
Do not use public WiFi to access your online crypto wallets or exchanges. If you have no option, use the VPN and connect to hide your IP address and location. The VPN hides your IP address and location and creates an encrypted tunnel that keeps your online activities private and secure.
Beware of phishing activities
Phishing is one of the most common attacks cybercriminals use to acquire your private keys. Do not click on any URLs on Discord, Twitter, etc. claiming a free airdrop or giveaway. Also, don’t trust text messages, emails, or chats that ask for your personal information.