How To Keep Your Crypto Secure After ByBit Hacked
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How To Keep Your Crypto Secure After ByBit Hacked

by Ankita Sharma — 2 days ago in Blockchain Technology 3 min. read
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If you think Crypto secured, maybe its not because recently ByBit which is a popular Crypto Exchange platform was hacked with the loss of almost $1.5 billion worth of tokens.

Media enthusiast claim that it is the biggest crypto theft ever committed in the industry.

Though many verdict believe that the hacker took control of one of ByBit’s offline Ethereum wallets which carried a suspicious transaction, resulting in flowed out from the wallet.

So, the question now is – Is your crypto secured?

After this incident, crypto owners will now monitor their crypto actively and wants to make them more secured.

!

Here are few ideas to keep your crypto secured and act quickly if you lack any one from the following.

1. Use A Password Manager

You may have brought multiple crypto assets and so passwords. Using a password manager platform such as Dashlane to secure your holdings is a smart move.

Such password manager help you manage private keys, exchange passwords, and recovery phrases securely.

Pick a reputable password manager with strong encryption and zero-knowledge architecture.

  • 1Password (Supports secret key storage)
  • Bitwarden (Open-source & end-to-end encrypted)
  • Dashlane (Has a dark web monitoring feature)
  • Keeper (Advanced security features)

Another idea is keep changing your password occasionally for data breach.

2. Use 2-Factor Authentication (2FA)

Dynamically, 2-Factor Authentication (2FA) adds an extra layer of security to your crypto exchanges, wallets, and accounts.

As it helps in prevent unauthorized access even if your password is compromised, it is best for crypto users to enable for extra security.

  • Don’t use SMS 2FA alone.
  • Don’t screenshot backup codes.
  • Don’t ignore 2FA for email.

The best approach is to use a hardware 2FA device (like YubiKey) or an authenticator app.

3. Private Key Protection

Each crypto assets are protected with cryptographic keys, specifically private keys which are used to access and control ownership.

Therefore your private key is the most critical piece of information. If someone gains access to your private key, they completely control your funds.

The safest way to protect a private key is to keep it offline and away from internet-connected devices.

  • You can store on hardware wallets.
  • Generate a paper wallet and print.
  • Keep your key onto waterproof things.

Always create multiple secure backups of your private key to prevent permanent loss.

Also read: 10 Types of Developer Jobs: IT Jobs

Conclusion

Securing is your crypto assets is a work of intelligence. This mean stay smart out there! Necessarily, scammers create fake sites that look like real but that’s not and intend to steal account information by sending email include a link – completely stay away from them!

Frequently Asked Questions

What is the best way to secure crypto?

Use a hardware wallet and enable 2FA on accounts while keeping private keys offline.

Where is the safest place to keep crypto?

The safest place to keep crypto is a hardware wallet stored in a secure, offline location.

What is the best crypto security?

Cold storage, multi-signature wallets, encryption, and 2 Factor Authentication are best security protocols.

What is the safest cryptocurrency?

Bitcoin (BTC) and Ethereum (ETH) due to strong security and adoption.

Author’s Recommendation:

👉 How to buy Bitcoin (BTC) on eToro

👉 How AI help in Bitcoin wallet security

👉 How to stay safe and avoid scams

Disclaimer: The information written on this article is for education purposes only. We do not own them or are not partnered to these websites. For more information, read our terms and conditions.

FYI: Explore more tips and tricks here. For more tech tips and quick solutions, follow our Facebook page, for AI-driven insights and guides, follow our LinkedIn page.

Ankita Sharma

Ankita is the Senior SEO Analyst as well as Content Marketing enthusiast at The Next Tech. She uses her experience to guide the team and follow best practices in marketing and advertising space. She received a Bachelor's Degree in Science (Mathematics). She’s taken quite a few online certificate courses in digital marketing and pursuing more.

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