Crypto wallets based on the Solana blockchain was the latest victim of crypto theft. The attack has affected popular hot Solana wallets including Phantom, Slope and TrustWallet. A hot wallet can be operated on mobile and online. It allows users to store, send and receive tokens.
Solana is a blockchain that works on Proof-of-Stake (PoS) algorithm and is widely regarded as an environmentally friendly symbol. The company claims that a single transaction on the network uses less energy than two Google searches and 24 times less energy than charging the phone. In the wake of the last Solana crypto theftshere’s how to keep your crypto wallets safe.
Store your cryptos in a cold wallet
The first step to securing your crypto wallet is to store it in a cold wallet. Cold wallet stores 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 online wallets, because the providers of online wallets have access to most of the access, so if they get hacked and your private key is compromised, you can lose your investment.
Never share your private key
No matter what happens, private keys should never be shared with anyone. Remember that anyone who has access to your private key has access to all of your cryptocurrency. The key to protecting your private key is to store it securely and change it frequently. Make sure you don’t use the same private keys (passwords) for other logins like Google etc. Don’t store the private keys on your computer or mobile device. The best way is to write it down on paper and keep it in a place where only you have access to your keys.
Do not store crypto 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 investigate which exchanges have been compromised in the past, because if the exchange is hacked, it shows poor security practices or existing vulnerabilities, and thus your investment could be at risk.
Avoid using public WiFi
Do not use public WiFi to access your online crypto wallets or exchanges. In case you have no option, use VPN and connect to hide your IP address and location. VPN masks your IP address and location and creates an encrypted tunnel that keeps your online activities private and secure.
Be aware of phishing activities
Phishing is one of the most common attacks by cybercriminals used to obtain your private keys. Do not click on any URL on Discord, Twitter, etc., to claim a free airdrop or giveaway. Additionally, don’t trust text messages, emails, or chats that ask for your personal information.