How to protect your cryptocurrency wallet from hacking

One of the biggest challenges in the industry is keeping investors' cryptocurrencies safe in the face of widespread theft and hacking.
Evilkos, the pseudonymous founder of SlowMist, a renowned blockchain security company specializing in blockchain security, outlined basic tips for protecting cryptocurrency wallets from exploits.

How to protect your cryptocurrency wallet

Addressing the growing concerns of the cryptocurrency community, the security expert emphasized the need to deepen one's knowledge of wallet signature security through research and practice. Evilkos recommended the use of browser-based wallet security extensions such as ScamSniffer, PocketUniverse and WalletGuard.
He emphasized Rabby Wallet's effectiveness in terms of user interaction security, presenting it as a robust firewall. He said the product is suitable for mobile and computing environments. He noted the importance of integrating firewall protection with digital asset wallets, emphasizing the importance of protecting valuable assets with proactive measures.
However, Evilkos cautioned against being overly enthusiastic about technology. The expert emphasized the need for investors to master security protocols, assuring that personal vigilance often trumps automated solutions.
"The most valuable 'firewall' is to master these security technologies yourself. My analysis with the naked eye is often stronger than theirs," - Evilkos said.
He also cautioned against prioritizing wealth accumulation over security, urging investors to prioritize security knowledge acquisition. Furthermore, Evilkos emphasized that "safety first" is a guiding principle, highlighting the symbiotic relationship between knowledge and financial security in the volatile field of cryptocurrencies.
"Don't think about how to get rich every day because you can fall into the traps first. The first thing you need to do when entering the dark forest is to get knowledge about safety and keep learning. Once you earn money, you will become more secure," Evilkos added.

Cryptocurrency wallet hacks are on the rise

Recently, investors and cryptocurrency projects have lost significant digital assets worth billions of dollars due to wallet hacks. This trend highlights the vulnerabilities inherent in the ecosystem and has prompted cybersecurity professionals to be more vigilant.
According to Chainalysis, $3.7 billion worth of cryptoassets were stolen in 2022. While that number dropped to $1.7 billion in 2023, the frequency of individual hacks increased from 219 to 231.
"In 2023, we estimate that North Korea-linked hackers stole approximately $428.8 million from DeFi platforms, as well as attacked centralized services ($150.0 million), exchanges ($330.9 million), and wallet providers ($127.0 million)." - Chainalysis analysts explained.

Already in the first months of this year, there have been reports of cryptocurrency wallets being hacked, resulting in the loss of assets. In particular, Jeff Zirlin, co-founder of Axie Infinity, was the victim of a wallet hack, losing 3,248 ETH worth $9.5 million.