You had to save to be able to buy the dip and hold with hopes of getting something in the future, you worked your ass off to be able to buy the dip, and you spent hours on twitter spaces talking about your craft so that you can sell your NFTs and hold the payment till you finally get the opportunity to sell in the future at a higher price. In essence, you have worked hard one way or the other to get the crypto that is currently stored in your wallet, you might be new to crypto but theft and hacking aren’t. This article will elaborate on Web3 security and help to answer these questions,
1. How does your wallet get hacked?
2. How to know if your wallet has been hacked
3. What to do if your wallet is hacked
4. What are the precautionary measures to take?
HOW DOES YOUR WALLET GET HACKED
You probably feel that since your wallet uses a complex passphrase it can’t be hacked, this article is about to change that feeling. If the wallet you use is connected to the internet, you are vulnerable to hackers. Wallets get hacked majorly in 2 ways, **1. Malware, **and Phishing Scams. Hackers don’t attack your wallets directly, they just find a way to get your private key or password information. They use the information they have gotten to access and steal your funds. Nobody working in the HQ of your wallet has access to your wallet or account **“Beauty of Web3.0”. **If you do get hacked it is because your device has been compromised.
HACKING THROUGH MALWARE
Malware is a collective name used to describe a variety of dangerous, harmful software that disrupts your computer system. If you have your private key stored discretely on your device, a hacker will be able to obtain that information using the **“Malware”. **You can’t know when a Malware was installed on your computer but there are several possible ways it can get into your computer, these ways include,
1. Compromised software or Websites
2. Email attachments
3. Infected USB drives
If your password or private key is stored on your computer, hackers will find it and steal your assets.
HACKING THROUGH PHISHING SCAMS
This is the most common method used by hackers to catch victims. Unlike the first method that involves hackers compromising your computer to get the information, this time they just trick you into giving up your information. This usually happens when you click on unsafe links, this link leads straight to a web page that is identically similar to a legitimate website that you know. You will be asked to input your details such as your username, password, and sometimes your private phrase.
HACKING THROUGH FAKE EXTENSIONS
A lot of people do not know about this method. Hackers create fake wallet extensions advertisement that often pops up at the top of Google searches. Clicking on the ad can lead to you downloading a compromised application/Chrome extension that will lead to a wallet hack. These fake extensions mimic actual wallet products and services closely that you might not even notice the differences.
HOW DO YOU KNOW THAT YOUR WALLET HAS BEEN HACKED
Hackers do not waste time after hacking an account, within the space of minutes they wipe out the entire wallet. If you ever lose access to your account there’s a possibility that a hacker must have changed your login details, you might be able to recover that wallet by entering your secret phrase since that can’t be changed but sadly your wallet has already been compromised.
WHAT YOU SHOULD DO WHEN YOUR ACCOUNT GETS HACKED
Sadly there is not much that can be done if your hot wallet gets hacked, the best thing to do is to create a new one. Forget about the old one because lost funds can’t be recovered.
PRECAUTIONARY MEASURES TO TAKE
Get a cold wallet- Your traditional wallets are software that is also known as hot wallets because they are connected to the internet. Cold wallets are not connected to the internet which makes security a major advantage, I strongly advise you consider investing in getting a cold wallet if you can.
**Be careful where you input your phrase-**Make sure you are using it with your official wallet pathway.
Use anti-malware apps regularly- This will help detect, catch, and remove harmful bugs from your computer. Avoid leaving your chrome extension running 247, hackers might notice this and try to trick you with a pop-up that will try you to input your information.
Maintain multiple wallets- There’s no limitation to how many wallets you can have, use one for your daily transaction and one for secure savings. Doing this will reduce the risk of breaching.
CONCLUSION
The crypto world is constantly advancing, so will hackers constantly try to gain access to your asset. It is your sole responsibility to protect your asset, if your wallet gets hacked it doesn’t necessarily mean there’s a problem with the wallet. Hackers don’t gain access to your wallet by breaking in, rather they get information and then use that information gotten to access your wallet. So be careful where you input your phrase, and be careful of the software you download.