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5 Easy Ways To Keep Your Crypto Safe

5 Easy Ways To Keep Your Crypto Safe

With the recent news of Kevin Rose falling victim to a phishing attack, losing over 685 ETH ($1.1 million) of assets in the process, there’s no better time than the present to look at some basic good security practices which will keep your crypto and NFTs safe.

Unfortunately, scammers are relentless in their pursuit of thievery, using many different methods from malware to social engineering to get their ill-gotten gains. Sometimes though, events such as the FTX scandal taught us that no one can protect you but yourself.

Let’s dive in to how you can avoid becoming a victim:

1. Use Centralized Exchanges as an on/off ramp only

How to Buy FTX Token in 2023 - Where to Buy FTT

Centralized Exchanges (CEXs) such as Coinbase, Binance and all have their uses. Certainly, they’re the most convenient form of custody, but with that convenience comes a cost. “Not your keys, not your crypto” is the saying that was repeated endlessly during November 2022, as FTX imploded – taking billions of dollars of customer funds with it.

As the news spread that FTX was in trouble, more and more FTX users logged on to try and withdraw their crypto away from the platform. Most of these withdrawals were never executed, leaving users high and dry.

Coinbase and Binance, although looking stable, are not impervious to such an event. No exchange is, and so the simple solution is to use CEXs as on and off ramps only. This means using their platforms as a means to purchase/sell coins from/to fiat, and then shifting the assets away from the platform to your own self-custody wallet immediately.

Ideally, you should never have a large portion of your portfolio on a CEX for an extended period of time.

2. Use Cold Storage

Ledger Launches Nano S Plus Hardware Wallet For NFT Support

Self custody of your assets is a great responsibility that requires the highest level of care and attention. A great way of reinforcing your security is to use a cold storage device to add an extra layer of protection.

A cold storage device, or hardware wallet, ensures that a transaction cannot be signed for unless the person executing the transaction is able to physically sign for it in a second prompt which is enabled by the device. Usually, transactions only require one confirmation which is done through the Metamask extension – which means if a scammer has your credentials, they can sign away the contents of your entire wallet to their own. However, this isn’t possible if the hacker doesn’t physically have the cold storage device linked to the wallet.

With this said, a cold storage device will not make you invincible. You still need to keep the seed phrase of the wallet stored in a safe and offline location, preferably split into two and separated. If you sign a malicious transaction with your device, then there’s no protection from that.

The two market leaders on these devices are Ledger and Trezor.

3. Scams and Social Engineering

Hacker Symbol Photo - Hacking - IT - Security - magenta | Flickr

All day, every day, scammers are trying their luck with crypto and NFT holders to trick them into signing their assets away. It’s not a pleasant outlook to take, but the best thing you can do while navigating this space is to be paranoid that every unsolicited DM is an attempt to scam you. Speaking from experience, most are! So it’s not an unreasonable stance.

A popular method can involve approaching you to make a trade on an asset you’ve advertised for sale. The scammer will always insist on setting up the trade – this is so they can do so on an unofficial version of the trade site which they’ve built themselves. There, the contract you will sign is not for a trade to take place, but to allow the exploiter to transfer over a large number of tokens. Incidentally, this is how Kevin Rose got stung.

Scammers can sometimes approach you in DMs on Discord saying they are part of a projects team, or sometimes posing as the project itself advertising a flash mint or token buy. Again, these are wallet drainer contracts and projects/moderators will almost never DM you first as a general rule.

Just exercising a healthy degree of paranoia should serves you well. Be cautious on applications and attachments downloaded from external sources .If possible, try to avoid it.

4. Use official links only

To follow on from the last point, only using official links from a project’s social media bio and/or their discord server is the best way to go.

Needless to say, clicking on unknown links from strangers in DMs is a recipe for disaster, it could have loaded you with a virus or other malicious software, but even Googling a project or Web3 related website can be a risk if you happen to ontroll your browser on a dummy website. This also give scammers an opportunity to attack.
can prove to be dangerous. Scammers have been known to buy ads on Google and Twitter to promote their fake versions of popular websites. The website, title, description looks identical at first glance, but the URL will have a discrete typo which indicates it’s not the official version.

Scammers will use ads in order to ensure their site ranks highest on the page when the search results appear – instilling a sense of trust in the user. The best course of action to avoid this pitfall is to cross reference the official URL from trusted sources against the one you are about to click on.

5. Use Protection Software

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MalwareBytes is highly regarded as the best and most affordable antivirus protection software for your devices. There are others out there, but I’ve personally used this one for a year and it’s done the job nicely. The $30 p/year price tag is a small price to pay also.

If you’re an active trader/minter in the crypto and NFT space, there are a couple of options to give you extra peace of mind too. MintDefense, although not yet available to the public, has been working well to protect its users from malicious websites by flagging them instantly once clicked through on. The team there is still working behind the scenes on improving the product for release, but this is certainly one to keep a tab on.

Another is Stelo, who reverse engineered the signature that Kevin Rose signed before losing his assets. A big issue with signing for transactions is that they’re not immediately clear on what is about to be executed, to the untrained eye. Stelo have built something that does away with the confusing and often complicated content populated in Metamask, and have replaced it with a bold visual representation explaining what you are about to sign on.


Those were five very simple ways you can protect your digital assets.

Ultimately, being overly cautious is much wiser than rushing through any task when it comes to due diligence. Additionally, the relatively small amount to pay for a cold storage device and protection software is insignificant when compared to the potential cost of losing your prized assets.

This is a Contributor Post. Opinions expressed here are opinions of the Contributor. Influencive does not endorse or review brands mentioned; does not and cannot investigate relationships with brands, products, and people mentioned and is up to the Contributor to disclose. Contributors, amongst other accounts and articles may be professional fee-based.

5 Easy Ways To Keep Your Crypto Safe

Cryptocurrencies have become increasingly popular in recent years, and a lot of people are wondering how to keep their digital assets safe. In this article, we’ll look at five easy ways to protect your crypto and the answers to some frequently asked questions about crypto safety.

1. Use a Cold Storage Wallet

What is a Cold Storage Wallet?

A cold storage wallet is a way to store cryptocurrency offline – away from the internet. It’s like an extra layer of security, as it’s impossible for anyone to access your crypto without physical access to the hardware wallet itself.

Pros and Cons

  • Pros:
    • Extra layer of protection from hacking
    • Your crypto is held securely and privately
  • Cons:
    • Expensive – hardware wallets are not cheap
    • You must keep the hardware wallet safe from potential thieves

2. Use Strong Passwords and Two-Factor Authentication

What is Two-Factor Authentication?

Two-factor authentication (2FA) is an extra layer of security that requires two pieces of evidence to log in to a website or app. This means that hackers need to know both your username and password, plus something that only you possess. This could be a code sent to your phone via text message, a token, or a biometric, like your fingerprint.

Pros and Cons

  • Pros:
    • Added layer of security to protect your crypto
    • Two pieces of evidence are needed to log in
  • Cons:
    • Not all wallets and exchanges support 2FA
    • Can be inconvenient as you need to keep your token or phone with you

3. Use a Separate Email Account

What is a Separate Email Account?

A separate email account is an email address that is dedicated to cryptocurrency-related activities. This is done to reduce the risk of your crypto accounts being hacked. It’s especially important to use a separate email address if you’re using a cold wallet.

Pros and Cons

  • Pros:
    • Reduces the risk of account hacking
    • Your crypto-related messages are kept separate from your other emails
  • Cons:
    • You need to remember to check the separate email address
    • Time consuming to set up and use

4. Don’t Store Your Crypto on an Exchange

What is an Exchange?

An exchange is an online platform where you can buy and sell cryptocurrencies. But exchanges are not the safest places to store your crypto, as they can be vulnerable to hacking attacks.

Pros and Cons

  • Pros:
    • Easy to buy and sell crypto
    • You can access a wide range of digital assets
  • Cons:
    • Not a safe place to store your crypto
    • Exchanges can be vulnerable to hacking attacks

5. Monitor Your Wallet Regularly

What Does Monitoring Your Wallet Mean?

Monitoring your wallet means checking your wallet balance and reviewing any incoming and outgoing transactions on a regular basis. This helps you spot any suspicious activities quickly and take the necessary steps to protect yourcryptocurrency.

Pros and Cons

  • Pros:
    • Easily identify any suspicious activity
    • Quickly take action to protect your crypto
  • Cons:
    • Time consuming
    • You need to be aware of any changes on the blockchain

Frequently Asked Questions About Keeping Your Crypto Safe

  • Is it safe to store crypto on an exchange?:

    No, it is not safe to store crypto on an exchange as these platforms can be vulnerable to hacking attacks. It’s best to use a cold storage wallet or other secure storage methods to keep your crypto safe.

  • Do I need two-factor authentication?:

    Two-factor authentication (2FA) is an extra layer of security that can help protect your crypto. If your wallet or exchange supports 2FA, then it’s a good idea to use it.

  • Do I need to monitor my wallet?:

    Yes, you should check your wallet balance and all incoming and outgoing transactions on a regular basis, as this will help you identify any suspicious activities quickly.


Keeping your crypto safe is a must if you’re investing in digital assets. In this article, we looked at five easy ways to protect your crypto, from using a cold storage wallet to setting up a separate email account. We also answered some frequently asked questions about crypto safety. By following these steps, you can keep your digital assets safe and secure.

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Mindy Kaling

Mindy Kaling lives in rural New Hampshire without a television. She's such an odd British fellow.
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