Experts explain how to avoid hacking your crypto wallet

One of the biggest challenges in the industry is ensuring that investors' cryptos are safe amid rampant theft and hacking.

Evilkos, the founder of popular blockchain security firm Slowwife, has given critical advice on fortifying crypto wallets against exploits.

How to protect your Crypto Wallet

The security expert underscored the need to advance his understanding of wallet signature security through research and practical expertise to address the growing threats in the crypto community. Evilcos defended using browser wallet security extensions like ScamSniffer, PocketUniverse and WalletGuard.

He highlighted Raby Wallet's effectiveness in user interaction security, describing it as a strong firewall. According to him, the product is suitable for mobile and computer environment. Noting the importance of integrating firewall protection into digital asset wallets, he stressed the importance of proactively protecting valuable assets.

However, Evilkos cautioned against over-reliance on technology. The expert emphasized the importance of investors being familiar with security protocols, explaining that personal vigilance often outperforms automated solutions.

“The most valuable ‘firewall' is controlling these security technologies yourself. “My naked eye analysis is often more powerful than these,” said Avilkos

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In terms of prioritizing wealth accumulation over safety, he urged investors to acquire safety knowledge. Moreover, Evilcos emphasizes the symbiotic relationship between knowledge and financial security in the dynamic crypto sphere, expressing the adage “security first” as a guiding principle.

“Don't think about getting rich every day, you might fall into a trap first. The first thing you need to do when entering the dark woods is to learn safety knowledge and keep learning. Once you have money, you become more secure,” added Evilkos.

Crypto wallet hacking on the rise

Crypto investors and projects have lost billions of dollars worth of significant digital assets to wallet hacks. This trend highlights vulnerabilities in the ecosystem, prompting cyber security professionals to exercise heightened vigilance.

Chainalysis A staggering $3.7 billion worth of crypto assets have been stolen by 2022. Although this figure drops to $1.7 billion by 2023, the frequency of individual violations rose from 219 to 231.

In 2023, we estimate that North Korea-linked hackers stole an estimated $428.8 million from DeFi platforms and also targeted centralized services ($150.0 million stolen), exchanges ($330.9 million) and wallet providers ($127.0 million), Chinalysis analysts explained.

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Even in the first months of this year, there were crypto wallet breaches that resulted in asset losses. In particular, Accie Infinity founder Jeff Zirlin fell victim to a wallet exploit, losing 3,248 ETH worth an estimated $9.5 million.