The past year has been very negative for users and for cryptocurrency enthusiasts, not only because of the bear market, but also due to numerous attacks on the trade in cryptocurrencies. In a recent article published by CoinDesk, Eric Larcheveque talk about this problem and how the hardware portfolios help solve this problem. Larcheveque is the CEO of Ledger, one of the most important manufacturers of hardware portfolios in the world.
According to Larcheveque, trade is affected by the risk of the system. That means they have to secure billions of dollars in deposits that are a perfect target for hackers. In general, these cryptographic exchanges are not computer security companies and many of them do not even pay to one of these companies to perform security improvements.
Another problem reported by Larcheveque is the fact that hackers are becoming more sophisticated. As virtual currencies become more sophisticated and exchanges and other platforms improve their security, hackers follow the trend. Some hackers who attacked these cryptographic platforms spent a lot of time discovering how to penetrate their systems.
Furthermore, he states that $ 2.7 million is stolen from cryptographic exchanges every day. This figure has increased by 13 times compared to 2017. This represents $ 1,860 stolen per minute for exchanges worldwide.
At the same time, the need for security has also increased. Now you need to improve security issues and features more than ever before.
Larcheveque has some basic security solutions and principles that should be followed by crypto users to avoid being hacked or victimized by an attack. Exchanges are usually subject to attack because they have to keep open portfolios open, which means that there is a constant risk for users who hold their funds on the stock exchange.
Users should always have control of their portfolios and virtual currencies. The best way to do this is to use a hardware portfolio. In the encrypted space, there is a phrase that says users are their own bank, which is very important and is also linked to high responsibilities.
The main rules that users must follow, according to Larcheveque are:
- Avoid exchanges of cryptocurrency for the storage of funds over a long period of time
- Use two-factor authentication
- If you use a hardware portfolio, use a secure and easy-to-remember PIN
- Always keep your recovery sheet well protected
- Trust what you can see on the screen of your hardware portfolio
- Hiring software on computers and smartphones is always compromised
One of the most popular hardware portfolios on the market is that created by Ledger, which is known as Ledger Nano S. It would allow users to have their virtual currencies protected at all times without the risk of hacking their devices. Another popular hardware portfolio is Trezor.