Crypto Weakest Spot

Crypto Weakest Spot

By alt-runner | alt-runner | 23 Feb 2021


Crypto is about security and anonymity

As we all know crypto is all about security and anonymity. With crypto we can have valuable asset without the fear of being know by someone else. Because we are all only know by wallet addresses not by other means of identity like our name, real address jobs and so on. Also since its is decentralized with no central authority no one can block or froze you from your account and holding.



 

Weak Spot

While the blockhain itself are secure as it is run automatically, other services which connected to the blockchain is not. For an excample, if you are keeping our fund or crypto holding in exchange, we would not be able to control the security of our fund as we delegate our control to that exchange. Since exchange hold a lot of crypto, they become the main target for hackers to try to steal the money on those exchange. And those kind of attack has not only happen one, but so many times, and the fund that was stolen are very large. The latest hack happen in Cryptopia as reported by stuff 

a New Zealand exchange which hacked in May 2109. It was liquidated since then, the weird thing is hacker are manage to move $60.000 worth of crypto from that liquidated exchange.
And these are the timeline of number of exchange which has been hacked in the past.

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source

 



 

Always Be Careful on Wallet App

While we can't really control what happen in the crypto exchange, but we can control the wallet app to store our holding. Lately those wallet app technology has increase a lot, but it also have several weakness. Like fake app that we might download and install. To prevent that, we have to always download the official and most recognize wallet app out there. Never install the wallet from an unverified source, because the risk is so big. You can lose all your money.



alt-runner
alt-runner

I am just an average person who love crypto and also writing. Looking for ways to get more knowledge, share thought and also earn while doing what i like.

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