A cryptocurrency wallet is a device, physical medium, program, or service which stores the public and/or private keys for cryptocurrency transactions. There are many different types of crypto wallets but the most famous ones have hosted wallets, non-custodial wallets, and hardware wallets.
This Digital wallet increases the hacking event because many investors are new to this investment and they didn’t know how to secure their investment. This gives the open way to the hacker to steal funds from the investors’ accounts. So, the investor needs to protect their digital currency against cyberattacks.
There are a few methods to secure your cryptocurrency:
Hardware Wallet
Use a cold wallet is the better way to secure the currency to the cyberattacks. A clod wallet is also known as a hardware wallet. This is the most workable option to secure your key.
In 2019, the Japanese exchange BITpoint discovered an unauthorized withdrawal of $32 million from its hot wallet in different cryptocurrencies targeting more than 50,000 users. The exchange held five cryptocurrencies in its hot wallet: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. However, BITpoint clarified that its cold wallet and cash holdings were not affected by the incident.
Maintain various Wallets
Choose to maintain multiple wallets is reduce the risk of cyber-attack. You can diversify your cryptocurrency investments in multiple wallets because there is no limitation in creating a wallet. You can use one of your wallets for day-to-day transactions and for the rest you can keep it in a separate wallet.
Secure Internet
During the crypto Transaction avoid Public wi-fi is the best way to secure your digital currency. Even if you use a home network connect with VPN give additional security because its changes your IP address and location.
For More Information: 5 ways to Secure Your Cryptocurrency Wallet
Mobile Trust has now introduced all the newest security solutions known as 'Mobile Trust.'
Mobile devices have now become the foremost viable target for hackers who are looking to penetrate corporate networks.
It helps users to guard their passwords, credentials, transactions, and complete access to corporate networks.
They are integrated with a password vault, strong password generator, an encrypted database, OATH compliant soft tokens, and keystroke encryption technology.
Weak passwords become the biggest reason for security failure, which will cause the loss of important data and files.
To make your password strong, a Strong password generator is integrated with mobile trust, which helps users make and store it difficult to crack any quiet passwords, ensuring complete safety.
From DeFi Network, Crypto Hackers Stole More Than $600 Million.
This is the biggest hack ever in the decentralized finance or DeFi space till now.
Poly Network is a platform that allows users to exchange crypto tokens and has shown that heaps of buyers have been affected by this modern crypto theft.
Effective and most widely spread way to swipe digital currency from people by making them give out their access.
Hackers make it possible by using the replica of authentic websites and genuine people who want to exchange cryptocurrency.
When it comes to crypto hacks, Malware infections are still one of the elementary methods.
The cryptocurrency market is in free fall with the prices dropping heavily by 25% last week.
Though there are various reasons for this dump, the most recent reason is due to concerns about Chinese making moves to crackdown on crypto mining and trading.
After trading above $3,000 on Tuesday, Ethereum fell below $2,000 per unit before regaining some of its lost ground.
Ether was trading at approximately $2,600 on Wednesday afternoon, down about 22%.
Dogecoin, the meme-turned-cryptocurrency, has lost more than 24% of its value.Three government-backed organizations, including the China Banking Association, issued an alert that many interpreted as implying that the country will control cryptocurrencies more strictly.They cautioned that digital currencies are not “absolute” and “cannot be used as market currency.” According to the joint statement, people’s property and the “natural order of economy and finance” were being jeopardized by the “speculation practices” that have engulfed virtual currencies, which have come amid surging and falling prices.Bitcoin was already on the decline earlier this month after Tesla (TSLA) CEO Elon Musk expressed concern about the cryptocurrency’s environmental effect.
However, a recent statement from a Chinese financial and banking regulators group seems to have stunned cryptocurrency markets even more.On Tuesday, the agencies said that financial institutions and payment companies should not engage in cryptocurrency transactions or offer cryptocurrency-related services to their customers.“Prices of cryptocurrency have skyrocketed and plummeted recently, and speculative trading has bounced back.
Global Exchange: Deutsche Bank has been added to the blockchain-based payment project by JPMorgan as its recent member.
The latest addition to JP Morgan’s Crypto Payment Network is Deutsche Bank.The total number of banks registered for the Interbank Information Network (IIN) has now risen to 320 according to an FT report.
Quorum, the banking giant's Ethereum-based blockchain network, is what IIN is built on, and uses a JPM Coin stablecoin.JPMorgan said the platform would decrease the delays in interbank payments by reducing time and expenses.In June, IIN saw the start of remittance trials with JPMorgan's client banks.According to Nvestweekly, JPMorgan is used by the majority of member banks to process USD payments.
Deutsche Bank, however, is ranked number one in clearing euro-denominated payments globally.Takis Georgakopoulos, JPMorgan's managing director of treasury services said since IIN would have "very big natural limitations" if IIN employees were drawn only from the bank's customer pool, the addition of Deutsche Bank "is going to help us drive towards ubiquity.
"Ole Matthiessen, Head of Deutsche Bank said that IIN brings efficiencies by writing all the payment data into a shared ledger, enabling payment issues to be solved faster, and with less manual processes.According to him, joining IIN is "an important step" in reducing the expenses of Deutsche Bank, which will enable it to deliver better services to customers.He also added that the plan of IIN to have 400 members is on track by the end of 2019 and that other major banking members are likely to be announced shortly.
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Cryptocurrency vs Mutual Funds: What is better to Invest?Everything in the world, whether man-made or natural, has its value and keeps fluctuating constantly.
The concept of money was first used thousands of years ago as something to trade for.
Only in 600 B.C, the concept of currency in the form of coins and paper was invested.
The concept of money or currency has evolved into a much complex system since then.
This interests people to invest in things whose value tends to go up over time to grow their money.
Over time, different ways of investments have been developed and are still constantly on their way to the invention...Read more
