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Cyber Security Experts Explain How to Avoid Getting Your Crypto Wallet Hacked

2 mins
Updated by Bary Rahma
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In Brief

  • Evilcos, the founder of SlowMist, offers vital recommendations to fortify crypto wallets against exploits.
  • He advocated for browser wallet security extensions like ScamSniffer and integrating firewall protection.
  • The expert also emphasized the necessity of proactive measures to safeguard digital assets in the market.
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One of the biggest challenges in the industry is assuring investors’ cryptos are safe amid the prevalent thefts and hacks.

Evilcos, the pseudonymous founder of SlowMist, a prominent blockchain security firm, has made crucial recommendations to fortify crypto wallets against exploits.

How To Protect Your Crypto Wallet

Addressing the mounting concerns within the crypto community, the security expert underscored the necessity of deepening one’s understanding of wallet signature security through research and practical proficiency. Evilcos advocated using browser wallet security extensions such as ScamSniffer, PocketUniverse, and WalletGuard.

He highlighted Rabby Wallet’s efficacy in user interaction security, portraying it as a robust firewall. According to him, the product suits mobile and computer environments. He noted the importance of integrating firewall protection into digital asset wallets, stressing the significance of safeguarding valuable assets through proactive measures.

However, Evilcos cautioned against overreliance on technology. The expert emphasized the indispensability of investors mastering security protocols, asserting that personal vigilance often surpasses automated solutions.

“The most valuable ‘firewall’ is to master these security technologies yourself. My naked-eye analysis is often more powerful than these,” Evilcos said

Read more: 11 Best Altcoin Wallets To Consider In March 2024

He also warned against prioritizing wealth accumulation over safety, urging investors to prioritize acquiring safety knowledge. Moreover, Evilcos emphasized the adage “safety first” as a guiding principle, highlighting the symbiotic relationship between knowledge and financial security in the volatile crypto sphere.

“Don’t think about getting rich every day, you may fall into pitfalls first. The first thing you need to do when entering the dark forest is to learn safety knowledge and keep learning. Once you make money, you will be more secure,” Evilcos added.

The Rising Hacks of Crypto Wallets 

Crypto investors and projects have recently lost significant digital assets valued at billions of dollars to wallet hacks. This trend underscores the vulnerability inherent in the ecosystem, prompting intensified vigilance from cybersecurity specialists.

Chainalysis said 2022 witnessed a staggering $3.7 billion in crypto assets stolen. Although this figure dipped to $1.7 billion in 2023, the frequency of individual breaches surged from 219 to 231.

“We estimate that North Korea-linked hackers stole approximately $428.8 million from DeFi platforms in 2023, and also targeted centralized services ($150.0 million stolen), exchanges ($330.9 million), and wallet providers ($127.0 million),” analysts at Chainalysis explained.

Read more: MetaMask vs. Coinbase Wallet: A Comparison and Analysis

Crypto Wallet hacks
Crypto Theft by Year. Source: Chainalysis

Even within the current year’s initial months, crypto wallet breaches resulting in asset losses have surfaced. Notably, Jeff Zirlin, a cofounder of Axie Infinity, fell victim to a wallet exploit, losing 3,248 ETH valued at $9.5 million.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.