Do you have a safe vault for your crypto ?
Recommendations and best practices by Atato
Crypto scammers took a record $14 billion in 2021! Crypto-related crimes are at an all-time high mostly due to the rising adoption of crypto and the complexity of securing digital assets. Phishing, hacks, scams are unfortunately extremely common in the crypto space and more and more hackers are attracted to the high potential for gain that crypto wallets with weak security are offering. While the above CZ tweet has become a “meme”, security in cryptocurrency is the most discussed topic after price.
In this article, we will review the different setups and options that you must adopt when interacting with digital assets and safe vaults crypto.
What do people use today ?
Exchanges — hardware wallet — mobile on browser extension wallets. There are various possibilities to store and manage crypto today in a safe vault crypto – The 3 most popular ones are:
A hardware wallet such as Trezor or Ledger
– Very secure
– Gives the responsibility of the assets to the user
– Not user friendly
– Can participate in DeFi or NFT applications.
Online wallets such as Metamask and others browser wallets
– Not really secure (but could be paired with a hardware wallet)
– Gives the responsibility of the assets to the user
– Not really user friendly
– Can participate in DeFi or NFT applications.
Crypto exchanges like Binance and others
– Delegate the responsibility of the assets to the exchange
– You do not own your assets anymore
– User friendly
– Allow you to participate in DeFi or NFTs to a certain extent
Where are your safe vault crypto keys?
Securing your private keys properly is not a simple task. It implies that you already have somebasics in blockchain security and it is not the most user-friendly experience available. The more secure your cryptos are, the more impractical it is to use different decentralized applications. Fortunately, we are working to solve this at atato. 🙂
As crypto users for many years ourselves we do believe that we need an evolution from the current infrastructure. If we want the next 1 billion users to join this amazing ecosystem we need a wallet that combines the highest level of security while being able to enjoy Dapps without worrying about security. However, solving this pain point is far from easy, it requires combining a robust and cost-effective cryptographic custody engine with a top-tier user interface.
To secure your crypto, you must use:
A hardware wallet (always purchase them from their original vendors and never from resellers.) Check Ledger and Trezor for safe vault crypto hardware wallets. When setting up your hardware wallet you must secure your recovery seed. That is the most important step to make sure your coins are only accessible by you.
Your recovery seed:
– Must not ever be on a computer/phone
– Must be stored in a safe or vault
– Should be split into redundant pieces (2/3+)
– Should consider the bus factor (in case of your disappearance make sure that some of your loved ones would know how to access the hardware wallet. Otherwise your assets will be lost).
For your daily usage:
– You must have a PIN
– You must have a passphrase
– PIN/passphrase may be in password managers
The connecting device (laptop, mobile, or desktop computer). When interacting with your crypto you need to make sure that the device you are using is also safe. Most of the hacks actually happen through malware already installed on your computer.
When using your tokens, make sure that you are:
– On a secure device (consider using a special device for your cryptos)
– With secure accounts (always use 2FA software for your emails and all your accounts as well as a password manager)
– Or stay tuned for atato wallet 😉
For your daily usage of your dedicated laptop:
– Must be up to date
– Must have antivirus
– Must not install untrusted software
– No games from bittorrent
– No random browser extensions
– No dubious freeware
– For your daily usage of your crypto browser:
– Separate from everyday browser
– No browser extension (except wallet)
– No saved passwords
Your accounts:
– Must be in a password manager
– Must have long (12+) passwords
– Must have unique passwords
– Must have 2FA (authenticator whenever possible)
Crypto security First!
While all the above recommendations might look like a very “hardcore security procedure” they are unfortunately mandatory to secure your cryptoassets correctly. Crypto, by nature, attracts hackers and fraudulent people and the recourses are often extremely limited. While the blockchain ecosystem is working on providing simpler and more secure solution choices are not many today. Following the above recommendations will surely help avoid most of the most common crypto security issues that we are seeing happening every day.
At atato, we are aware of those issues and are working on solving this major pain point with some innovative applications. Follow us or register to get exclusive access to our app where security and convenience are built together.
Stay tuned!
Maxime Paul
www.atato.com
Frequently Asked Questions
What is a safe vault for crypto?
A safe vault for crypto refers to a digital safe that keeps your digital assets well protected and secure. The protective measures in place make it impenetrable and impossible to hack, thanks to MPC technology for example, only you can access and manage it.
What is the safest way to keep crypto asset?
To keep your cryptographic assets safe, Atato recommends opting for an MPC wallet. With multiple keys in multiple locations, verification at every step in the network, no single point of failure, and multiple layers of security, your cryptographic assets will be protected.
