Stolen cryptocurrency is returned by a Poly Network hacker. Here’s What You Should Know About Investing
Poly Network claims it has restored control of all stolen assets following a hacker heist of more than $600 million in early August.
Shortly after the intrusion, the hacker, who Poly Network refers to as “Mr. White Hat,” began returning assets before withholding the secret key needed to open access to those assets. Poly Network has also offered a $500k bounty to the hacker.
Poly Network is not a cryptocurrency exchange or a digital wallet. Instead, it aids crypto transfers across the blockchains of other cryptocurrencies. This will allow consumers to utilise their bitcoin on many networks.
In its most recent update, Poly Network stated, “We are in the process of providing complete asset ownership to consumers as quickly as possible.” However, restoring stolen digital money is far from a certain conclusion for crypto investors. Because cryptocurrencies decentralised and generally unregulated throughout the world, investors had little recourse if their funds stolen by hackers in the past.
The Poly Network event has heightened public and regulatory worries about bitcoin theft and fraud. This emphasises the need of investing in a safe and secure manner.
Investing in Crypto Securely
The first line of defence in investing in cryptocurrency securely is to select a secure site from which to purchase your coins. Because crypto assets are not safeguarded in the same way that bank deposits are, it’s critical to ensure sure the platforms you use are secure. On any crypto platform’s website, look for particular information regarding security measures, storage, and insurance.
“Organizations who don’t invest in will obviously be the low-hanging fruit, and they will be more prone to having their data hacked,” says Eva Velasquez, president and CEO of the Identity Theft Resource Center.
Individual user safeguards, such as two-factor authentication, sought, and you should exercise your own security by using strong, unique passwords for all of your online accounts.
You should also be aware of popular cryptocurrency scams and treat any unsolicited offers or suspicious activity with caution. According to the Federal Trade Commission, there are a several techniques to recognise a crypto scam:
Anyone who will only take cryptocurrency as payment for products or services
Unsolicited offers to assist you in making a large sum of money in a short period of time or to guarantee returns on your cryptocurrency investment.
The strategy behind a headline-making 2020 Bitcoin scam in which notable persons’ Twitter accounts hacked through social media messages requesting you to contribute bitcoin.
How to Protect Your Crypto
Once you’ve added bitcoin to your portfolio, you may take steps to guarantee that your coins are safe.
You can retain your coins in your account with the exchange where you bought them, but check the exchange’s security measures to make sure it has tight security processes and safeguards in place in the event of a security breach. Some exchanges even have insurance plans in place to safeguard users’ assets from theft in the event of a breach. These policies can be internal or third-party.
You may also use a hot wallet or an online, software-based storage platform to keep your money. Because hot wallets are online, they’re still vulnerable to hackers, so double-check the platform’s security precautions to safeguard your digital valuables.
Nicole DeCicco, the CEO of CryptoConsultz, a consulting firm specialising in crypto and blockchain technologies, recently told NextAdvisor, “I put a lot of weight on the lifetime of the platform or the device.” “You might have flaws in the software’s security, and that’s how hackers get in.” If you have a tried-and-true wallet, you can be sure that their security staff is up to date on the newest security procedures.”
Keeping your money in cold storage, on the other hand, is the most secure method of anti-hacking protection. This refers to entirely offline wallet storage, in which you save your cryptocurrency’s private keys off the network on a device that looks like a USB flash drive. The additional hazards associated with this kind of storage, like as device loss or damage, but the safest type of security against internet theft.