How to protect yourself from the latest wave of “cryptocurrency thefts”

There has been a series of “cryptocurrency heists” in London recently, with thieves threatening crypto holders with violence unless they transfer their digital coins kept in mobile wallets or cryptocurrency exchanges.

Like Hinge By The Guardian UK, crime reports from the City of London police detail how they are valued at thousands of dollars Cryptocurrency has been stolen By thugs personally. One of the victims said their phone had been picked up while drinking outside and later realized that the value of Ether was over $12,000 (ETH) from their Crypto.com account. Victims believe thieves saw them typing their PIN.

A group approached another victim selling him cocaine, and after moving elsewhere to buy drugs, the person was held against a wall while the gang accessed his phone and crypto account using face verification, transferring over $7,000 in Ripple (XRP) to their own wallets.

This An increasingly common variation On the so-called “$5 key attack”.

Like Irreversible blockchain transactions Most methods of storing cryptocurrencies bear the responsibility for the security of the assets with the individual who owns them, Cointelegraph spoke with blockchain security firm Blockchain who shared the following tips on how to protect cryptocurrencies from theft:

“Don’t deposit a large amount of cryptocurrency in a wallet or exchange app. Leave only a small portion there. You can have a multi-signature wallet and with a policy that only two signers can transfer funds in the wallet. By doing this, you will lose only a small amount of coins encrypted during theft.

BlockSec has also suggested a way to trick thieves if a crypto user is robbed, saying that some smartphones can have different logins that can hide certain apps like Huawei’s private area feature:

“The applications in the private area are different from the main applications that are already in use. Therefore, if users are robbed, they can enter the private area to show that there are no encryption applications installed on their phone, or vice versa, they can hide the encryption applications in this space.”

Samsung phones have a similar feature call “Secure Folder” can be used to hide all your encryption apps behind a PIN or password, and the folder itself can also be hidden from the home screen.

On Apple iPhones, apps can be he moved To one page on the home screen and hide them all at once, there are other options such as Removal An individual application from appearing on the home screen, accessible via search only.

Cointelegraph also spoke with pseudonymous Twitter user and independent security researcher known as the CIA Officer, who is known for creating and sharing guides and tips on how crypto users can enhance the security of their assets.

CIA officer subscriber An article they wrote in April contains 13 tips about Principles of cryptocurrency storagesaying:

“I wrote the article because my sense of justice drives me forward because perhaps the biggest threat to cryptocurrency is crypto scams where people get disappointed and leave for good.”

In the article, the CIA employee gives a reminder that mobile wallets like MetaMask are just interfaces and recommends storing them all Crypto on cold wallet Like Ledger or Trezor rather than keeping it on an exchange or in a mobile wallet.

Related: Warning: Smartphone text prediction guesses the initial statement of the cipher processor

A physical storage device will keep all cryptocurrencies offline and assets can only be transferred if someone has access to the wallet as well as knowing the PIN and, in some cases, the password. One can be created using an old smartphone instead of using a dedicated device.

The security of crypto stored in a cold wallet can be further enhanced, and a CIA official is echoing advice from BlockSec to create a multi-signature wallet that uses two or even three separate devices to approve a transaction.

A CIA officer too subscriber Their rules for Crypto OpSec, short for “Operational Security,” a risk management process with the goal of preventing leakage of sensitive information:

“You have to build your own opec stone wall, so you’ll know exactly what to do if something happens.”

In light of the thefts, these OPEC measures include Keep any crypto investments strictly confidential. In public, would-be thieves could overhear a discussion or even view someone’s crypto holdings, as in the above case where the victim was pickpocketed.

The CIA officer wrote: “It is always a good thing to be suspicious, you may try to infiltrate your acquaintances, both those who pretend to be acquaintances and acquaintances.”