Steve Smith explains how-to mitigate the risks of losing your personal Ethereum fortune to hackers hacking online Ethereum Coin Exchanges.
Episode #7-48 released on July 29, 2017
There is something to be said about the Ethereum Thefts that have been happening in the last month, resulting in four major thefts to be exact. The latest theft from the Veritaseum platform, by a hacker, worth $8.4 million dollars. This is a problem that, also, plagues Bitcoin, and will affect future cryptocurrencies in the future. In this case, the coins belonged to Veritaseum, and none of the users were apparently affected, but this could easily change on other platforms, and there are only a few options that can be taken to ensure that this happens less and less.
While, this won't necessarily work for large organizations, it can, also, apply to them. With all your cryptocurrencies, consider having an offline wallet, where you store all or most of the digital currencies, just in case a large hack against you preferred service does occur. This will help lessen your overall loses, and the loses of the firm will, also, go down.
An encrypted wallet, goes the extra step of making sure you don't lose of your fortune, either. Encrypted wallets are not affected by viruses and their contents cannot be stolen either, and would require the correct password to decrypt them, anyway. This makes the best solution, an offline wallet, made better by storing it on USB drive or external disconnected hard drive, so if your computer crashes, you don't lose any of the fortune, either. You may want to have a few backups, just to be sure, too. Just a note, making a backup of the file, doesn't double the funds in anyway, it is the same as cloning your credit card, in respects to being from the same funding account.
Host : Steve Smith | Music : | Editor : Steve Smith | Producer : Zed Axis Dot Net