An ether wallet had received hundreds of thousands of dollars around two weeks ago. Unfortunately, those funds were later hacked form different wallets due to the negligence on the user’s end. If only a few security measures had been taken, some of those funds could actually be protected from the hacker.
How it happened
Maximum of funds were stolen from a user holding 973 ethers. What caused this hack was the fact that the user had a rooted android phone. Rooted Android phones are similar to jailbroken iPhones, which means that new applications can be installed but they have no security assurance that the apps are not malicious. That being said, such an app must have been installed on to the device providing the hacker access to your phone. On gaining access to the device, the hacker used an exploit to retrieve the backup phrase to Jaxx wallets. This exploit has not been fixed since Jaxx is a hot wallet, which means that coins are kept here for frequent use and not storage.
Ways to increase the security of your funds
Crypto security experts have provided a few tips on how you can maintain the security of your wallets and funds.
- Do not use public Wi-Fi even after using VPN.
- Be sure to turn on 2-FA for all your user accounts, with google authenticator.
- Do not store your private key unencrypted.
- Never access your funds from a rooted device.
- Do not install applications on your device that are not trustworthy.
- Keep a look out for phishing scams. Your private key should only be known by you.
- Bookmark your sites. Some fake sites are known to have URLs similar to the actual portals and could steal your personal info.
- If you possess a large sum of funds, split it amongst separate wallets to ensure that not all your money could be lost due to some blunder.
- Cold wallets are to be preferred over hot wallets and exchange wallets for storage.
Story Credits: coinidol.com
Image Credits: coinjournal.com