LATOKEN Review: essential rules for safe cryptocurrency storage

What mistakes should not be made when storing digital coins, and what ensures the maximum safety of assets. LATOKEN experts will try to figure out how to deal with cryptocurrency without scams and how to keep your assets safe.

When buying digital assets, an investor is faced with the problem of their storage. For the safety of cryptocurrency, you must adhere to some rules.

Key safety aspects

For registration on crypto exchanges and other cryptocurrency services, a general mail account, which is used daily for personal purposes, will not work. It is better to register a separate mail and use it only for digital coin transactions. The same should be done with the phone number.

In 2019, Youssef Selassie, a teenager from New York, stole the data of 75 people and over $1 million in digital money. He cloned the victims’ phone numbers to gain access to their email accounts and accounts on marketplaces.

When working with crypto assets, it is worth turning on the protected mode in the browser, which stops recording cookies, cache, and other system information containing user data.

There are cases when scammers changed addresses of cryptocurrency platforms in search results, which led to the theft of user data. To avoid this, you need to save the address of the crypto exchange or enter it into the browser line yourself.

Personal data comes first

When working with a cold wallet that is installed on a PC or mobile device, you should also secure your funds by storing a seed phrase in a secure place (a set of random 12, 18, or 24 words to restore access to the wallet). Typically, the seed phrase is printed on paper and kept along with important documents.

In 2020, British entrepreneur Alistair Milne experimented to find out how long it would take for hackers to hack into his wallet. To do this, he published eight words from his seed phrase from the wallet that stored one bitcoin. After 44 hours, the hacker managed to gain access to the storage and cryptocurrency. The hacker learned the remaining four words by the back-and-forth method.

#1 cryptocurrency exchange in liquidity for new digital assets and the leading platform for compliant multi-asset tokenization.