More

    Eric Larcheveque Talks About Cryptocurrency Exchange Hacks During 2018

    The year that passed has been very negative for users and for cryptocurrency enthusiasts not only because of the bear market but also due to several attacks to cryptocurrency exchanges. In a recent article published by CoinDesk, Eric Larcheveque talks about this issue and how hardware wallets are helping to solve this issue. Larcheveque is the CEO of Ledger, one of the most important hardware wallet manufacturers all over the world.

    According to Mr. Larcheveque, exchanges suffer from system risk. That means that they have to secure billions of dollars in deposits that are a perfect target for hackers. In general, these crypto exchanges are not cybersecurity firms and several of them do not even pay to one of these companies to perform security improvements.

    Another issue that Larcheveque marked is the fact that hackers are becoming more sophisticated. As virtual currencies become more sophisticated and exchanges and other platforms improve their security, hackers follow the trend. Some of the hackers that attacked these crypto platforms have dedicated large amounts of time to discover how to break into their systems.

    Furthermore, he says that each day $2.7 million is stolen from crypto exchanges. This amount grew 13 times compared to 2017. This represents $1,860 stolen per minute to exchanges around the world.

    At the same time, the need for security has been also growing. Now, it is necessary to improve security issues and features more than never before.

    Larcheveque has a few solutions and basic security principles that crypto users should follow to avoid being hacked or victim of an attack. Exchanges are usually prone to attacks because they have to keep hot wallets opened at all times, meaning that there is a constant risk for users that hold their funds on exchanges.

    Users should always have control of their wallets and virtual currencies. The best way to do it is using a hardware wallet. In the crypto space, there is a phrase that says that users are their own bank, which is very important and it is related to high responsibilities as well.

    The main rules that users must follow, according to Larcheveque are:

    • Avoid cryptocurrency exchanges for storing funds for a long period of time
    • Use two-factor authentication
    • If you use a hardware wallet use a PIN that is secure and easy to remember
    • Always keep your recovery sheet well secured
    • Trust what you are able to see on the screen of your hardware wallet
    • Assume software on computers and smartphones are always compromised

      One of the most popular hardware wallets in the market is the one created by Ledger, which is known as Ledger Nano S. It would allow users to have their virtual currencies protected at all times without risks of having their devices hacked. Another popular hardware wallet is Trezor.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,368FansLike
    2,785FollowersFollow
    4,136FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Binance CEO: Once QE Money Starts Flowing, BTC's Price Will Go Up ‘Very Dramatically'

    “Since coronavirus took over, business-wise the platform is doing really well” - CZ COVID-19, QEg, depression, and countries printing a lot of money...

    South Korean Central Bank to Roll Out Pilot Program to Test CBDC Through Dec 2021

    On April 6, South Korea’s central bank has made the announcement that it started a pilot program for assessing the logistics of a central...

    Former Goldman Sachs Fund Manager Suggests Allocating 25% in Bitcoin

    When Raoul Pal, the former hedge-fund manager who founded Real Vision first learned the coronavirus was spreading rapidly, he thought, “The whole world's f---ed,”. "I...

    PwC Report Reveals 2019's Crypto M&A's Dropped Sharply; Total Value Decreased By 76%

    The 2017 market boom led to the new era of funding in the decentralized space called ICO, however as we entered the bear market...

    How Much New Inflow Bitcoin Needs to Stay at this Price Level?

    For the last 2.5 years, $400 million of new investment each month kept BTC price at $7,000, after halving it would require just...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.