Fun

New crypto users shouldn’t ‘rush into DeFi’ — Security firms

News Feed - 2024-04-24 07:04:43

Ezra Reguerra13 hours agoNew crypto users shouldn’t ‘rush into DeFi’ — Security firmsHacken’s Luciano Ciattaglia said that new crypto users should not immediately jump into decentralized finance or decentralized exchanges.3510 Total views40 Total sharesInterviewOwn this piece of crypto historyCollect this article as NFTJoin us on social networksWhile the prevalence of hacks within the crypto space might deter new users from jumping in, crypto security professionals say that there are ways for them to avoid the riskier parts of crypto. 


On Jan. 22, a market sizing report from Crypto.com showed that the crypto space reached about 580 million users in December 2023, increasing 34% since January 2023.Growth of cryptocurrency users throughout 2023. Source: Crypto.com


With crypto onboarding more new users, Cointelegraph spoke with security professionals to get insights on what those new to crypto should do to keep their funds safe in the digital asset space.


Luciano Ciattaglia, the director of services at cybersecurity company Hacken, said that new digital asset users should avoid decentralized finance (DeFi) or decentralized exchanges (DEXs) when starting their crypto journey. Ciattaglia said:“Don’t rush into DeFi or DEXs straight away. Most people use centralized exchanges or wallets for all their crypto investments, and that’s fine.”


Ciattaglia added that when putting funds into a custodian, users “rely on their trustworthiness.” Because of this, the executive advised new users to choose exchanges that have a good track record in terms of security and funds availability.


CertiK co-founder Ronghui Gu shared similar sentiments. Gu also believes that new users who are interested in investing but are concerned about security should opt to use reputable exchanges and wallets. Gu said:“Consider investing in a hardware wallet for the highest level of security, as these devices store private keys offline and are highly resistant to network-connected hacking attempts.”


Gu added that users should also educate themselves on the basic principles of crypto security before investing. This includes securing private key storage and using strong passwords. In addition, users should also enable multifactor authentication on all accounts related to their crypto activities.


The security professional also highlighted that new crypto users should be wary about sharing their personal data online and be wary of phishing scams.Number of incidents and the amount lost in the first quarter of 2024. Source: CertiK


On April 3, CertiK released a report highlighting a total of 83 crypto phishing incidents in the first quarter of 2024. Gu said that the sophistication and success of phishing attacks reached “alarming levels” in Q1.


Related:Fiat ramps still the ‘biggest gateway’ to crypto — Exec


Apart from these, Ciattaglia also highlighted that new users should make sure the projects they are investing in have security audits. According to the security professional, audited projects with active bug bounties are “less likely to rug pull.”Statistics on hacked projects and their security audits. Source: Hacken


In its quarterly report, Hacken shared that 56% of hacked projects from January to March 2024 did not go through security audits. This meant that vulnerabilities were unresolved for a larger percentage of those companies.


Magazine:Lazarus Group’s favorite exploit revealed — Crypto hacks analysis# Security# Adoption# Hackers# Cybersecurity# Hacks# DeFiAdd reaction

News Feed

Helen Partz10 hours agoCrypto investment firm CoinShares opens hedge fund division for US investorsCoinShares’ subsidiary and broker-dealer registered with FINRA will be conducting marketing activities for the new hedg
John McAfee Is Alive, Hiding Out in Texas, Ex-Girlfriend Claims in Netflix Documentary
John McAfee Is Alive, Hiding Out in Texas, Ex-Girlfriend Claims in Netflix Documentary John McAfee’s ex-girlfriend has made a claim that the former anti-virus tycoon is aliv
Binance integrates USDT on Toncoin Network, opens transactions
Josh O"Sullivan20 minutes agoBinance integrates USDT on Toncoin Network, opens transactionsUsers can now deposit and withdraw USDT on the Toncoin Network via Binance, enhancing liquidity and reducing transaction fees.138
Next Crypto Bull Run Will Start From the East, Says Gemini Co-Founder
Next Crypto Bull Run Will Start From the East, Says Gemini Co-Founder Gemini’s co-founder believes that the next crypto bull run will come from the East. “It will be a
Tristan Greene2 hours agoVolatility Shares cancels ETH futures ETF launch, ‘didn’t see the opportunity at this point in time’The company’s co-founder and president, Justin Young, told Cointelegraph in an email th
El Salvador Plans to Offer Crypto Loans to Small-Scale Entrepreneurs
El Salvador Plans to Offer Crypto Loans to Small-Scale Entrepreneurs The government of El Salvador will offer cryptocurrency-based loans to small companies. Conamype, the National
Dogecoin Ready To Hit $1 – Price Struggles To Break Above Major Resistance
Este artículo también está disponible en español. Dogecoin (DOGE) is currently trading below a key resistance level, signaling the potential for a bullish breakout. Howev
Andrew Tate token surpasses MOTHER amid claims of insider activity
Jesse Coghlan3 hours agoAndrew Tate token surpasses MOTHER amid claims of insider activityBubblemaps’ analysis claims a handful of wallets purchased 30% of the supply of the memecoin DADDY before Andrew Tate promoted i
Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs
Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that trad
Microstrategy Debunks Margin Call Rumor — Says Bitcoin Liquidation Unnecessary Even if BTC Falls Below $3,562
Microstrategy Debunks Margin Call Rumor — Says Bitcoin Liquidation Unnecessary Even if BTC Falls Below $3,562 The CEO of the Nasdaq-listed software company Microstrategy has debu
Crypto downturn nukes $190M leveraged positions as traders eye CPI data
Prashant Jha6 minutes agoCrypto downturn nukes $190M leveraged positions as traders eye CPI dataThe liquidation comes just a few days after the crypto market recorded a $400 million liquidation on Friday.59 Total viewsLi
North Carolina lower chamber overturns governor’s veto of CBDC ban
Derek Andersen2 hours agoNorth Carolina lower chamber overturns governor’s veto of CBDC banThe bill received strong support in the General Assembly. Now, the state Senate will consider overturning the veto.732 Total vi