Securing Crypto Wallets

First time … using crypto wallet ?

So it’s your first time … using the crypto wallet ? Well then I’ll love to assure you that it won’t be your last. But for that you need to have proper hygiene and responsible usage — ensuring security, by implementing best practices!

❗DISCLAIMER: There is nothing like complete security said the cybersecurity expert

The very first fundamental thing is — which wallet are you intending to use?

COLD WALLET ?

A cold wallet is a wallet that stores your crypto offline, disconnected from the internet. Examples include hardware wallets (like Ledger or Trezor) and paper wallets. These are used for long-term storage and are considered much more secure.
Risk: High
Functionality: High

TODO:

Always purchase wallets from official site/vendors, fully sealed and not pre-owned.
Store multiple offline copies of secret keys/phrases in separate secure locations
Be cautious of phishing attempts, especially related to “wallet support”. Never reveal any private information.
Keep your wallet’s firmware up to date from official sources.
Perform test restores of your wallet on a fresh device to ensure the backup works.
If not using the wallet for a long time, test periodically that it’s accessible.

Risk analysis:

Loss/Damage/Theft – If you lose your hardware wallet or paper wallet, gets stolen or it gets damaged beyond repair, you may permanently lose your funds
Tampered devices – Buying a hardware wallet from an unverified seller can be risky
Supply Chain Attacks – Receiving altered or malicious hardware wallets due to tampering during manufacturing or shipping.
Improper Key Handling – Connecting the cold wallet to a compromised computer can risk malware stealing sensitive data.
Social Engineering – Attackers may try to trick you into revealing recovery information, either directly or through fake “support”.

HOT WALLET ?

A hot wallet is a cryptocurrency wallet that is connected to the internet. It allows for quick and easy access to your crypto for sending, receiving, or trading. Common hot wallets include mobile apps, desktop wallets, and browser extensions like MetaMask, Brave Wallet, OKX etc.
Risk: High
Functionality: High

TODO:

Use wallets, by firstly verifying the official and verified source
Enable biometric lock, strong password, or PIN for app access
Keep your OS, apps, and browser extensions updated regularly
Regularly review wallet permissions and connected dApps
Enable 2FA protection
Always double-check URLs before transacting
Avoid using wallets on public or shared Wi-Fi

Risk analysis :

Device Compromise – If your phone or computer is infected, attackers can access wallet keys or session data.
Phishing Attacks – Fake websites, wallet apps, or browser extensions may steal your credentials or seed phrase.
Sim Swapping – Attackers take control of your phone number to bypass SMS 2FA and account recovery
Credential Theft – Weak or reused passwords can lead to brute-force or leaked-password attacks
Cloud Backup Risk – Auto-sync or backup of wallet data/seed to cloud services can result in unintended exposure
Man-in-the-Middle Attack – Public Wi-Fi or spoofed connections can lead to interception of sensitive data
Supply Chain – Custodial wallets or browser extensions may have internal security flaws or rogue insiders

Now the last and most important after is safety of PRIVATE KEY. This is common for any crypto wallet you are using. If you don’t get it done right, let me help you fren!

Never store private key in plain text
Never share your private key or recovery phrase with anyone
Store offline — never save it in cloud, email, notes apps, or screenshots
Create multiple copies and store in separate secure locations
If you think your key was exposed, move your funds to a new wallet
Avoid typing or pasting your key into online or unknown websites
Inheritability: Plan for secure transfer to heirs in case of emergency
Wipe devices securely if you ever export/import private keys

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Adios!