Blockchain Daily

Secure your funds after space of crytocurrency hacks

Secure your funds after space of crytocurrency hacks

With a spate of attacks, read on to secure your funds.

Following a $10 million hack on CoinDash, Parity Technologies is the latest ethereum client to be hacked. Shortly after announcing the critical security alert, word reached us from etherscan that the hacker got away with a whopping 153,000 ether. That works out as about $32 million. This hack is one of the largest heists we have seen.

Some Ethereum projects that have been confirmed as being compromised include Swarm City, Edgeless Casino and Aeternity. Read more about the hack here. 

Users need to understand how they can be as secure as possible with their own funds.

How to secure your funds

The development team was quick to release advice for multi-sig contract wallet holders that may be affected by the breach. Consequently, they recommend you immediately transfer your funds to a secure address.

Unsure about what version wallet you have? Multi-sig wallets have a “wallet” tag in the upper right corner. Importantly, if you have that tag and your wallet version is 1.5 or later, you may be affected.

If you’re a normal wallet holder and don’t have the little “wallet” tag in the corner, you should be unaffected by the breach so there should be no cause for concern. However it is always best to implement the best possible practices in securing your funds.

As always, urges you to remember that it is your responsibility to adopt good practices to protect your money. So, ongoing advice is to refrain from storing large amounts of money in one place, like your Multi-sig wallet. Plus, you should backup/encrypt your wallet where possible. Carefully analyse links sent in emails to prevent being victim of phishing too.

If you have any updates regarding this story as it unfolds please get in contact with us. As always to keep up to date with the latest news check back here regularly.