The Binance Hack Should Prompt Everyone to Make a Security Audit
At the beginning of May 2019, it was revealed that prominent cryptocurrency exchange, Binance, had been hacked. The hackers stole over 7000 Bitcoins which is a staggering amount. Although they are covering this with insurance, it could gravely impact users otherwise. Their funds could disappear and their data could leak. Even if the customer’s funds were protected, the hack shows some serious questions about how Binance keeps its customer data safe as well.
With such revelations, now is a good time for everyone to make a security audit. It is time to check that you are keeping your funds and your info as safe as possible. Here are a few things you can do and check to make sure your security is up to scratch.
Secure Your Funds so Events Like the Binance Hack Will Never Affect You
We are always advising for all of our customers to keep their funds in a non-custodial wallet which they control the private keys for. When you keep your funds on any exchange, you are entrusting someone else to keep your money and give it back to you. You cannot guarantee that they will.
It is much better to keep your funds in a place you control, that you own the private keys solely. A hardware wallet is a great place to keep your funds. Remember, if it is not your keys, it is not your coins in the end.
[PSA] Not your keys, not your coins. pic.twitter.com/vKCIG6cShl
— Trezor (@Trezor) May 8, 2019
Use 2-Factor Authentication
We are big fans of 2-factor authentication here at iCE3X and we provide this service to all out customers. This means you need two things to be able to log into and access your account. You need something you know (your password) and something you have (your phone).
This makes it much harder for hackers to be able to get into your account. They would need to work out your password and also have access to your phone which is nearly impossible. For services that look after your money like exchanges or even banks, you should make sure they use 2-factor authentication to protect your funds.
Change your Passwords and Choose Appropriate Passwords
Here are a few tips and best practice for passwords. After you hear about a leak and periodically (once a year) you should go through and change the passwords you use for every service you use. If one service has a breach, the hackers will usually try to attack other services using the same credentials in case they can get into there too.
This is also a big reason why you should have different passwords for every service you use. This way, the hackers can’t get access to one and thus get access to everything. Having different passwords for everything is hard to manage, but there are password managers out there to help. We have another article going over more tips and tricks for passwords here.
Identify the Source of Leaks with this Email Tip
If you are using Gmail as an email service, you have another technique to help you out. If you append a plus (+) and text before the at symbol of your email, it will still go to your email address. For example, if your email was “[email protected]” you can use “[email protected]” to sign up to binance and all the emails will come to your mailbox as usual.
If you find spam or something suspicious sent to you using the “plus binance” email, you know that binance is the source of the leak of your information. Knowing this, you can shore up your security knowing this and make sure they cannot hurt you more.
The Binance Hack is an Opportunity
Events like this Binance hack should make everyone evaluate their security. It may seem annoying but a security audit actually gives you peace of mind. You know that you have secured your funds and details to the best of your ability using the standard recommended practices. In case of a leak, you will be able to identify the weak link and act accordingly.
It doesn’t have to be just with Crypto but it works with every service you use on the internet. When it comes to your money and your details, the cost is worth it to protect yourself. Have you looked at your security and made an audit? Be sure to share this with your friends and family too so they can stay safe.