After the crypto winter of 2018, the market price of cryptocurrencies has recovered again. As the value of cryptocurrencies rises, both investors and cybercriminals become active.
If you have a stake in the crypto space and hold cryptocurrencies in your portfolio, you need to be vigilant. Vigilant not only to the market trends but also against the attempts of online scammers and hackers.
Since the inception of Bitcoins in 2009, there have been various attempts to hack cryptocurrency exchanges and wallets by cybercriminals to siphon off the money stored in these digital assets.
What is important to understand here is the fact that your digital assets such as Bitcoin, Ethereum, XRP, Solana, etc. are mainly under threat through your digital wallets and crypto exchanges. These wallets and exchanges don’t hold your crypto coins but what they do hold is your private key.
What is a private key?
Your private key is essentially your digital identity. It is this Key that allows you to participate in the cryptocurrency market. You can only buy and sell your cryptocurrencies through your private key. If you are to ever lose this private key, you essentially lose access to your crypto assets.
