Cryptocurrency crimes increase: learn how to protect your assets

In the last year, the cryptocurrency market has been attracting more and more investors and enthusiasts of finance and technology. In the last month alone, Brazilians traded around 747 BTC a day, up 28.56% from February, according to data from CointraderMonitor (CTM). In this period, the asset’s transaction volume was 23,181.44 BTC, equivalent to almost BRL 4.9 billion. As well as the popularity of the asset, unfortunately, the crime rate involving cryptocurrencies has also increased. According to the Crypto Crime Report 2022, these crimes amounted to $21 billion in 2021. This is a 79% increase over the previous year. Despite the high value, the survey points out that illicit transactions account for only 0.15% of all cryptocurrency transactions in the year, confirming the fruitful potential of cryptocurrencies. Based on this, to guide investors to guard against possible scams in this market, experts gather valuable tips to operate their Bitcoins safely.

Beware of Easy Money

Rafael Izidoro, CEO of Rispar, the first fintech to offer credit in reais with a guarantee in cryptocurrencies, explains that, with the increase in popularity of the crypto-assets market, it is very common for companies to emerge with dubious origins and without an adequate structure in the management of investments.

“One tip is to always look for who is behind each project and verify that they operate in a regulated structure that protects the user. Be wary of products that promise easy money”, he warns.

Meanwhile, for Lucas Schoch, CEO of Bitfy, the investor must first be careful when choosing a reputable company that has its own digital custody wallet to store, transfer and use the main cryptocurrencies on the market easily and securely. According to Safiri Felix, director of products and partnerships at Transfero, it is essential to understand self-custody. That is, when the user has full control over cryptocurrencies. In addition, he recommends purchasing a hardware wallet, a device similar to a pendrive where keys and cryptocurrencies can be stored.

“Especially when we talk about larger values ​​and long-term positions, it is highly recommended that the investor researches and understands about self-custody and acquires a hard wallet. Ledger and Trezor are the most suitable models”, adds Safiri.

Main care

Finally, Bruno Soares, CTO at Foxbit, also gave some tips and basic precautions to protect digital assets. Use the second factor of authentication; Use a different password from those used on other websites or social networks; Always confirm the website address, especially the login screen; Avoid using a third-party device and/or public WI-FI network for access; Use a computer or mobile device with recent and updated versions of programs, in addition to security mechanisms such as antivirus and personal firewall; Beware of browser extensions. In case of use of the App, use the application provided by Foxbit in the Official Stores Google Play and Apple Store; Use passwords with as many characters as possible and with different types of characters; Do not use personal data in the password creation process; Periodically change your passwords; Also Read: Australia’s First Bitcoin ETFs To Launch Next Week Also Read: Analysis: 5 Cryptocurrencies With High Short-Term Potential Also Read: Coinbase Launches Beta Version Of Its NFTs Platform