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October 4, 2023

How You Can Prevent Hackers From Stealing Your NFTs

The nonfungible token (NFTs) sector has increased in popularity in the past few years. The growing innovations in the Web3 space and the Metaverse attracted several participants to crave NFT collectibles. This growing interest can be backed by Juniper Research, showing that the Metaverse will drive more NFT growth.

However, the spike in adopting these collections has also attracted scammers and hackers to the NFT space. To protect users, some professionals in the Web3 space have suggested good safety practices against Non-fungible tokens theft. Also, in unavoidable losses to hack, users could take some actions.

Professionals Cite Due Diligence And Timely Reports Of Theft for Users

The co-founder and CEO of blockchain security company Certik, Ronghui Gu, gave some tips on NFTs and their security. According to Gu, the primary step is for users to exercise due diligence on their collectibles. They should be cautious while approving token transactions and desist from clicking any suspicious links.

In addition, the CEO recommended that NFT owners separate their collectibles into different wallets based on their purpose. Also, they should maintain regular checks on the NFTs and revoke all unnecessary permissions prompted on the tokens.

For cases of long-term holding, the executive advised users to stick with a secure wallet that allows little or no interactions with applications. He suggested that users could go for hardware wallets with the needed security for their tokens, despite the steep learning curve of the wallets.

CEO Gu stated that only a little could be done on the issue of already stolen tokens. The right authorities could request NFT marketplaces to blacklist them, making it impossible to trade the stolen NFTs. Further, the CEO advised that the owner could report the lost collections.

The executive noted the benefits of creating awareness of some common scams with NFTs and digital assets. He mentioned that sensitizing users on the best practices in NFT transactions and the safety measures for their collectibles remain an essential precautionary step.

On his part, the CEO of Web3 security company NotCommon, Michael Pierce, discussed some risks associated with hardware wallets. Despite the great advantage such wallets offer, Pierce said they could be tampered with before the users received them. Hence, he recommended that non-fungible token (NFTs) owners make their purchases directly from the manufacturers of the wallets to ensure authenticity.

Also, Pierce encouraged users to report to security firms and databases such as NotCommon in cases of scams or hacks of their tokens. The CEO pointed out that such early reports will help the firms to protect other users and quickly fish out the hackers. 

More Features To Stop NFT and Crypto Theft

While some individuals discuss preventing NFT theft, crypto exchange Coinbase has also taken significant steps to fortify its wallet. According to the latest report, Coinbase wallet has added new features to help prevent NFT and crypto theft.

Professionals Reveal Ways To Prevent NFT Thefts
Bitcoin trades above the $23,000 mark on the daily chart l BTCUSDT on Tradingview.com

Some of the new features include a modification of the revoke feature. This would enable users to disconnect from a decentralized application from the wallet app. Also, the wallet now supports easy integration for customers with multiple Web3 identities and crypto wallets.

Featured Image From Pixabay, CharlVera Charts From Tradingview

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