As crypto ownership becomes more and more common, holders will need to think about how they protect and hold their assets. The safest option is storing cryptocurrency in a personal wallet. Crypto wallets are programs that allow users to store, send and receive cryptocurrency. Each wallet has a private key that allows the wallet to be spent. Private keys are cryptographic strings of code that allow owners to spend the funds inside a wallet, as well as prove ownership. Wallet information is also stored offline, reducing the risk of a hacking attempt. Everyday non-technical crypto users can benefit from the …

The crypto winter has pumped new life into the adage “Not your keys, not your coins,” particularly after the collapse of some high-profile enterprises like the Celsius Network, whose funds were frozen in June. Just last week, Ledger CEO Pascal Gauthier hammered home the point further, warning: “Don’t trust your coins and your private keys to anyone because you don’t know what they’re going to do with it.” The basic idea behind the adage, familiar to many crypto veterans, is that if you don’t personally hold your private keys (i.e., passwords) in an offline “cold wallet,” then you don’t really …

How to keep your seed phrase safe A crypto seed phrase in the wrong hands can do damage, so it is advisable to always ensure it is safe. The following are some tips for ensuring your seed phrase is secure. Never share your seed with anyone else: It’s extremely important that you never reveal your recovery phrase to anyone. Why? Because if someone else finds out your recovery phrase, they will be able to access — and therefore control — your crypto funds. Make a note of it on paper and keep it in a secure location: This is the …

Out in the cryptosphere, there's a vast amount of wealth that's seemingly out of reach. A long-running statistic suggests four million Bitcoin — almost 20% of the total supply — has been lost forever. Much of it was mined when the network was just beginning, with early adopters tearing their hair out after losing their private keys. One Welshman has endured a nine-year battle as he attempts to receive a hard drive containing 7,500 BTC from landfill. But this isn't the only treasure trove that's worth exploring. For example, did you know that over 500 Ethereum presale wallets are yet …

Protecting user data and private keys is crucial as Web3 advances. Yet, the number of hacks that have occurred within the Web3 space in 2022 alone has been monumental, proving that additional security measures, along with greater forms of decentralization, are still required. As this becomes obvious, a number of organizations have started leveraging multiparty computation, or MPC, to ensure privacy and confidentiality for Web3 platforms. MPC is a cryptographic protocol that utilizes an algorithm across multiple parties. Andrew Masanto, co-founder of Nillion – a Web3 startup specializing in decentralized computation – told Cointelegraph that MPC is unique because no …

Velodrome Finance, a trading and liquidity marketplace, announced the recovery of $350,000 stolen on Aug. 4. However, the occasion turned bittersweet when internal investigations pointed out the involvement of a prominent team member, who goes by the pseudo name Gabagool. On Aug. 4, one of Velodrome’s high-worth wallets — dedicated for operating funds such as salaries — was drained off $350,000 before it could be transferred to the company’s treasury multisig wallet. A subsequent internal investigation revealed the attacker’s identification, which allowed the company to recover the entire loot. Velodrome’s official statement revealed: “Much to our disappointment, we learned the …

Crypto contagion claims another casualty. In a statement, Singapore-based crypto exchange Vauld has made the “difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect.” In what appears to be a run on the crypto bank, the group intends to “apply to the Singapore courts for a moratorium,” as Vauld customers have tried to withdraw an “excess of a $197.7 million since 12 June 2022.” The decision to suspend withdrawals is a screeching U-turn. Reportedly, Vauld boasted $1 billion assets under management in May this year, while on June 16, a company email stated …

The core principles of cryptocurrency were based on financial independence, decentralization and anonymity. With regulations being the key to mass adoption, however, the privacy aspect of the crypto market seems to be in jeopardy. In 2022, even though no particular country has come up with a universal regulatory outline that governs the whole crypto market, most countries have introduced some form of legislation to govern a few aspects of the crypto market such as trading and financial services. While different countries have set different rules and regulations in accordance with their existing financial laws, a common theme has been the …

A proposed addition to an existing Brazilian law would grant Brazilians the right to use cryptocurrency as a means of payment while protecting their private keys from being taken by the courts. Federal Deputy Paulo Martins issued the proposal to the country’s legislature on Friday. If passed, the bill would expand both the legal uses of cryptocurrency in Brazil and the power the courts would have in confiscating it. BRAZIL: Bill introduced for #Bitcoin and crypto to be recognized as means of payment! — Bitcoin Archive (@BTC_Archive) June 14, 2022 The proposed addition in Article 835 of the Civil Procedure …

Hardware cryptocurrency wallets are known for granting users full control of their crypto and providing more security, but such wallets are prone to risks such as theft, destruction or loss. Does that mean that all your Bitcoin (BTC) is lost forever if your hardware wallet is lost, burned or stolen? Not at all. There are a number of options to restore cryptocurrency for someone who has lost access to their hardware wallet. The only requirement to recover crypto assets, in that case, would be maintaining access to the private keys. A private key is a cryptographic string of letters and …

Litecoin is one of the earliest alternative coins (altcoins) that came to light after Bitcoin (BTC). Created in October 2011, it is now the 20th most valuable cryptocurrency, boasting a market capitalization of over $4 billion, according to CoinMarketCap data. The MimbleWimble upgrade was first conceived more than two years ago as part of the Litecoin Improvement Proposal. That was in November 2019, as the network started planning on enhancing anonymity between senders and receivers of a transaction on its network. And now, the MWEB is finally out following approval from the majority of nodes. The upgrade was done at …

Generating a yield on crypto is increasingly tricky. The Terra ecosystem implosion — where up to $50 billion was wiped out — led to a decline in decentralized finance (DeFi) protocols offering interest. At the other end of the table, centralized finance, or CeFi, where all processes are rooted through a central body, has endured a comparatively peaceful bear market, yet interest rates are trending down. On the first of the month, investors who have an account with a CeFi provider such as Ledn, Celsius, BlockFi or Nexo generally receive emails detailing the interest rate for the following month. A …