March 23, 2021
Are Your Crypto Assets Secure Enough?
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Are Your Crypto Assets Secure Enough?

It estimated that around 96% of cryptocurrency exchange users activated 2FA (two-factor-authentication) for their hot wallets. In addition, 87% of hardware wallet users execute test transactions. In this article we are going to answer this question: are your crypto assets secure enough?

 

How secure are your crypto assets?

Recently, Ngrave, a crypto hardware wallet manufacturer, released the results of a survey, which dedicated to study crypto assets’ security. In fact, they measured the current level of security in cryptocurrency space in order to find out how secure are crypto assets.

The results show that over quarter of crypto users think that their asset is enough safe. However, the truth is in contrast.

Participants of the survey

Almost 1400 crypto users from 78 countries worldwide participated in this survey. The participants, who completed the survey were 90% male and over 60% of them were in the range of 25-45 years old.

In addition to statistics mentioned above, 62% of participants held a part of their asset on hot wallets (cryptocurrency exchanges). Moreover, one in three are holding more than 40% of their assets on a single exchange.

How users keep their asset safe and secure

In order to have a much safer account, 96% of users, who hold their crypto on hot wallets (crypto exchanges), are using 2FA (two-factor-authentication). However, one in four never took a backup of their 2FA codes.

In addition, 50% of participants took a backup from their exchange login information and 44% do not whitelist withdrawal addresses. Almost 66.6% of users use hardware wallets, which three quarters of them have USB devices. 87% of these hardware wallet users execute a test transaction every time before performing large withdrawals.

67% of participants, who use hardware wallet claimed that they took backup on a paper wallet. However, 50% of them mentioned that their private keys are under the risk, which someone may have access to.

Are Your Crypto Assets Secure Enough?; Last words

Keep in mind that crypto assets are also under risks of getting hacked if you do not use different security layers. It is recommended to activating 2FA for your hot wallets and always take a backup. In order to store large amounts of cryptos, hardware wallets could be the safest choice among other options.

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