Metamask Security

Whether you are new to cryptocurrency or a seasoned vet, it’s always a good idea to learn more about blockchain and metamask security and how to not get hacked.

metamask security
Metamask Security

There are a lot of alarming news stories circulating about hackers draining people’s Metamask wallets of all of their funds. The vast majority of these stories are because of user error, which allows the hacker to gain access.

Luckily there are a few simple tips you can follow to secure your funds. Let’s get the basics out of the way before we go deeper into how to protect your Metamask wallet.

  • Never give anyone your private keys
  • Store your seed phrase offline.
  • Do not store your funds in an exchange
  • Never keep a lot of funds in an online wallet, like Metamask

And for those who don’t have a firm understanding let’s start with the basics of metamask security.

What is Cryptocurrency?

Cryptocurrencies, like Bitcoin and Ethereum, are digital or virtual currency that uses cryptography for security and is decentralized, meaning it is not controlled by any central authority such as a government or financial institution. Cryptocurrencies use blockchain technology to record transactions on a public ledger, making them secure and transparent. Some examples of popular cryptocurrencies include Bitcoin, Ethereum, and Litecoin.

Cryptocurrencies are traded on online exchanges and can be used to purchase goods and services from merchants who accept them. They are also used as an investment, with some investors buying cryptocurrencies with the hopes of seeing a return on their investment through price appreciation.

Because cryptocurrencies are decentralized and not subject to government regulation, their value can be volatile and subject to changes in supply and demand. This makes them a high-risk investment, and it is important for investors to carefully research and understand the risks before investing in cryptocurrencies.

What is Metamask?

Metamask is a browser extension that allows users to manage their Ethereum accounts and interact with decentralized applications (DApps) on the Ethereum network. It serves as a secure wallet for storing, sending, and receiving Ether and other Ethereum-based tokens. Metamask also allows users to manage multiple accounts and switch between them easily, and it integrates with various DApps and web3 platforms.

Metamask is available as a browser extension for Chrome, Firefox, Brave, and Opera. It is a popular choice among Ethereum users because it is easy to use and offers a high level of security for managing Ethereum assets.

5 Ways to increase your metamask security

There are a few steps you can take to help protect your Metamask account from being hacked. Some basics for metamask security are:

  1. Use a strong and unique password for your Metamask account. Avoid using easily guessable words or phrases, and don’t reuse passwords for other accounts.
  2. Store your seed phrase offline, somewhere secure. Never take a photo of it with your phone.
  3. Be cautious when clicking on links or downloading files from unknown sources. Hackers often use these tactics to try and gain access to your account.
  4. Keep your computer and web browser up to date with the latest security patches and updates.
  5. Use reputable antivirus and malware protection software to help protect your computer from malicious software.

By following these steps, you can help reduce the risk of your Metamask account being hacked. 

It’s important to really pay close attention to number 3 “Be cautious when clicking on links or downloading files from unknown sources. Hackers often use these tactics to try and gain access to your account.” 

We’ve heard a few stories of NFT artists losing their funds after opening files from hackers posing as potential clients. This almost happened to us at XELEVEN, but luckily we did not click on the file.

How to Safely Secure Your Cryptocurrency

One of the most secure ways to store cryptocurrency is to use a hardware wallet. A hardware wallet is a physical device that stores your private keys offline and allows you to securely access your cryptocurrency. Because the keys are stored offline, they are less vulnerable to being hacked or stolen.

To use a hardware wallet, you will first need to buy one from a reputable manufacturer. Once you have your hardware wallet, you can connect it to your computer and follow the instructions provided by the manufacturer to set it up and transfer your cryptocurrency to the wallet.

In addition to using a hardware wallet, you can also take the following steps to help protect your cryptocurrency:

  • Use a strong and unique password for your wallet
  • Enable two-factor authentication (2FA)
  • Keep your hardware wallet and computer up to date with the latest security patches and updates
  • Use a reputable antivirus and malware protection software
  • Be cautious when clicking on links or downloading files from unknown sources
  • By following these steps, you can help keep your cryptocurrency safe and secure.

Decentralized technology can be very empowering to the user, but with great power comes responsibility. Hopefully, these tips will help to keep your funds safe.