Sometimes multi-millionaire hacks happen on crypto wallets, of course those situations worry holders and investors, because anybody wants to lose their money. However, this tragedy occurs when the safety measures aren’t taken seriously. It is important to highlight that the Bitcoin blockchain has never been hacked, because the high security standards prevent hackers attacks, so they seek to take advantage of personal wallets or exchanges.

So, it is important to know how wallets work. The wallets don´t store directly your cryptocurrencies, it just contain a private key that allow exchange Bitcoin or other cryptocurrencies online, that means that the key represents your digital identity on market, so if anyone get access to it, that person can conduct fraudulent transactions on your behave or stole your money.

In El Dorado we want to keep your savings and investments safe, so in order to help you to protect your crypto, we have put together these recommendations, which will help you to improve your security measures and make your cryptocurrencies as safe as a bank vault.

1. Use strong passwords

Sometimes, when people create a password, they take the task lightly. For example, using the same passwords on different platforms or devices, creating easy combinations or not changing the password for a long period of time. In fact, a recent study revealed that three quarters of United States millennials use the same password on more than 10 devices, apps or social networks, making it easy for hackers to get access. Don´t make it easy for them! Create unique and strong passwords on each platform, including alphanumeric characters, special characters, upper case and lower case and hard to guess combinations.

How do you keep track of all your passwords? Consider storing them securely in a password manager such as Bitwarden or 1Password. Additionally, we recommend enabling two-factor authentication (2FA) or multi-factor authentication (MFA) for added security. These methods add an extra layer of security by requiring you to complete an additional step after inputting your password to log in, significantly enhancing your overall security.

At El Dorado we have two-factor authentication, so every time you log in again, you must enter a code generated by your authentication app, you can use Google Authenticator, Authy or the app of your choice.

2. Use multiple wallets

In general terms, there are no limits to creating wallets, so you can split your investments in different wallets to avoid having all your money stay in a unique address. For example, you could use one wallet to daily or frequent transactions and another to keep your savings or investments. Even though El Dorado just provides you with one wallet per cryptocurrency, you can share out your balance between different crypto.

3. Use secure internet

If you want to use your wallet or make transactions on any platform, you should make sure that you are using a secure internet connection. Avoid the public Wi-Fi networks! Those can be used by hackers to get access to your personal information. Even if you are connected to your private network it is necessary to use a safe VPN, this tool constantly updates your IP address and location, so you can keep your navigation activity in private, and hard to track by third parties.

4. Secure you personal device

When was the last time you updated your antivirus? Or that you did an antivirus check on your device? These measures are basic and easy to do, but usually are ignored, causing vulnerabilities and risks, so if you want to keep your finances safe, you need to secure your personal device, a good option is install a quality antivirus and firewall. Also it is necessary to constantly check the security status of your PC, laptop or smartphone, so if any infringement occurs, you can get the notification and avoid a tragedy.

5. Be careful with phishing

Phishing is a technique used by cybercriminals posing as legitimate institutions like banks, exchanges or companies, usually via email, to obtain sensitive information like users and passwords. Phishing scams via malicious ads and emails are pretty common in the cryptocurrency world, so you need to avoid suspicious or unknown links and make sure that the emails received are from the real company.

Some years ago, a hacking group “CryptoCore” stole $200 million dollars in two years, targeting companies and exchanges in Japan and the United States. How did they do it? CryptoCore identified the email accounts of the cryptocurrency exchange’s employees and security executives, then they embedded malicious links in documents attached via emails and ads.

So, in order to avoid this scams, you need to identify that the mailer address is the official, and make sure that links are redirecting you to a safe website. You can recognise a safe web if a little padlock is visible in the left side of the URL bar. Also, you should avoid sending sensitive information through online forms.

In the case of El Dorado, the official email address is hola@eldorado.io, so you just need to check that you are receiving emails from that address to know the message is legitimate and have secure links that only redirect to the official website or social networks. In any case of receiving emails from another direction, you have to ignore it, send the message to spam and notify the irregularity through our official channels.

How do we keep El Dorado safe?

Through El Dorado you can receive international payments, save money using stablecoins and exchange cryptocurrencies to fiat money using your smartphone. So, it is important to us to keep your account and money safe. Here we explain how we do it.

• 2FA authentication: It is not enough to enter your login password. You must also include a code generated by your authentication app.
• Escrow: This measure protects your money when you exchange in our P2P marketplace. You can know more about it here.
• SSL secured platform: This protocol creates an encrypted link between a web server and a website, protecting your data and navigation.

Do you already use some of the security measures? Or, are you going to implement it here after? We hope we have helped you with these tips, which should be taken seriously to avoid being a victim of hacks or malicious activities. If you want to save money using stablecoins or exchange cryptocurrencies for fiat money, you can do it with El Dorado, where you can find a secure and easy to use platform. Your crypto finance safety is guaranteed!