How to Avoid Hacks When Using Multiple Digital Wallets
1. The Reason for Using Multiple Digital Wallets
To optimize profits in the crypto market, many investors choose to use multiple wallets. Each wallet may serve different purposes such as airdrop farming, short-term trading, long-term storage, or participation in various ecosystems. Using multiple wallets allows users to manage their assets easily and protect them from risks if one wallet's private key is compromised.
2. Benefits and Challenges of Using Multiple Wallets
The main benefit of using multiple wallets is risk diversification. If one wallet is hacked, the assets in other wallets remain safe. However, managing multiple wallets and storing private keys can be difficult, especially when changing devices or reinstalling apps. To address this issue, Coin98 Super Wallet developed the Cloud Sync feature, allowing users to sync private keys to Google Drive or iCloud with one-way encryption.
3. Can Private Key Cracking Tools Hack Wallets?
While in theory, private key cracking tools and quantum computers can potentially find private keys, in practice, this is nearly impossible or takes an immense amount of time. These tools need to check billions of combinations and interact with the blockchain network to verify the existence of the wallet and the assets inside.
4. Some Sophisticated Wallet Attacks
One common attack is when hackers obtain the private key and install a bot to automatically withdraw assets from the user's wallet. If users notice that assets are withdrawn immediately after depositing into the wallet, they should stop using it. Another scam involves hackers impersonating victims and requesting users to deposit gas fees to withdraw tokens, but in reality, the funds are transferred directly to the hacker's wallet.
5. Precautions When Using Telegram Trading Bots
Many bots and wallets are developed on Telegram for marketing purposes. Users should be cautious when interacting with these bots. It’s advisable not to input the private key of an active wallet; instead, create a new wallet for such interactions to avoid exposing the private key.