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Crypto Traders and Investors Beware: Paving New Ways for High-end Digital Asset Security

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Security is one of the most crucial components in the financial domain, and the cryptocurrency industry is no different. As hackers are highly incentivized to gain access to funds which an exchange claims they hold, the measures to protect these assets need to be extraordinary. Here are some top tips to help you keep your funds out of the reach of malicious actors.

Top 10 Security Tips

1. Beware of phishing scams

Phishing is a type of intentional deception designed to steal your private information. A malicious actor tries to get passwords, account information, private keys, or other personal information from you by trying to catch you off-guard. Phishing schemes usually come via spam, email, or pop-up windows. Don’t click on anything you weren’t expecting or that looks unauthentic. There are lots of criteria to verify whether a link or email is authentic.

2. Don’t click on any links you don’t recognize

We already mentioned this in the first point, but it definitely deserves a second mention. A well-known and strict rule here is: think before you click. Who is the sender? Was I expecting this email? How is the message written? Does the message contain lots of mistakes or does it have an incoherent structure? If anything, be suspicious.

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3. Don’t store any passwords or seed phrases in the cloud

Don’t be naive by thinking you have the most intricate password storing system in place. The most damaging thing you could do to yourself is think you can outsmart a hacker and let your ego tell you you have “everything under control”. Storing any passwords or seed phrases in the cloud is the biggest of no-no’s and simply a question of “when not if.”

4. Buy a cryptocurrency hardware wallet

A hardware wallet is a type of wallet where you can store your private keys on a secure physical device. The cryptocurrencies stored in the wallet are kept offline, meaning that they can’t be hacked. If however, you store your seed phrase in the cloud, this beats the entire purpose of the hardware wallet. So write it down on a piece of paper instead.

5. Avoid public WiFi

If you are going to interact with exchanges, wallets, public addresses, and whatever kind of crypto information, you want to be 100% sure that no one is looking over your digital shoulder. Public WiFi offers hackers the ability to position themselves between you and the connection point. So, instead of talking directly with the hotspot, you could potentially be sending your information to the hacker. Be very aware of this, and avoid public WiFi, no matter what.

6. Ensure device safety – (anti-virus)

Viruses, trojans, botnets, ransomware, malvertising, riskware, hijacks, and other types of malware – you can be exposed to all of these if you maintain bad security management behavior. So why not use a tool to protect yourself? Protect yourself against a malicious actor who has managed to install malware that crawls your device for 12-word seed phrases.

7. Enable two-factor authentication (everywhere)

No-brainer incoming. Having any account which contains private or valuable information without 2FA activated is equivalent to using password1234 as your password.

8. If it seems too good to be true it probably is

“You have won 10K! You are going to receive a 100K transfer! You are a magical winner of some free crypto!”

If it seems too good to be true it probably is. Cybercriminals don’t discriminate when they try to socially engineer you. This includes invites on LinkedIn with requests to open documents and to click on links. Respectfully refuse and request to communicate within the platform itself. Sometimes there will be a request for you to refer someone you know or they will attempt to lure you in with something that flatters you. It will be something you know, deep down, simply cannot be true. So, don’t be naive.

9. Become a password-manager ninja

Who doesn’t have 200+ passwords to manage nowadays? That number will only increase in this digital (quarantined) age. Reusing the same password is a big no. Only using numbers is also a big no (even though you think you are being smart with your 26 digit password). You will get humbled by a brute force attack. Check if your email has been breached on haveibeenpowned.com. Learn how to make strong passwords; there are techniques to do so, using a combination of all kinds of digits, numbers, numerics, and special characters. Research password managers.

10.The ultimate and final security measure

Make sure your exchange has had an audit conducted by a professional accounting and business consulting firm to prove the presence of (your) collateral. Users need to know how their assets are stored in an exchange. They trust an institution with their funds. If on top of a conducted audit, your exchange provides you with extra features and tools within the platform to check the presence of collateral, it reflects that they are taking extra efforts to protect your assets.

Here is a detailed infographic that depicts the cycle of these measures.

Trust is the new crypto-criterion

Central to the relationship between any financial institution and the customer is trust. You trust your institution or middle man to do the right thing, day in and day out. When you walk into your bank, for instance, you trust that your banker will greet you with a smile, and when you are not there, you trust that the bank will keep your personal information and your assets safe.

But what if trust isn’t enough?

Security remains a super-hot topic in the crypto space. Whereas banks ensure that all deposits (in Europe) up to €100.000 are protected through national DGs (deposit guarantee schemes), the crypto space doesn’t have such a system in place yet. This means that the entire responsibility for the management of funds comes down to the responsibility of the user. And as crypto allows for huge profits amidst those losses, this means that wealth and asset preservation is a controversial topic all around.


Patrick Velleman
Patrick is a Community Manager at Gate.io. He is passionate about blockchain technology and how it has fast-tracked innovation not only in fintech but in various other sectors too. At Gate.io, he is responsible for updating the community about ongoing campaigns, novel features, overall development, and making sure everyone is happy. He facilitates the creation of appealing visual and written digital content across various channels, keeping users informed about all of Gate.io’s achievements along the way. 

 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/FOTOGRIN

Source: https://dailyhodl.com/2020/06/14/crypto-traders-and-investors-beware-paving-new-ways-for-high-end-digital-asset-security/

Blockchain News

Ant Group Chairman Eric Jing: Blockchain Will be the New Standard of the Future Financial Infrastructure

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Recently, Ant Group Chairman Eric Jing spoke about the future of financial infrastructure, and that blockchain will become a new standard. Given the economic effects from the COVID-19 pandemic, Jing said that it has divided human history into two eras, the pre-pandemic era, and the post-pandemic era, similar to the beginning of the first century. 

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Jing emphasized that the future of the financial industry must be driven by technology, to improve efficiency, to enable processes that were impossible in the past. He added that the pandemic has become a catalyst for financial technology and that Fintech has become an effective means of fighting the global pandemic. 

Blockchain-based data will become assets and blockchain adoption will become a standard

The Ant Group Chairman said that the digital economy can support the transformation of the financial industry. At the Second Bund Finance Summit on Oct. 25, Jing said:

“20 years ago, we talked about Internet adoption; ten years ago, we talked about cloud adoption. We are now talking about blockchain adoption. In the future, blockchain adoption will become a standard.”

He added, “The wave of digitization is now booming. Blockchain-based credit as the basis, we can support the digitization of our business, and thus the data will be assets. In the future, cloud computing and blockchain will become the new financial infrastructure.”

As cloud computing and blockchain are becoming the infrastructure of the new financial industry, distributed databases also provide strong support for data processing. He explained, “cloud computing and blockchain will become very important as a basic standard of the new financial industry.”

Ant group and Blockchain

As the world’s leading fintech company, the Ant group has featured Blockchain, IoT, Database, AI, Security technologies on its official technical innovation page. It believes that “with blockchain technology, they are establishing a next-generation trust mechanism while improving the efficiency of value transfer and multilateral collaboration”. 

Their blockchain services are built on AntChain, a self-developed financial-grade consortium blockchain platform. On Sep 25, it launched “Trusple,” an AntChain-powered global trade and financial services platform for SMEs and financial institutions. In addition, Ant Group holds the greatest number of published blockchain-related patent applications. 

According to Alibaba Group founder Jack Ma, Ant Group’s listing could be the world’s largest IPO. The record IPO may benefit blockchain adoptions.

Image source: Shutterstock Source: https://Blockchain.News/news/ant-group-chairman-eric-jing-blockchain-cloud-new-financial-infrastructure

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Esports

How to Shiny Hunt in Dynamax Adventures in Pokémon Sword and Shield’s The Crown Tundra expansion

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Pokémon Sword and Shield’s The Crown Tundra expansion has added a lot of new content for players to enjoy, including a brand new way to experience Max Raid Battles with the Dynamax Adventures mode. 

This new way to raid features tons of rare Pokémon that might be hard to obtain otherwise, including Legendary Pokémon, staters from multiple regions, and Pokémon capable of Gigantamaxing. And the best part is, all of them can be Shiny. 

None of the Pokémon featured inside the Max Lair where Dynamax Adventures are held have a Shiny lock, outside of a Poipole that you are gifted once you complete the story. That fact along with the discovery of improved Shiny odds in those raids has Shiny hunters around the world flocking into the tunnels. 

Dynamax Adventures makes it easy to Shiny hunt too, giving you the option to capture multiple Pokémon, a total of four per run, and check them all at the end to see if any of them are actually Shiny. This includes all of the Legendary Pokémon that you can catch at the very end of each adventure. 

Here are the basic steps you should take when trying to find Shiny Pokémon while playing Dynamax Adventures. 

Capture any Pokémon you want while clearing the four battles

You won’t be forced to keep anything you catch, so it doesn’t hurt and only increases your chances of actually nabbing a Shiny, even if it isn’t the one you really wanted. 

At the end of a run, you will be asked to select one of the Pokémon you captured to take with you, meaning you can at maximum take a single Pokémon as a prize. You can browse through the captures and see which ones are Shiny before making a decision, and you can also decline to take any of them if you are only looking for a Shiny. 

You still get Dynite Ore as a bonus too, and even if you fail to clear the final boss, you can still check and keep one of the other Pokémon you captured before being swept out of the den. 

Always decline to take a Legendary Pokémon if it isn’t Shiny

If you are trying to capture a Shiny variant of every Legendary Pokémon available in the Max Lair, this is the most important step you need to follow. 

If you choose to take a Legendary Pokémon with you after capturing it and clearing the adventure, you will be unable to capture that same Pokémon again, even if you run into it on another adventure. This means you need to make sure it is a Shiny on the review screen before taking it, otherwise, you won’t be able to get a Shiny version of it. 

If you didn’t capture any other Pokémon you will need to decline to take a Pokémon out at all and just take the Dynite. This will allow you to encounter that Pokémon again in a later adventure with no drawbacks. 

Don’t reset your game during a Dynamax Adventure

Some players not used to Shiny Hunting in Max Raid Battles might not know this yet, but soft-resetting your game won’t help you get a Shiny, at least during a Dynamax Adventure. 

Why is that the case? Because every time you enter the Max Lair, the encounter paths are randomized unless you have marked a path to a Pokémon you just lost to or purchased the information from Peonia. 

Soft-resetting does not guarantee you a path to the Pokémon you want and it actually can come back to bite you since resetting or disconnecting enough times will force you to pay a Dyonite penalty in order to get back into a run.

That means it is better to just finish out a run, choose not to take a Pokémon if you caught it and want a Shiny version, and jump back in for a clean adventure from the start. 

Source: https://dotesports.com/pokemon/news/how-to-shiny-hunt-in-dynamax-adventures-in-pokemon-sword-and-shields-the-crown-tundra-expansion

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Esports

March joins T1’s Dota 2 roster as head coach

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Legendary Korean esports organization T1 is bringing 32-year-old Park “March” Tae-won on as its head coach, reuniting with former MVP Phoenix teammate Pyo “MP” No-a in the backroom.

T1 will hope that the addition of March and his near-decade long tenure in competition and recent success with one of Southeast Asia’s finest teams will bring some much-needed stability to the organization’s ailing Dota 2 project.

March was active during the year as a player, captaining TNC Predator’s roster to the organization’s first Dota 2 Major win at MDL Chengdu. Citing a need to “go towards a different path”, TNC released March from their roster at the end of September.

Before his most recent stint with TNC, March has already dabbled in coaching with several teams, such as the short-lived Echo International that featured ana and Malaysian legend Wong “ChuaN” Hock Chuan, Wind and Rain, and Fnatic.

While the brand has its pedigree in the esports scene, its foray into the Dota 2 scene this year has been lackluster. The team took four months from the signing of Korean offlaner Lee “Forev” Sang-don to assemble a full roster around him.

A series of poor results saw the team unable to qualify for any tournaments in the Dota Pro Circuit, before the onset of the COVID-19 pandemic grinded the competitive scene to a halt. Since then, the roster has gone through several iterations and is still missing a position one following the departure of Singaporean hard carry Galvin “Meracle” Kang in September.

Source: https://dotesports.com/dota-2/news/march-joins-t1s-dota-2-roster-as-head-coach

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