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Crypto Security

Crypto Security 101​

Securing your mobile crypto wallet is crucial for protecting your digital assets from potential threats. The most common cause of crypto hacks is often attributed to poor security practices and vulnerabilities in the systems used to manage and store cryptocurrencies. Here are some key factors:

  • Phishing Attacks: Phishing involves tricking users into giving away their private keys, seed phrases, or login credentials by masquerading as a trusted entity. Fake websites, emails, and social media messages designed to look like legitimate crypto services are some of the most common examples.

  • Exploits and Vulnerabilities in Smart Contracts: Hackers exploit bugs and vulnerabilities in smart contracts to steal funds or manipulate contract behavior. The 2016 DAO hack on Ethereum where a vulnerability in the DAO’s smart contract was exploited to drain $50 million worth of ETH.

  • Malware and Keyloggers: Malware and keyloggers are used to steal private keys and login credentials from users’ devices. Malicious software that records keystrokes to capture private keys or passwords.

  • *Social Engineering Attacks: Manipulating individuals into divulging confidential information through psychological manipulation. Attackers posing as customer support representatives to trick users into revealing their private keys or passwords.

Be Your Own Bank with Gem Wallet​

In the context of cryptocurrency, the phrase "be your own bank" means that individuals have full control and responsibility over their own money and financial transactions without relying on traditional financial institutions like banks. Gem Wallet is designed to provide secure, user-friendly access to cryptocurrencies and decentralized applications (dApps). Here are some key aspects of its security:

  • Self-Custody: Gem Wallet operates on a self-custody model, meaning users have full control over their private keys. This ensures that only the user can access their funds, providing a high level of security.
  • Encryption: Private keys and sensitive data are encrypted and stored securely on the user's device.
  • Regular Security Audits: Gem Wallet undergoes regular security audits to identify and fix potential vulnerabilities.
  • Open Source: Gem Wallet is open-source, allowing the community to inspect the code for security flaws and contribute to its improvement.