Paranoia or Necessity: How to Secure Your Assets - Expert Insights

According to Reuters, citing the latest Chainalysis report, losses from cryptocurrency platform hacks reached $2.2 billion in 2024. That's a 21% increase from last year, with the number of successful breaches rising to 303 incidents.

Source: chainalysis

I decided to talk to those who work on digital asset protection daily - ethical hackers and cybersecurity experts from leading companies, crypto traders who understand security from firsthand experience, and blockchain developers who create secure smart contracts.

In these rapid-fire interviews, they shared their personal security rules and insights - straight to the point, because when it comes to security, there's no room for unnecessary words.

• James Bachini 

(Blockchain Developer, DeFi Specialist, and Investor)

Golden Rule: "If someone asks for your private keys or seed phrases — it's 100% a scam. No legitimate service or support will ever request them."

Three Steps If You Suspect a Breach:

"First, immediately stop all transactions and lock compromised wallets. Next, report the incident to the exchange and law enforcement. And crucially, check and revoke suspicious permissions through Revoke.cash, especially if you've interacted with unknown smart contracts."

Security Must-Have:

"A hardware wallet is like a safe for your assets. Ledger or Trezor plus multi-signature wallets for an extra layer of protection — that's how I store my crypto. And of course, never click on links from emails or social media — always type URLs manually."

How to Set Up a Hardware Wallet?

1. Device Selection

• Purchase only from official manufacturers or authorized resellers

• Most reliable manufacturers: Ledger (France), Trezor (Czech Republic), SafePal (China), BitBox (Switzerland)

2. Setup and Installation

Load the official wallet software (e.g., Ledger Live or Trezor Suite)

• Create a strong PIN code — this is your first line of defense

3. Critical Step — Seed Phrase

• The device will generate a seed phrase
• Write it down by hand (no photos or screenshots!)
• Store it in a secure location and never share it

Once set up, you can transfer cryptocurrency to and from your hardware wallet.

• Ethical Hacker 

(A cybersecurity specialist who legally tests system vulnerabilities to prevent real attacks) requested anonymity for security reasons

Golden Rule:

"The biggest mistake is thinking cyberattacks won't target you. In the crypto world, this is an especially dangerous assumption. I've seen experienced traders lose everything due to a single careless decision."

Three Security Priorities:

"First — regular updates of all apps and wallets. Second — using only verified VPN services when working with crypto exchanges. And third, most importantly — never neglect education. According to my statistics, over 60% of successful attacks occur due to human error."

Security Must-Have:

"Make sure to set up suspicious activity monitoring on all your wallets. Personally, I receive instant notifications about any unauthorized access attempts."

How Does Wallet Activity Monitoring Work? 

Revoke.cash is a service that not only shows all active smart contract allowances but also lets you revoke them if you notice anything suspicious.

Is It Difficult to Set Up? 

No. Just follow these steps:

1. Visit the official Revoke.cash website
2. Connect your wallet
3. Review the list of active allowances
4. Revoke suspicious ones if necessary

How Much Does It Cost? 

The service itself is free. You only pay network gas fees for revoking allowances. To optimize costs, you can use GasHawk — a service that helps find the most cost-effective time for transactions.

Can Revoke.cash Recover Stolen Funds? 

Unfortunately, no. It's a preventive tool. Its main purpose is to prevent theft, not recover stolen assets. That's why it's crucial to regularly check and revoke suspicious allowances.

• Cybersecurity Expert 

(With 10+ years of experience at a leading company (NDA)

Golden Rule:

"Hygiene. Only use devices where wallets, exchange accounts, and other financial instruments remain untouched. Never connect cold wallets to unknown devices, and never plug storage devices of unknown origin into your system"

If a device (including your phone) contains any financial instruments, it must be secured with robust two-factor authentication (2FA) through Passcrypt, a physical security key, or an authenticator that's mandatory installed on a separate device."

Three Steps During a Breach:

First, immediately transfer all funds to another, better-secured wallet that can't be accessed from the compromised device.

Second: report to all relevant authorities, police, and the exchange immediately. It's crucial to start tracking the funds before they're moved too far.

Third action: identify the attack source, because once a successful breach has occurred, it's often a point of no return. You can only hope the funds won't go far. The thief is already 'through the door' and in your wallet, making it almost impossible to stop them.

Security Must-Have: "Hardware wallet, cyber hygiene, and a semi-paranoid approach to protecting your assets."

• Htrading69

(Crypto and stock market trader with 6 years of trading experience)

Golden Rule:

"In 6 years of active trading, I've learned that the biggest losses don't come from bad trades, but from compromising on security. I lost my first ETH to a phishing attack in 2020. Since then, my golden rule is never to keep all eggs in one basket, even if that basket seems secure."

Trading Practice Insight:

"When I see suspicious spreads or unusually high volatility on an exchange, I withdraw funds immediately. These are often the first signals of platform security issues."

Three Proven Life Hacks:

"First, I always check the security audit of my trading platform from Hacken or CertiK. Second, I pay attention to support response time — there was a case when their quick reaction saved my account. And third — I withdraw a portion of profits to cold wallets monthly, regardless of market conditions."

Speaking of exchange security.. How can users identify the most secure platforms? 

Leading blockchain auditor Hacken.io provides an independent rating of companies with the highest security standards.

This rating considers everything: from technical infrastructure and monitoring systems to incident response time, making it a reliable reference when choosing a secure trading platform.

Source: audits.hacken.io. Top 10 companies that passed the security audit 

As we can see, in an era where hacking losses reach billions of dollars, crypto asset security is a comprehensive task requiring vigilance at all levels: from choosing a reliable exchange to maintaining daily user habits.

While there's no universal security formula, following expert advice can significantly reduce the risk of losing your assets.