Tricks to Protect Yourself from Crypto Muggings

After a sequence of successful theft of crypto coins in London, security experts now have some tricks that you can use for enhanced safety. 

Crypto Mugging Now a Commonplace in London

Crypto mugging has become a common thing in London in the recent past, with thieves threatening coin holders unless they transfer their crypto coins from exchanges or mobile wallets. 

The crime reports from London on the Guardian UK demonstrate how thousands of dollars are stolen by thugs. One victim indicated that his phone was pick-pocketed only to realize that USD12,000 worth of ETH had been siphoned. The victim added that he believed victims might have seen him type the account pin.

Another victim was approached by people who offered to sell cocaine after moving to a new location. Then, they held him against the wall as other members of the gang accessed the account and transferred USD7,000 worth of XRP

Tricks to Keep Your Cryptos Safe

Because crypto transactions are irreversible, the role of securing the assets is the personal responsibility of the owner. According to a blockchain security firm, BlocSec, there are a number of tricks and tips that you can use to stay safe or keep the losses as low as possible. 

Deposit a Small Amount in Exchanges, Use Multi-Signature Wallet

First, you should not deposit a large number of cryptos in the wallet of an exchange. Instead, you should only leave a small portion. You can also have a multi-signature wallet that requires two signers for money to be moved in the wallet. This means that in the event thugs are successful, only a small amount of cryptos will be lost. 

Use Apps that Hide Crypto Application 

Another awesome method, as suggested by BlocSec, is making it hard for thieves to access your crypto wallet on the smartphone. You can do this by using apps that only work on PrivateSpace, which will make it challenging for other people to access the cryptos. Samsung, for example, comes with a feature referred to as a Secure Folder that you can use to hide applications behind a password or pin. The folder itself can also be hidden from the homescreen. 

Store Your Coins in a Cold Wallet 

Cointelegraph also talked to a Twitter user and independent security researcher with the tag, CIA Officer, who provided additional tips on how to harden the security of your crypto assets

Referring to one of the articles he wrote in April, the CIA Officer highlighted 13 tips on storing cryptos securely. 

In the article, the CIA Officer reminds users that mobile wallets are interfaces and not the best for protecting crypto assets. Instead, he calls for the use of cold wallets, such as Trezor and Ledger Nano, because they keep cryptos offline.

The CIA Officer also emphasizes that you should always be cautious about those close to you to be able to notice when thieves try to hack you through acquaintances.   

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