Recent reports claimed that Rakhni, a ransomware strain, has developed a new coinminer component that allows it to sneak into the funds of Bitcoin users. Rakhni is said to have the ability to lurk around a targeted computer before inflicting an attack. It then can either infect a computer right after sneaking in or run a coinminer module from a remote server.
Rakhni enters a computer system through spam email campaigns. These spam emails contain a malicious file attachment that when downloaded and launched will allow the threat to inflict the device.
Coinminer malware is not a new issue for Bitcoin users. In fact, coinminer malware is currently on the rise. In the first quarter of 2018, a 629% increase in coinminer malware has been recorded. This accounts for 2.9 million known samples, far ahead of the 400,000 known samples recorded in the last quarter of 2017.
With these threats revolving around Bitcoin wallets, users must now take action to keep their wallets safe and secure. Here are some must-know tips to protect your Bitcoin Wallet:
Tips on How to Protect your Bitcoin Wallet
Backup your Wallet
An effective way to keep your Bitcoin Wallet safe and secure is by regularly backing up the entire wallet. Having a backup of your entire Bitcoin wallet can protect you against computer failures or human mistakes. Make sure that all Bitcoin addresses are included in the backup. With a backup copy, you can easily recover your wallet in case it gets compromised by a cyber threat or when your phone or PC has been stolen.
Enable Offline Mode
Cold storage or the offline mode of securing bitcoins provide the highest level of security for your wallet. When you enable this option, you will not be connected to the internet which makes it less likely to be inflicted by online threats.
Encrypt your Wallet
Encrypting a Bitcoin wallet adds another layer of security because only a person who knows the unique passkey can access the wallet. When you encrypt your wallet, make sure that you come up with a strong and unique password to protect it. Make your password a combination of uppercase and lowercase letters, numbers, and other special symbols. Just make sure that you never forget the password you set to avoid problems regarding forgotten passwords.
Keep your Software Updated
Just like any other software, you must always ensure that the Bitcoin software you are using is regularly updated. An outdated Bitcoin software is an easier target for hackers. When you are running the software to its latest version, you also install in your device the latest security fixes and protocol the developers provided. With the latest update installed in your device, you can prevent issues of various severity and possibly have better features to secure your bitcoin even better.
If you do not take measures to keep your Bitcoin wallet safe and secure, the probability of it become compromised or stolen will get higher. With this, make sure to strictly take security and backup precautions so you will be able to improve the security of your Bitcoin wallet.