Talking about the "lifeline" of Bitcoin from the collapse of CoinWallet

Last month, digital currency firm CoinWallet.co announced that its platform had officially shut down after it suffered a data breach on April 6.

The company said:

“This incident forced us to re-evaluate the feasibility of operating coinwallet.co, and ultimately we determined it was not feasible due to risk, cost, and time considerations.”

The instigator of this incident is the hacker who sold the data of 164 million LinkedIn users. He also claimed to have hacked the emails and passwords of 360 million MySpace users. This will be the largest MySpace password leak in history.

Users of the German service TeamViewer recently complained that their most valuable accounts (email, bank and PayPal accounts) had been taken over by others.

Additionally, millions of Spotify account credentials (including emails, usernames, passwords, account types, and other details) were published on the Pastebin website after being hacked…

Take Precautions

For some wallet users, the security of their platforms and accounts has become increasingly important, even though there is no central administrator who controls their wallet private keys.

Friends who have used two-factor authentication tools should know that this tool is very effective. Therefore, two-factor authentication is an essential protection measure.

In addition, researchers found that some hackers could crack some brain wallets (overly simple brain wallets) and empty the user's personal funds.

They have found a faster and more effective way to crack Bitcoin's "brain dead package". And the speculative rise in Bitcoin prices may lead to more attacks.

Therefore, friends who use brain wallets, you need to figure out whether your brain wallet belongs to the category of brain-dead wallets.

There is also an option to use a physical smart card device wallet, such as the Ledger Nano, which manages your account by connecting directly to a USB port, protects your bitcoins, and makes your payments more secure. Or you can use the Ledger Unplugged, which is a credit card-sized bitcoin wallet. Others, such as BitKey, and the Bitcoin Credit Stick from Open Dime.

For exchanges, users can call on them to join the proof of reserve system to prevent the Mt. Gox tragedy from happening again. Currently, some exchanges have taken the approach of regularly publishing data to prove their solvency.

Recent Developments

Not long ago, SatoshiLabs announced the launch of the Trezor password manager, which brings advanced encryption technology to computer users.

Instead of entering a master password to unlock the entire password database, users will only need to "unlock" the device (via a secure PIN entry) (to prevent keyloggers. This PIN will also prevent unauthorized physical access).