Crypto Transactions - Best Practices to Safely Send and Receive Cryptocurrency

CertiK, a blockchain security firm, confirmed in a post on X that it had detected a transfer of $69.3 million worth of bitcoin to an address "linked with address poisoning."?

Address-poisoning scams are carried out by thieves who make spoof accounts of their victim's online crypto address, which they use to send a small amount of currency to the victim in hopes they will accidentally send money to the fake address later.

While this is one of the many ways to lose your crypto while transferring money, there are some best practices that you can follow to ensure the transaction is sent where it is intended. Whether you are a pro or new to the world of digital assets, the practices below will help you mitigate your risks and enjoy the benefits of the crypto world.?

Best Practices Which Can Help the User to Send and Receive Cryptocurrencies Safely

1. Sending Small Amounts first

While sending cryptocurrency, users should always start with small amounts of transactions whether they are newbies or experts in understanding crypto as there are always phishing scams going on in the crypto industry. This strategy can help you in the following ways:

• Risk Mitigation: Users can first try to send a very small amount of crypto if they are new to sending crypto transactions. This will help users to familiarize themselves with the process.

• Address Verification on Explorers: Users can check if the recipient’s address is flagged on Blockchain Explorers. By checking this, they can verify if the address they are interacting with has ever been involved in any scam. You can use Bitquery Explorer to check the reliability of the address.?

For example, Address 0xa09871aeadf4994ca12f5c0b6056bbd1d343c029 was involved in the Upbit hack and was flagged by Bitquery Explorer. Please take a look at the image below.

2. Use multiple number of Wallets

Users should use multiple wallets and should change their wallets from time to time as they often give approvals to Decentralized Applications which can be sketchy and could lead to potential loss of funds.?

• Risk Containment: Users can keep their digital assets in different wallets to lower the effect of a security breach on that wallet only that has been compromised. So that the loss of funds will be minimized.

• Maintain Transaction Tracking: Even though keeping separate wallets may increase the number of secret keys to handle, it enables users to track and manage transactions more effectively. This compartmentalization makes it easier to monitor the flow of funds and detect any unusual activity.

3. Hardware Wallet and Hot Wallets

Utilizing a combination of hardware and hot wallets is considered to be the best way to maintain security in the cryptocurrency space. This multi-faceted approach balances security and convenience, offering the best of both worlds:

• Hardware Wallets for Long-Term Storage: Having a Hardware Wallet helps you to avoid all the internet scams and hacks, it is the best way if you want to safeguard a significant amount of funds.
• Hot Wallets for DeFi Activities: Hot wallets are connected to the internet and are ideal for engaging in decentralized finance (DeFi) activities such as trading, lending, and yield farming. Their accessibility and convenience make them well-suited for frequent transactions and interactions with DeFi protocols.

4. Increase Security with Password Managers

• Efficient Password Management: Users should use tools such as password managers for better management of their passwords. Password managers offer great help as they generate and suggest fairly strong and unique passwords and also store them for you so that you don’t have to memorize them.

• Ensuring unique password-gated accounts: Users should keep different passwords for different accounts so that the compromise of one account doesn’t sabotage the security of another account.?

5. Choose secure exchanges if you are not comfortable being responsible

For users seeking additional peace of mind and professional management of their cryptocurrency holdings, secure exchanges offer a compelling solution. These platforms provide a range of benefits, including:

• Professional Management: Secure exchanges follow robust security measures and have professional teams dedicated to safeguarding users' funds. By entrusting funds to reputable exchanges, users benefit from the expertise and resources of these platforms in mitigating security risks.

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• Ease of Use: Secure exchanges typically provide user-friendly interfaces and intuitive features, making it easier for users to buy, sell, and trade cryptocurrencies without the complexities of self-custody solutions. This simplicity appeals to users seeking convenience and simplicity in managing their cryptocurrency holdings.
• Customer Support: Reputable exchanges offer responsive customer support services to assist users with any queries or issues related to their accounts or transactions. Having access to reliable customer support can alleviate concerns and provide peace of mind to users navigating the cryptocurrency landscape.

Recover Your Lost Crypto Assets with Bitquery Investigation

Have you fallen victim to crypto scams, losing your hard-earned digital assets? Bitquery offers a lifeline with its specialized investigation services tailored to track down and recover stolen cryptocurrencies. With a comprehensive suite of solutions, Bitquery stands as a beacon of hope in the world of crypto theft.

How Bitquery Can Help:

1. Funds Tracking: Leveraging Bitquery’s state-of-the-art blockchain analysis tools like Coinpath?, we meticulously trace stolen funds through the complex digital landscape.
2. Recovery Assistance: We go beyond mere tracking, actively collaborating with crypto exchanges and law enforcement agencies to facilitate the retrieval of your assets.

Our Process:

At Bitquery, we understand the urgency of your situation. That's why we've streamlined our process to deliver swift and effective results:

1. Initial Assessment: Begin by submitting your case through our dedicated form on the investigation page. This initiates our initial assessment process.
2. Preliminary Investigation: Upon receiving your submission, we conduct a preliminary investigation using our advanced Coinpath? tool. This allows us to gauge the viability of your case.
3. Engagement: Should our preliminary investigation yield promising leads, we engage with you, the victim, to discuss further steps. At this stage, we may request payment for a complete report.
4. Comprehensive Report: Our complete report serves as a comprehensive dossier, detailing our findings and providing actionable insights. This report can be instrumental in initiating legal proceedings with government officials.
5. Legal Assistance: Additionally, we may provide templates for freezing funds or requesting crucial information from exchanges, further bolstering your case.

Take Action Today!

Take the first step towards recovery by submitting your case to Bitquery Investigation Experts through the form link below:

Form Link - Bitquery Investigation Experts

Reclaim what's rightfully yours with Bitquery. Your assets deserve protection, and we're here to deliver.