How to protect your crypto hot wallets from hackers

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No one likes to lose their hard-earned money from their cryptocurrency investments, however, some unforeseen events do manage to wipe out investors' wealth from their trade wallets. One of the popular practices would be hackers luring investors into appealing offers on social media platforms making them look like clickbait in a certain cryptocurrency. Just one click, and before you know it, your money has been drained from your hot wallet. While sometimes the investor is left helpless when the money they transfer to their account via ATM goes to the hackers instead. The latest example and casualty of hackers would be General Bytes-backed Bitcoin ATM and Solana wallets, where investors lost millions of dollars. While the awareness of cyber threats has increased among investors in the crypto market, especially this year, however, the uncertainty still pertains and is getting more advanced with time.

On August 18, in their security incident update, General Bytes intimated about a hack where attackers exploited a zero-day vulnerability in the servers of Bitcoin ATMs and managed to dupe investors' money.

Earlier this month, Solana token witnessed selling pressure on exchanges after users reported about their funds getting drained without their knowledge from their “hot" wallets including Phantom, Slope, and TrustWallet. Thousands of Solana investors suffered a heavy blow. As per reports, Solana is estimated to have recorded a loss of between $5 million to $8 million.

Solana and General Bytes were another fish in the pond of hackers. As per an analysis, nearly $2 billion worth of cryptocurrencies has been stolen in hacks so far this year.

In its mid-year crypto crime update, Chainalysis last week revealed that overall,