![]() One of the easiest to spot “red flags” is if the application does not share its code or ignores the community’s concerns. ![]() Especially since an issue with the developer’s code could become a potential weakness within the project. Look into the smart contract: Although this step is probably too technical for the average investor, it is advised to check out the smart contract of a project.Also, you should be careful not to invest simply because a celebrity said that a service/product is good. Understand reputation risks: Determining if the founders of a project are trustworthy and credible is essential, especially since there have been cases of founders abandoning a project and leaving with the invested money. ![]() Information about this can reveal things that were not obvious at first glance. Do your research: You should look into the website of the project or token, where you can purchase it, its white paper, and the listed developers and founders before investing.So, before moving on, let’s see what YOU can do to minimize the risk of your funds being taken. Moreover, if you want to know more about the losses, you can find our Youtube video about the top 10 Bitcoin losses!īy now you are probably wondering how to protect yourself from crypto hacks. In this week’s blog post, we’ll take a look at some of the worst hacks in crypto history. Understanding how these attacks work will allow us to be better equipped to protect our assets and investments. In the case of blockchains, these are security breaches and hacks. As with any rapidly-growing industry, there are bound to be some bumps in the road. What do you think? Can blockchains be hacked? Well, the quick answer is yes. The blockchain industry is booming, and with it comes a wave of new investors and enthusiasts. How Co-Founder of Ripple Lost $44 Billion.What Happens When You Don’t Have Your Keys.The Issue with Centralized Finance (CeFi).How to Protect Yourself From Crypto Hack.
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