Paving New Ways For High-end Security
Gate.io’s Top 10 Security Tips
Putting Our Users’ Security First
Security is one of Gate.io’s main pillars. Together with transparency and integrity these are the fundamentals we have based our entire crypto existence on. As hackers are highly incentivized to gain access to funds which an exchange claims they hold, the measures to protect these assets need to be extraordinary. That’s why we have extraordinary measures in place. Not only do we have top-notch security measures and do we maintain extremely high standards when it comes to protecting our users; we have gone one step further by having an external party audit the existence of our funds, but more about that later. To help you stay on top of your funds as we can’t protect you after you have withdrawn from our platform, here are our top tips to help you keep your funds keep out of reach of malicious actors.
Top Ten Security Tips
1. Beware of Phishing Scams
Phishing is a type of intentional deception designed to steal your private information. A malicious actor tries to get passwords, account information, private keys, or other personal information from you by trying to catch you off-guard. Phishing schemes usually come via spam, email, or pop-up windows. Don’t click on anything you weren’t expecting or which looks unauthentic. There are lots of criteria to verify whether a link or email is authentic.
2. Don’t click on any links you don’t recognize
We already mentioned this in the first point, but it definitely deserves a second mention. A well-known and strict rule here is; think before you click. Who is the sender? Was I expecting this email? How is the message written? Does the message contain lots of mistakes or does is it have an incoherent structure? If anything, be suspicious.
3. Don’t store any passwords or seed phrases in the cloud
Don’t be naive by thinking you have the most intricate password storing system in place. The most damaging thing you could do to yourself is think you can outsmart a hacker and let your ego tell you you have “everything under control”. Storing any passwords or seed phrases in the cloud is the biggest of No-Nos and simply a question of “when not if.”
4. Buy a Cryptocurrency Hardware Wallet
A hardware wallet is a type of wallet where you can store your private keys in a secure physical device. The cryptocurrencies stored in the wallet are kept offline, meaning that they can’t be hacked. If however, you store your seed phrase in the cloud, this beats the entire purpose of the hardware wallet. So write it down on a piece of paper instead.
5. Avoid Public Wi-Fi
If you are going to interact with exchanges, wallets, public addresses, and whatever kind of crypto information you want to be 100 percent sure that no one is looking over your digital shoulder. Public WiFi offers hackers the ability to position themselves between you and the connection point. So, instead of talking directly with the hotspot, you could potentially be sending your information to the hacker.
6. Ensure Device Safety — (anti-virus)
Viruses, trojans, botnets, ransomware, malvertising, riskware, hijacks, and other types of malware. You can be exposed to all of these if you maintain bad security management behavior. So why not use a tool to protect yourself? Protect yourself against a malicious actor who has managed to install malware that crawls your device for 12-word seed phrases.
7. Enable Two-factor Authentication (everywhere)
No-brainer incoming! Having any account which contains private or valuable information without 2FA activated, is equivalent to using password1234 as your password.
8. If it seems too good to be true it probably is
“You have won 10K! You are going to receive a 100K transfer! You are a magical winner of some free crypto!”
If it seems too good to be true it probably is. Cybercriminals don’t discriminate when they try to socially engineer you. This includes invites on LinkedIn with requests to open documents and to click on links. Respectfully refuse and request to communicate within the platform itself. Sometimes there will be a request to be referred to someone you know or they will attempt to lure you in with someonething that flatters you. Something of which you know deep down it simply can not be true. Don’t.Be.Naive.
9. Become a password-manager Ninja
Who doesn’t have 200+ passwords to manage nowadays? That number will only increase in this digital (quarantined) age. Reusing the same password is a big nono. Only using numbers is a big nono (even though you think you are being smart with your 26 digit password). You will get humbled by a brute force attack. Check if your email has been breached on haveibeenpowned.com. Learn how to make strong passwords; there are techniques to do so, using a combination of all kinds of digits, numbers, numerics, and special characters, research password managers.
10.The Ultimate and final security measure
Make sure your exchange has had an audit conducted by a professional accounting and business consulting firm to prove the presence of (your) collateral. In our case by Armanino LLP, a top 25 US Accounting and Consulting firm.
The Future Of Proof — Why Gate.io Is Leading In the Space
Gate.io protects your funds with both centralized and decentralized methods. It is also the first exchange to invest millions in security and law funds to add extra protection for your assets. The best way to prove as a financial institution that you own the funds you claim is to put your money where your mouth is. You could, for instance, let a third party audit you in order to prove the presence of assets. So that’s what we did.
As one of the first exchanges, we had an audit conducted by a professional accounting and business consulting firm to prove the presence of collateral. We love to lead by example. Verify for yourself if we really and truly put your money where our mouth is, if we really and truly walk the walk.
Trust Is The New Crypto-Criterium
Central to the relationship between any financial institution and the customer is trust. You trust your institution or middle man to do the right thing, day in and day out. When you walk into your bank for instance, you trust that your banker will greet you with a smile, and when you are not there, you trust that the bank will keep your personal information and your assets safe.
But what if trust isn’t enough?
Security remains a super hot topic in the crypto space. Whereas banks ensure that all deposits (in Europe) up to €100.000 are protected through national DGs (deposit guarantee schemes), the crypto space doesn’t have such a system in place yet. This means that the entire responsibility for the management of funds comes down to the responsibility of the user. And as crypto allows for huge profits amidst those losses, this means that wealth and asset preservation is a controversial topic all around.
The Security Roadmap
Gate.io is an authoritative exchange and has been for the past 7 years. We have been operating stably and reliably ever since our inception. With our constant exploration of innovative technologies, we strive to offer you the best trading experience; utilizing a super smooth and user-friendly interface, top of the line security features as well as an ever-evolving social platform. In our journey to become better, we have created “Proof of Collateral.”
Meanwhile, Armanino LLP has provided the verification of reserves (100% collateral) on its official platform. For further details, please check here.
We hope you enjoyed this article! Want to read more about the audit (report)? Click here!
Stay safe everyone!
*Armanino LLP is a top 25 US Accounting and Consulting firm, and the largest headquartered in California. Armanino’s specialized Blockchain team is composed of CPA’s, attorneys, and consulting professionals, who have been servicing the digital asset industry since 2014.