The importance of safety when using self-preservation platforms

Security is one of the most important topics in the crypto world, and for good reason. Even the major self-custody platforms, such as OpenSea, are vulnerable to malicious behavior and attacks. Read on to find out why security should be your number one priority and learn from a recent serious phishing attempt on OpenSea.

What does self-preservation mean?

Essentially, self-preservation in crypto refers to the holders’ sole responsibility to process and store their information data, such as private keys. Consequently, a self-keeping platform does not keep any form of private keys and delegates the task of protecting them to key owners.

About the OpenSea phishing attack

Phishing is a type of malicious activity that manipulates the victim into sharing confidential credentials or information, usually through false communication. Phishing is a serious threat even today, and it is also one of the most difficult attacks to detect, as it is disguised as regular messages.

To show how real this problem is, here’s the recent case of OpenSea, one of the major Non-Fungible Token (NFT) marketplaces of its time. According to official sources, the phishing attack affected 32 platform users, who actually suffered damage to their property as a result of the event. The company’s CEO, David Finzer, emphasized that the attack is unlikely to be directly tied to the OpenSea platform, and that users signed the malicious action elements elsewhere, underscoring the importance of keeping your sensitive data safe. when using a self-preservation platform.

Overall, while some rumors said the stolen value was somewhere in the $200 million range, David Finzer said the address, which they believe belongs to the hacker, has $1.7 million to his name. which is still a remarkably high figure.

Why should safety be a priority?

With the advancement of technology came the advancement of hacks, which is why today it is more important than ever to take all necessary precautions to prevent such occurrences. This is especially true when using self-management platforms as it is the responsibility of the users to protect their private data, including their private keys.

The reason why security should come first is quite simple: the more one collects, the better the target for hackers, and if security is neglected, all those hard-earned funds can disappear permanently, faster than one might think.

Implications of safety while trading

Security is also vital when it comes to trading cryptocurrencies, be it on a central exchange (CEX) or a decentralized exchange (DEX). Unfortunately, there are very few platforms that actually put enough emphasis on the topic. A good example of a DEX that meets the requirements of high-level security is: FOMOdex, a multichain automated market maker (AMM), which supports Binance Smart Chain (BSC), Ethereum (ETH), and Polygon (MATIC). The platform acknowledged that without proper safeguards, everything else is basically useless, as the results are only as good as their protection. That’s why the team has reportedly made FOMOdex to be one of the most secure DEXs, despite the multi-chain environment and high volume of transactions. To further emphasize this, FOMOdex was launched as the first DEX regulated in the US, which means increased user protection and grounds for lawsuits should fraud occur. This is a remarkable achievement considering it is notoriously difficult to get approval from US regulators.

Final Thoughts

As demonstrated by both theory and real world events, security is truly one of the most overlooked, yet extremely vital aspects of dealing with cryptocurrencies. However, with next-generation platforms and users realizing its importance, good security will become the main feature users look for when choosing where to do business in the near future.

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