Cryptocurrencies are highly valuable digital assets and this is the reason why many individuals want to have it. The only way through which one can attain these crypto assets is by purchasing them. However, there are some crooked individuals who want to steal these assets. Yes, these individuals are usually termed cybercriminals and these cybercriminals take all the possible steps to find loopholes in user's crypto wallets and accounts. Something similar might happen to you as well if you are using a wallet such as MetaMask wallet.
Hence, we have crafted this read for you to make you understand what you are supposed to do if you think your wallet has been compromised. Well, there are many things you can take into consideration if you wish to make your wallet even more secure. But, if you think you have been scammed or someone has stolen crypto coin from your wallet.
Reasons why your wallet must have been hacked
Wallets such as MetaMask wallet fall in the category of hot crypto wallets which are somehow connected to the internet. This is the reason why a lot of individuals fail to understand what could be the main reason why their wallet might have been compromised or what was the loophole. So, go through the reasons given below to understand everything in detail:
- The device on which you have installed the MetaMask wallet comprises any malicious software. The malicious software can read all the information on your device including your Secret Recovery Phrase
- When you visit a malicious website or a phishing website, you will end up losing your information in the hands of cybercriminals
- You have mistakenly or willingly shared your private keys or Secret Recovery Phrase which can lead to wallet-hacking incidents
- While installing the MetaMask wallet extension or the app, you must have gone to an incorrect or phony website. In that case, it is possible that you must have installed a fake copy of the wallet which could ultimately steal your information
- While connecting to a dApp, you must have given unlimited access to the dApp which can ultimately drain out your funds in no time
Things to do with a compromised wallet
If you are sure that your wallet has been compromised and you have been scammed, then there are a few things you must do immediately. Here is the list of things you must do:
- The first thing that you need to do is install MetaMask wallet on another device or browser and recover your wallet using the Secret Recovery Phrase. Following this, if you see that your wallet has some funds in it, transfer them to another wallet immediately.
- To create a new wallet, make sure that you always install the extension only from the official website of the wallet.
- One tip that you should always keep in mind is that you should always store your Secret Recovery Phrase somewhere very safe. Make sure that nobody can gain access to it in any circumstances.
- Make sure that you do not use the same wallet that has been compromised after withdrawing funds from it.
Conclusion:
The article highlights all the major aspects that you must take into consideration in case of a hacked wallet and the practices you must follow to avoid being scammed. For downloading the MetaMask wallet extension or the app, make sure that you only use the official website. This way, you can easily ensure that your wallet is not compromised. And most importantly, take all the security measures to protect your Secret Recovery Phrase.
