Seed phrase and ways to hack it.

BY KEYHUNTER 09.02.2024
Seed phrase and ways to hack it.

The private key is what stands between you and your cryptocurrency. This is a kind of PIN code that gives access to your bank account. It provides access to your cryptocurrency, allowing you to receive and send coins to anyone around the world.

Over the years, people have lost their private keys, resulting in costly losses with no way to recover funds. For example, James Howells lost his private keys to his Bitcoin wallet, and it cost him 7,500 Bitcoins (now worth millions of dollars). This is something of a nightmare that haunts many crypto investors.

But there is a solution. Using a seed phrase allows you to recover your funds if you lose your private key. In this article, we will discuss private keys, seed phrases, and the best ways to protect sensitive information.

Seed phrase and ways to hack it.

What is a private key?
A private key is a series of alphanumeric characters that gives you access and complete control over your cryptocurrency. The private key is used to sign transactions so you can spend and send your coins to anyone in the world. The security composition of the private key helps protect your digital coins from unauthorized access and theft.

It is very important that you keep your private key secure. If you lose your private key or it falls into the wrong hands, your funds will be permanently lost. Without a private key, there is no other way to access your digital coins. You will not be able to spend, withdraw or transfer your coins.

There are several ways to securely store your private keys. You can store your keys on paper or hardware wallets. You can also store your private keys in mobile wallets, desktop wallets or web wallets.

Seed phrase and ways to hack it.

What is a seed phrase? 

A Seed Phrase is a list of random words (12, 18 or 24 words) used to recover your funds if you lose the password for your wallet application or the device on which your wallet is installed.

The seed phrase is usually generated when setting up your crypto wallet. Therefore, it is very important that you do not skip this step. A backup copy is always useful in difficult situations.

Once you have access to your seed phrase, take a pen and paper and write it down. Memorizing the phrase is not a viable option. Also, never store your seed phrase on platforms that can be easily hacked, such as Google Drive or Yandex.Disk.

Just like your private key, your seed phrase can give anyone who has it access and control over your funds. The security of the seed phrase is just as important as the security of the private key. So how do you keep her safe?

How to secure your seed phrase
There are several ways to store the seed phrase.

Use a Paper Wallet

Although paper is relatively destructible, it is arguably one of the best ways to store your seed phrase. Physically write down your seed phrase on a piece of paper and keep it in a safe and secure place where no one but you has access. You can even laminate a sheet of paper to resist water damage and possible tearing or wear.

Use Metal

In addition to paper, you can engrave your seed phrase on steel plates or other durable metals for increased security. Metals are more durable than paper wallets.

For example, Cryptosteel is a device that will allow you to back up your seed in a fireproof, shockproof, and waterproof manner.

Use a Hardware Wallet

Hardware wallets like Trezor or Ledger exist to help you securely store your seed phrase and private key. Hardware wallets provide a more secure option for storing your sensitive data offline. There is no way that hackers will be able to access your data without physical contact with the device and without knowing its PIN code.

It is worth remembering that a hardware wallet is only a secure way to interact with the blockchain. If you lose or break your hardware wallet without first saving your seed, you will permanently lose access to your funds.

Using a hardware wallet and not having a secure backup of your seed is leaving all your assets to chance.

Create additional copies

You can create multiple copies of your seed phrase and store them in different places. In the event that something happens, such as one copy being destroyed due to natural disasters, you still have a way to access your funds. All is not lost yet.

Store in an encrypted file or on an encrypted USB drive.

This is an extremely good method, subject to general security rules. Recording and encryption of the media must be done on a computer that is not connected to the Internet (ideally, this is the live operating mode of some linux distribution without access to the Internet). You can write down your seed phrase even in a text document, but with strong encryption, it will be almost impossible to get it.

Avoid storing a digital copy of your seed phrase in clear text Anything stored online can be easily accessed. The online world is not as safe as many people think. Do not take photos or save your seed in clear text on a digital platform. A hacker can easily hack into your system and gain access to sensitive information.

Dangerous methods of storing cryptocurrency

Store funds on a crypto exchange
There is a popular opinion in the crypto community: if you don’t have the keys, then your cryptocurrency doesn’t belong to you. Your account can be blocked at any time, and the exchange decides that stealing (or pretending that attackers have stolen) the crypto-assets of its users is more profitable than continuing to work honestly.

Send a seed phrase to yourself via email or instant messenger You can’t even imagine how many millions were lost by users who sent their seed phrase to themselves via email.

Store funds in hot wallets
Hot wallets are wallets that store a seed phrase on your device and require an Internet connection to function. This is already several times safer than storing it on an exchange, but it is still much more dangerous than using a hardware wallet. It is better to store large amounts on a hardware wallet, and a small part on hot ones for quick transactions.

Store funds on online wallets
Online wallets are wallets that require constant access to the Internet and also store your seed phrase on their servers. This is probably the most dangerous way to store cryptocurrency. An example of such a wallet: blockchain.com.

The Last Word

It is now clear that the seed plays an important role when it comes to the security of your digital coins. Therefore, she should always be safe and away from everyone except you. You already have some ideas on how you can store your seed phrase securely.

If you lose access to a device with a crypto wallet (and mistakes do happen), then thanks to the seed phrase you will be able to easily restore your funds. Just remember to store your seed phrase securely when creating your digital wallet.

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