Patricia has been making news headlines in recent times after being enmeshed in a fraud scandal. Although, the cryptocurrency claimed that it lost a whopping sum of $2 million to hackers in a security breach it experienced last year (2022).
While Patricia only disclosed the hacking incident earlier this year, sources familiar with the matter, who spoke on a condition of anonymity, made it known that the crypto company started having issues in January 2022.
AfroWorldNews learnt that Patricia partially restricted withdrawals when the breach was recorded. And while customers could still deposit money into the app, they couldn’t move their crypto assets to other wallets.
To savor this situation, the management of the company offered to buy those coins from their customers, a workaround that reportedly continued until March this year.
This incident serves as a stark reminder of the inherent vulnerabilities of cryptocurrency exchanges. Amongst other things, the Patricia hack further highlights the substantial risks that crypto users face when trading and storing their digital assets.
It is noteworthy to state that crypto is a trustless asset, and despite advancements in security, malicious actors continue to strive to find ways to exploit weaknesses.
Follow the steps highlighted below to not be a victim
Only make your crypto investments affordable: This rule is applicable to all markets, and even more so to digital financial assets.
It is common knowledge that cryptocurrencies have turned many people into millionaires, but to avoid being left in financial peril, especially as a novice, don’t invest in what is not affordable to you. Always remember that during market peaks, optimism can affect rational decision-making, but it’s sacrosanct to avoid getting caught up in the hype cycles and unsubstantiated promises.
Before investing your life savings, or selling a property to buy crypto, think over and over again, and be sure you are doing the right thing.
Consider cold storage wallets: It is not advisable to store your assets on centralized exchanges because of the enormous risks like hacking, crashing, and bankruptcy attached to it.
Cryptocurrency exchanges hold your private keys. Hence, they control your assets. On the other hand, cold wallets give you full custody of your assets. They are not connected to the internet, which makes it impossible for hackers, and cybercriminals to access.
Be cautious: Don’t always assume everything will go as planned. As with other forms of investments, risks are part of crypto. So, tread carefully.
Afro World News