Protecting Your Crypto Wallet in the Web 3.0 Era

Wallet Security in the Cryptocurrency Space

In the ever-changing world of cryptocurrencies, wallet security is essential for users. From major hacks exploiting lookalike websites to taking advantage of wallet connect software for decentralized finance apps, the risks associated with being part of the crypto space continue to increase. In Episode 42 of Hashing it Out, Kevin Larson, chief technology officer of WalletChat, explains how users and platforms can ensure better wallet security.

Before creating WalletChat — a wallet-to-wallet chat application — Larson was a penetration tester examining traditional Web2 security. Since joining the crypto ecosystem, Larson has applied his knowledge to understanding how Web2 security relates to Web3. Asked if crypto wallet security is at its lowest point, Larson answered that it depends on how it’s viewed. He argues that for new users and the risks they face, this is the worst point ever. However, he explains that the security issue is not exclusive to crypto, as various Web2 platforms are also struggling to protect users and are often the source of Web3 hacks.

For the average user, Larson suggests that securing a crypto wallet begins with the basics, such as keeping seed phrases off cloud storage platforms and using hardware wallets for high-value portfolios.

He states that security is not just a tool but also a method of being patient and asking many questions before taking any steps on-chain. Larson recommends that new users double-check their information and links from multiple sources to make sure they are using the correct links, products, or decentralized applications (DApps).

In this podcast, we look at how new technologies such as account abstraction can enhance wallet security as adoption increases, and how DApps can take measures to protect users. We also explore how to learn about and invest in web 3.0, and how it differs from web 2.0, with examples of web 3.0 websites.

Listen to the full episode of Hashing It Out on Spotify, Apple Podcastsor TuneIn. And don’t forget to check out Cointelegraph’s full lineup of other shows!