Leading Cause of Cryptocurrency Loss: Mnemonic and Private Key Leakage
CryptoNewsTerminal Staff05 Jun, 2024
Leading Cause of Cryptocurrency Loss: Mnemonic and Private Key Leakage
Cryptocurrency loss is a major concern for digital asset holders. Leakage of mnemonic and private keys topped the list of reasons why individuals and organizations lost their cryptocurrency assets in 2023, according to SlowMist's Chief Information Security Officer (CISO) '23pds'. Other significant causes of cryptocurrency loss include: - Wallet usage mistakes and phishing (18%) - Fake wallets and fake trading app downloads (16%) These findings highlight the importance of practicing cybersecurity measures, such as securely storing mnemonic and private keys, to safeguard digital assets.
