There is a cost to every action taken by any individual no matter how highly placed, educated, or careful you may think you are.
This has been proven several times as people never seem to comprehend how they sometimes fall victims of online data theft and scammers.
In recent years, there has been an increased number of online data theft from crypto wallet hacking, phishing scams and more vulnerable ponzi schemes which has led to the loss of huge sums of money from unsuspecting individuals globally.
In a recent publication from CNBC News, it states that there has been over $2 Billion stolen in the year 2022 alone from cryptocurrencies by hackers and the year is just in the Q3. This goes to show that there is a lot that is not either done properly on the part of individuals or as corporate entities.
Nevertheless, it is imperative to continually educate the global crypto audience and potential investors on some of the basic steps to securing your funds as this solely depends on the users and their safety.
What is a crypto private key?
A Private Key is a secure cryptographic code that enables the holder to make cryptocurrency transactions and prove ownership of their holdings.
It is a known fact that crypto wallet allows the user to send, receive, view, and spend cryptocurrency.
Cryptocurrencies, especially Bitcoin, use keys that specifically feature a 256-bit string displayed as a combination of letters and numbers.
These cryptocurrencies are stored in a wallet which can be used to grant access for transactions specifically by the owner of the wallet who possesses the Private Keys.
Private Keys should be kept private, as their name suggests.
It is a 12- or 24-word phrase that you can remember or write down offline, stored at some other place.
If you want to access your wallet, you need to use it, just like your bank account ATM pin code or verification code, which provide you access to your fiat account.
How can you back up your Private Keys?
As a self-custodial wallet, the Klever Wallet team has always made it a point of duty to educate the users on the need to always backup your Private Keys during the process of creating your wallet.
This is such that when you set up Klever Wallet you are asked to store your 12-word SEED phrase somewhere safe.
This SEED can be used to restore all your accounts (on all blockchains) inside the Klever Wallet. Not only the Main Accounts, but also any additionally created accounts under the same SEED phrase.
Although all your Accounts share the same 12-word SEED, each account has a unique Private Key which is the actual key of the account on the blockchain.
So, it is also good practice to backup, in addition to the SEED, the Private Keys of all your Accounts, one by one.
You can back up the SEED and the Private Key of a specific account as follows:
Tap on the Settings icon from the bottom-right corner of the Portfolio screen. Then, tap on the Backup Wallet under the Security section.
Enter the PIN code which is required to access the secrets of the Account.
Then, after carefully reading the SECURITY ALERT, confirm that you understand the risk of revealing your account’s secrets to others and tap on the Next button.
After that, carefully read the ‘Notice’ from the Klever team and tap on the Okay I got it! button.
Select the blockchain and then tap on the desired Account.
You will be redirected to a screen where you can switch between PRIVATE KEY and SEED tabs.
You have the option to copy the Private Key and the SEED to the Clipboard, however, the best practice is to write them down on a piece of paper.
Upon completing the task of saving the seed phrase and Private Keys, the Klever team is overly concerned about the safety of the funds of users and investors on our platform hence the need to always reaffirm with a caution note as follows:
Never disclose your SEED or Private Keys to anyone, even to Klever Support agents. Store your SEED and Private Keys in a safe place. For security reasons, Klever does not keep a copy of your SEED and Private Keys. So, if you lose them, there is no way to recover your Klever Wallet Accounts.
This is indeed an especially important instruction for the safety of your funds, and we encourage users to be incredibly careful about these instructions, especially from suspicious accounts who disguise themselves as Klever support staff.
Always remember to be Klever in your actions.