The Crown Prince of Saudi Arabia allegedly hacked into the iPhone of Amazon CEO Jeff Bezos in May 2018. Two UN investigators released the news this week. It shook the entire global community. Prince Mohammad bin Salman may have compromised the WhatsApp on Bezos' phone.
That something as innocuous as a text could be a cybernetic feat shocked the world. High-level US government officials are now on alert about your cybersecurity. But they are not the only ones who should be concerned. The Associated Press said Friday that there is a great conclusion to this latest geopolitical cyber drama. Anyone can be a target.
[amazon box="B0143M2A5S"]If Jeff Bezos, CEO of Amazon, is vulnerable, we all are
You might not think you’re in the same league as Jeff Bezos when it comes to being a hacking target. Probably not, but you — and just about anyone else, including top figures in the U.S. government — could still be vulnerable to an attack. The AP reports the disconcerting results of a U.N.-commissioned digital forensics report. Bezos’ iPhone X was compromised by an MP4 file containing malicious code. Researchers say they have “medium to high confidence” this is the case. It’s a fresh reminder for early adopters of the cryptocurrency industry’s financial products.
Hot wallets expose cryptocurrencies to cyber attacks. But cold storage crypto hardware wallets mitigate the risk. What is the difference between hot and cold wallets? Hot wallets contain the private keys to spend crypto on an internet-connected device (like Jeff Bezos or your smartphone). But cold storage wallets are not, and they have never been connected to the internet. They can't be exploited in the same way that even the Amazon CEO's iPhone might have been recently. Therefore, they provide an additional layer of security for digital assets.
Cold wallets or cold purses
In essence, wallets Colds are hardware devices that contain a user's cryptocurrency holdings. The main difference is that they are not connected to the Internet and therefore are not exposed to vulnerabilities in this regard. These also include paper wallets. Of course, they come with their own set of risks. Paper wallets should be kept in a quality fireproof safe to prevent loss from physical theft or unexpected fire.
Hardware wallets, such as Ledger Nano, provide an easy and affordable solution for storing large amounts of crypto on a device that is not as exposed as an internet-connected computer, tablet, or smartphone. The recent news that an Apple Trojan has infected Various macOS devices underscore the need for security along with Bezos's iPhone hack.
Hot wallets are ideal for holding small amounts of liquid crypto for trading and spending. But for long-term saving of large amounts of cryptocurrencies, the coins are more secure when hacking in cold storage. Most people don't have the profile that Jeff Bezos does, but this event is something cryptocurrency users should be aware of. Especially those who are up front with their interest in crypto online.
