Crypto News

Survey: 25% of crypto users not securing assets as well as they think

Although, 96% of exchange users utilize some form of two-factor authentication and 87% of hardware wallet users perform test transactions.

Cryptocurrency hardware wallet manufacturer Ngrave released the initial results of its ongoing crypto security survey on Wednesday. 

The results give a number of insights into the current state of security in the digital-asset space and show that a full quarter of users perceive their current security measures to be more effective than they actually are.

The survey has so far been completed by over 1,400 crypto users from 78 countries around the world. Despite efforts to push for inclusion in the space, 90% of respondents were male, and over 60% fell within the 25–45 age bracket.

Of those surveyed, 62% held at least some of their cryptocurrency on an exchange, with one in three holding over 40% of their assets on a single exchange.

The vast majority (96%) of those holding assets on exchanges use some form of two-factor authentication, or 2FA. However, one in four do not make a backup of their 2FA codes.

Additionally, almost half of respondents back up their exchange login credentials either online or inconsistently. Furthermore, 44% of exchange users do not whitelist withdrawal addresses.

Two-thirds of those surveyed use a hardware wallet, with three-quarters of these being USB devices, and 87% of hardware wallet users perform test transactions before making large withdrawals.

However, 67% of hardware wallet users keep their backup on a paper wallet, and over half confirmed that their private keys would be compromised if someone found the backup.

Alongside its hardware wallet, Ngrave produces Graphene, which is a method for keeping a wallet backup key engraved on a pair of steel plates, which are both required in order to recover the key.

The survey is still available for those who want to perform an audit of their own cryptocurrency security and gives actionable tips to improve safety measures employed.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments

Related Crypto News

Dollar-Cost Averaging Crypto Profits: Low-Risk Bitcoin Investing Without All the Stress
Bitcoin prices and a number of other digital assets have grown significantly in value during the last decade. Some...
Guggenheim CIO: ‘Speculative frenzy’ to die down, but $400k target still on
While some traders have gotten mixed signals, Guggenheim’s Scott Minerd is taking the long view. In an interview with...
Pre-Register Now on Aladdin Exchange to Receive 100 TNC Coins
PRESS RELEASE. UAE-based crypto exchange Aladdin opens its platform for pre-registered users. This digital asset exchange is the newest...
Secure Bitcoin self-custody: Balancing safety and ease of use
With Bitcoin’s price clocking $40,000 recently, safe and secure measures for storing the valuable digital asset are once again...
Paypal to Earn $2 Billion in Revenue From Its Bitcoin Business, Says Analyst
Mizuho Securities analyst Don Dolev has forecast that Paypal will earn up to $2 billion in revenue from its...
Decred co-founder explains the possible effects of a CBDC takeover
How would mass-scale CBDC issuance impact the crypto space? Over the course of 2020, numerous countries across the globe...

Featured Crypto News

Canada’s first public Bitcoin fund hits $1 billion
3iQ’s Bitcoin QBTC fund has surged 900% in market cap since October 2020, breaking a $1 billion milestone. Canadian...
US Fed: CBDC a ‘very high priority’ to combat bad private sector money
The United States Federal Reserve needs its own digital currency to protect against a possible overnight proliferation of stablecoin...
Coinbase Issues a Public Apology to EU and UK Customers — Did Not Address Its Global Issues
Cryptocurrency exchange Coinbase published a statement addressing their U.K. and E.U. customers, apologizing for system outages and account restrictions....
Anchorage Obtains Federal License to Operate as Crypto Bank From the OCC
The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approval to crypto custodian Anchorage to...
Respect the Pomp: RSK’s token spikes 30% after founder appears on podcast
RIF got a nice price boost hours after its founder appeared on Pomp’s podcast. RIF, the utility token for...
Bitcoin Reclaims $40,000 Just days after Falling to $30,000
After a sharp correction that lowered its price to nearly $30,000, Bitcoin is close to reclaiming $40,000. The leading...