Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
In July 2017, about $32.6 million worth of ether tokens were stolen, while in 2019, hackers raked in more than $4BN in cryptocurrency through multiple scamming techniques. Millions of others are lost every year from hacking attacks. Cryptocurrency is often seen as the most secure mode of payment. However, recently, data breaches and malware attacks were observed in Bitcoin and Ethereum blockchains and noted to be caused by insecure systems.
Although system loopholes are sometimes to be blamed, crypto wallet users share a significant part of the blame, especially when using rooted devices. It is for this reason that you should be quite keen before installing a crypto wallet. Here are several reasons why installing a crypto wallet on a rooted phone is a bad idea.
Your Device Will Be Exposed To Hacking
Every device comes with security features in its inbuilt operating system. These features protect the device from malicious entry. However, rooted devices use operating systems that are either not certified or are prone to hacking. Therefore, Rooted devices have security functionality at a minimum, making them an easy target for hacking.
Crypto wallets are used for storage of the password and pins for access to your account. Installing your crypto wallet on a rooted device could lead to a hack attempt on the wallet, which will, in turn, lead to losing your crypto tokens. Installing a crypto wallet on a rooted device is like creating a small backdoor for criminals to directly access your account.
Additionally, unauthorized operating systems can download apps that are not certified with the OS provider. Some of those apps may get unrestricted access to your device. This kind of access allows the apps to start fetching data from your device. Therefore, the apps could give the software owners personal information about your crypto wallet, leading to losing your crypto tokens.
Crypto Wallets Application Updating
Almost every week, android and some windows applications need updates. These updates usually increase efficiency in the device’s functionality and its programs. However, if you are using a rooted device, you may not always receive these regular updates.
Suppose you have your crypto wallet installed on your rooted device. The phone may make you miss out on potential improvements if there’s an update to the crypto wallet. Using outdated applications may lead to slow transactions or even denied access to your account. Crypto transactions are meant to be fast, so when you notice slow transactions on your rooted phone, you are at risk of losing out on significant trading chances.
Missing Security Updates
Talking about updates, OS providers give security updates to their system. The OS updates are always to make sure that the users get the most out of their service. Security feature updates are also meant to ensure that you and your information are safe from virus attacks.
When using an unauthorized operating system, clients will miss out on the security updates. Without the updates, your device is prone to virus attacks.
How will viruses affect your crypto wallet? Cyber-criminals create malware in a tricky way, making them look like real apps or links to a webpage.
If the device users download the app or open the links, they will make it easy for viruses to attack the wallet. Once let into your device, cyber-criminals work to steal your information, and you will end up losing your crypto tokens.
The main aim of rooting a device is to personalize it by adding all your preferences. However, in doing this, you will add features that have not been tested. Adding keyboards and other system applications that Google has not approved will run the risk of making your device prone to data fetching.
As long as the keyboard or any other system app is not google authorized, you will unintentionally give your data to criminals who properly take advantage of you.
If the cyber-criminals own the keyboard, they will get information on your account as you type it to their keyboard. They could easily access your wallet in this way, leading to the loss of your crypto tokens.
On Installing Crypto Wallets On Rooted Device
Rooted devices not only have an effect on crypto wallets but the general functioning of your phone. A rooted device automatically loses its warranty, suffers security losses from OS providers, and sometimes the machine’s general operation is slowed.
Others have found suitable methods of protecting their wallets from external access. Increasing the strength of your password will not only protect your phone but also protect your cryptos. However, having strong passwords is not going to guarantee safety if your device is rooted.
Although there are benefits to rooting your device when thinking about installing crypto wallets on your device, please consider having a device independent from the rooted device. Many are still losing from theft and hack attacks. Therefore to protect yourself and wealth, avoid completely using a crypto wallet on a rooted phone.