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HomeNewsThe Crypto Crime Wave and the Need for Secure Wallets. Here are...

The Crypto Crime Wave and the Need for Secure Wallets. Here are 3 Solutions You Can Count On

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It’s no secret that the crypto industry has been the target of numerous hacks, scams, and other forms of cybercrime over the last couple of years. According to a report by blockchain analytics firm Chainalysis, the total value of funds lost to crypto crimes reached over $3 billion in 2023, a 50% increase compared to the year prior. 

Specifically, Chainalysis’ research team noted that the number of hacks targeting DeFi protocols in 2023 surged by 58% as compared to 2022, with over $1.6 billion stolen. In a separate report, cybersecurity firm CertiK noted that private key compromises were the most costly attack vector, with $880,892,924 lost across just 47 incidents — representing nearly half of these losses.

The researchers noted that poor password hygiene, a lack of multi-factor authentication, and centralized exchange vulnerabilities were among the top contributing factors. In this listicle, we’ll explore three of the top crypto wallets in the market today that are leading the charge when it comes to providing users with highly quality digital asset protection.  

Ambire 

Ambire Wallet has quickly established itself as one of the most innovative and secure self-custody crypto storage solutions in the market today. Founded in 2017, Ambire has a strong track record of innovation in the Web3 space, having previously launched the AdEx decentralized advertising network.

The project’s key differentiator is its utilization of a technology called ‘account abstraction.’ Unlike traditional crypto wallets that rely on seed phrases and private keys, Ambire allows users to authenticate their identity via email and password. This not only makes the onboarding process far more user-friendly but also provides a robust account recovery mechanism in the event of lost credentials. In fact, Ambire’s data shows they have already recovered over $186,000 for users who had forgotten their login details.

In addition to this, Ambire offers a host of advanced features. For instance, users can pay gas fees in any token, batch multiple transactions together to save on costs, and simulate transactions before signing to avoid errors. Not only that, the platform also features a dedicated DAO governed by its $WALLET token, allowing its community to shape the project’s roadmap and upcoming integrations.

Atomic Wallet

Atomic Wallet is a feature-rich, multi-currency crypto wallet that has established itself as a reliable and secure solution for managing a diverse digital asset portfolio. Since its inception, the project has built a strong reputation in the crypto community for its robust security measures and wide range of supported coins and tokens.

One of Atomic Wallet’s key strengths is its versatility. The wallet supports over 1,000 different cryptocurrencies, including major coins (like Bitcoin and Ethereum), as well as a vast array of altcoins and DeFi tokens. This expansive asset support allows users to consolidate all of their crypto holdings into a single, user-friendly interface.

In terms of security, the wallet utilizes a non-custodial model, meaning users maintain full control over their private keys. Atomic also offers optional multi-signature functionality and biometric authentication to enhance the security of user accounts.

Another standout feature of Atomic Wallet is its built-in exchange module — called ‘Atomic Swap’ — which allows users to swap between supported cryptocurrencies directly within the wallet interface. This functionality, combined with Atomic’s multi-currency support, makes it a convenient choice for users who frequently trade or exchange digital assets.

With over 4 million registered users, Atomic Wallet has established itself as a major player in the digital wallet space. Moreover, its commitment to security, versatility, and user experience make it a solid option for both newcomers and experienced crypto enthusiasts alike.

Metamask 

For many years, Metamask has reigned as one of the most popular crypto wallets in the market, thanks, in large part, to its intuitive browser extension interface and broad ecosystem integration. Metamask’s long-standing presence serves as a testament to its ease of use and the strength of the Ethereum network it is built atop..

That said, while the platform is definitely a reliable/user-friendly option for anyone transitioning to the world of crypto, it lacks several advanced features — including account abstraction capabilities, non-reliance on seed phrases for account recovery, and certain transaction optimization tools — found in several other solutions today.  

However, despite its drawbacks, Metamask remains a solid choice for crypto enthusiasts, especially those who interact with Ethereum-based dApps regularly, as evidenced by its 30 million monthly active users.

 

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
John Kiguru
John Kiguru
John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@ethnews.com Phone: +49 160 92211628
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