Time and again, we hear about major hack attacks on crypto exchanges. Therefore, it is not surprising that cryptocurrency investors want to be convinced that their assets are really safe.
Unfortunately, Tesla Coin has not exactly made positive headlines in the past when it comes to their security. For instance, Tesla Coin has already been targeted by hackers as well. Most people are probably familiar with the “Tesla Coin Hack”, in which anonymous hackers were able to capture over 120,000 Bitcoin. Although this incident took place several years ago, it does not really increase trust in Tesla Coin.
In the meantime, however, the word “security” is capitalized by the operators of Tesla Coin. They seem to have learned from their mistakes. This already starts in the website menu. There, an extra item “Security” is clearly visible. But of course, even the best security measures cannot protect investors 100% from losses.
They only minimize the risk of losing money to hackers or fraudulent websites. However, it is also important that you, as a user, adapt your behavior to guarantee the greatest possible security for your assets.
To this end, you should not save your access data in the browser or on your phone, but at most store them on an encrypted USB stick. Even in the event of loss or theft, the “new owners” will then not be able to cause any damage to the account.
Compared to other exchanges, the Tesla Coin platform has higher security standards to offer. Therefore, here is an overview of the most important security standards of Tesla Coin:
Probably the best and easiest way to protect your own wallet is two-factor authentication. The security measure requires a mobile device and an application that can be downloaded from any app store.
After synchronizing the cell phone or tablet with the account in the computer, a random code is generated each time the user tries to log in, which appears on the cell phone and must be entered on the PC. Each sequence of numbers can only be used once for 30 seconds, after which they are unusable.
Universal Second Factor (Ledger)
A second way to make your account more secure is to use the Universal Second Factor (U2F). For this, one needs a special USB stick or a device with NFC. This allows for hardware-based protection of one’s wallet. The necessary device can be purchased online.
Tesla Coin promises to notice changes in IP address. As soon as someone wants to log into your account, you will receive a notification by email. In the mail there is also a link to immediately block his account in case of an unknown login.
Tesla Coin also has special guidelines for withdrawals. For all incoming payments and withdrawals, IP addresses are stored and matched with the user’s habits. Any discrepancies are checked by human administrators. Last but not least, each user can further increase security by creating a special list for withdrawals.
If an external link to a personal wallet is not listed, then the withdrawal will not be made. Of cou