Cryptocurrency
Legacy Suite Recommends Wallet Protection Against ‘Address Poisoning’ Hack
NEW YORK, March 29, 2023 (Newswire.com) - Legacy Suite, developer of digital asset management solutions, warns crypto and Ledger users against "Address Poisoning" attacks that can steal their funds.
Scammers are striking crypto users, including Ledger users, by "poisoning" their account via sending a small amount of crypto, usually USDT, MATIC, TRX, or even NFT, often imitating a transaction recorded in the user's transaction history. It looks very similar to the user's own address, with the goal to grab the scammer's address and send funds to their account by mistake.
Check Every Single Character in a Wallet Address
"Address poisoning is a type of cyber-attack in which an attacker attempts to steal funds from a cryptocurrency wallet by modifying the wallet's address," said Azaz Ahmed, chief technology officer of Legacy Suite. "In this attack, the attacker replaces the legitimate address of the wallet with their own address, which allows them to redirect any funds sent to the wallet to their own account."
The scammer makes a custom address with specific characters that are nearly identical to the owner's address. It often includes the same first and last characters. It is important to check every single character in one's wallet address before sending any transaction.
The scammer then sends a very small amount of currency, even $0, via the almost matching dummy wallet, which poisons one's transaction history.
How to Protect Yourself
Legacy Suite offers the following suggestions for safeguarding against address poisoning:
· Stop copying and pasting your wallet address from your transaction history
· Manually check your address so it is an exact match before sending any funds
· Use your wallet's contact book to manage addresses used often
· Be aware of anyone sending tiny amounts of cryptocurrency
· Double-check your transaction details on your Ledger
Legacy Suite has a wallet monitoring service designed to keep crypto assets secure 24/7 so that one can quickly take action to prevent any potential losses. "Legacy Suite's wallet protection services, such as wallet monitoring and emergency backup wallet, help to protect against critical threats by providing additional layers of security to your cryptocurrency wallets," Ahmed said.
Wallet monitoring constantly monitors activities associated with one's wallet in case any unauthorized changes occur in real time. The owner is immediately notified if any unusual activity is detected like the addition or modification of a new or existing address allowing for prompt action and the prevention of any unauthorized access to one's funds.
"Legacy Suite's Lifeline, emergency backup wallet, is a service that provides you with a secure backup of your cryptocurrency wallet," Ahmed said. "In the event that your wallet is compromised, you can quickly transfer your funds to another wallet. This protects your funds from being lost or stolen in the event of an attack."
The wallet protection services are an additional layer of security to cryptocurrency wallets and protect them from fraud and other types of cyber-attacks.
To learn more about Legacy Suite, please visit https://www.legacysuite.com.
About Legacy Suite
Legacy Suite is a complete end-to-end solution providing first-class digital estate planning support, including wallet monitoring and crypto wallet. Legacy Suite is a secure solution for crypto self-custody and password management, which allows you to hold your own keys, set up directives, assign executors, and have peace of mind knowing that your digital assets will safely transfer to your next of kin.
Contact Information:Madeleine Moench
[email protected]
Original Source: Legacy Suite Recommends Wallet Protection Against 'Address Poisoning' Hack
Amidst Banking Failures, Legacy Suite’s Latest Technology Offers Secure Digital Asset Management
NEW YORK, March 22, 2023 (Newswire.com) - With the fall of Silicon Valley Bank and Signature Bank, Legacy Suite has seen the price of cryptocurrency skyrocket, with Bitcoin surpassing $28,000 per coin, its highest level since June of 2022, and investors fearing more bank meltdowns. Amidst this, Legacy Suite announces its newly developed complete end-to-end solutions, providing first-class digital asset management for individuals who wish to engage in crypto securely. Legacy Suite's latest technology offers complete end-to-end solutions, providing first-class digital asset management for individuals who wish to engage in crypto securely.
"There are a lot of uncertainties right now about what people should do with their money," Karan Malik, Legacy Suite's Head of Web3 Strategy, said. "The two banks were shut down by regulators, and other regional bank stocks went down while the Federal Deposit Insurance Corporation (FDIC) reassured depositors that their funds were safe.
"Bitcoin and other cryptocurrencies are built on a blockchain in a decentralized structure that is not controlled by just one entity," Malik added. "The argument for decentralization and the adoption of cryptocurrency has become more valid after the banks' collapse.
"As we see more migration to the decentralization mindset, Legacy Suite provides the necessary safety precaution measures and responsibilities that come with self-custody of those assets," Malik continued.
Self-custody refers to individuals managing digital assets and cryptocurrencies without relying on an intermediary. It involves securing and controlling private keys or seed phrases necessary to access and transfer digital assets. But self-custody comes with the responsibility of managing the security of the digital assets and the risks involved.
Self-custody cryptocurrency wallets are secure depending on how the private key is kept safe through software, hardware, and common security measures, including physical access to the wallet. If a private key is compromised through fraud or theft, the digital assets can end up controlled by a third party.
"It is important to create and store private keys and their backups in a secure manner," Malik said. "Legacy Suite urges users to take ownership of their digital assets. Our platform is equipped to facilitate self-custody and ensure estate planning is inclusive of both physical and digital assets.
"The goals of Legacy Suite are simple: privacy and security," Malik continued. "Our platform is a shield to safeguard digital assets and vital information through cutting-edge technology and encrypted security, regardless of size."
About Legacy Suite
Legacy Suite is a complete end-to-end solution providing first-class digital asset management, estate planning support, and crypto wallet protection. Legacy Suite is a secure solution for crypto self-custody and password management, which allows you to hold your own keys, set up directives, assign executors, and have peace of mind knowing that your digital assets will safely transfer to your next of kin.
For more information, please visit www.legacysuite.com.
Contact Information:Madeleine Moench
[email protected]
Original Source: Amidst Banking Failures, Legacy Suite's Latest Technology Offers Secure Digital Asset Management
Legacy Suite Provides the Strategies, Tools to Secure Users’ Digital Assets and Life
NEW YORK, February 21, 2023 (Newswire.com) - Legacy Suite, a leading provider of digital asset preservation services, is revolutionizing digital asset protection by providing cutting-edge solutions that cater to the ever-evolving needs of the cryptocurrency market. With the increasing demand for secure digital asset management, Legacy Suite is leading the way by providing innovative solutions that provide users with unparalleled protection and peace of mind.
According to Glassnode on-chain data analyzed by Cryptoslate, only 22% of Bitcoin's total supply is moving and changing hands, indicating that the vast majority of Bitcoin has moved off centralized exchanges (CEX) and into non-custodial wallets. With more users than ever before holding and accumulating, it's more important for people to use the right tools to secure their digital assets adequately.
Every reputable CEX in the industry provides users with a basic custodial hot wallet. Because custodial wallets involve the exchange holding the private key, a third party is ultimately responsible for safeguarding a user's funds. Therefore, relinquishing control of one's private keys is a major reason why custodial wallets are considered less secure than self-custodial wallets.
Legacy Suite's digital asset preservation services offer users a new level of security. Through its innovative tool LegacyLifeline, Legacy Suite enables users to pre-authorize asset transfers on their self-custodial wallets and quickly execute smart contracts. This advanced feature helps avoid instances of assets being held or frozen on exchanges, providing users with additional peace of mind regarding the smooth transacting of their digital assets.
With Legacy Suite's Wallet Monitoring, users can stay informed about their crypto assets and make better decisions about their spending and investments. Wallet Monitoring provides comprehensive, real-time monitoring of multiple cryptocurrency wallets, ensuring the safety and security of users' digital assets. The platform monitors wallets for suspicious activity and sends real-time alerts on inbound and outbound transactions, allowing users to take action quickly to prevent potential losses.
Its Emergency Wallet features a secure, convenient, and hassle-free solution in case of security breaches or loss of private keys. With traditional blockchain technology, losing private keys means losing the wallet permanently; in the event of a security breach or loss of keys, Emergency Wallet allows users to back up assets with one click instantly.
To learn about Legacy Suite and how to secure digital assets, please visit https://www.legacysuite.com.
About Legacy Suite
Legacy Suite is a complete end-to-end solution providing first-class digital estate planning support. Legacy Suite is a secure solution for crypto self-custody and password management, which allows you to hold your own keys, set up directives, assign executors, and have peace of mind knowing that your digital assets will safely transfer to your next of kin. To learn more, visit www.legacysuite.com.
Contact Information:Buse Kayar
[email protected]
Original Source: Legacy Suite Provides the Strategies, Tools to Secure Users' Digital Assets and Life
