Survey: 25% of crypto users don’t secure assets as well as they think

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Cryptocurrency hardware wallet maker Ngrave released the first results of its ongoing crypto security investigation on Wednesday.

The results provide some insight into the current state of security in the digital asset space and show that a full quarter of users believe their current security measures are more effective than they are currently. reality.

The survey has so far been completed by more than 1,400 crypto users from 78 countries around the world. Despite efforts to push for inclusion in the space, 90% of respondents were men, and over 60% were in the 25-45 age group.

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

The vast majority (96%) of those who hold assets on exchanges use some form of two-factor authentication, or 2FA. However, one in four does not back up their 2FA codes.

In addition, nearly half of respondents save their exchange login credentials online or inconsistently. Additionally, 44% of exchange users do not whitelist pickup addresses.

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Two-thirds of respondents use a hardware wallet, three-quarters of which are 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 more than half confirmed that their private keys would be compromised if someone found the backup.

Along with his hardware wallet, Ngrave produces graphene, a method of keeping a wallet backup key etched on a pair of steel plates, both of which are needed to retrieve the key.

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The survey is still available for those who wish to conduct a security audit of their own cryptocurrency and gives practical advice to improve the security measures used.