Is your cryptocurrency safe? Check again.

Coinbase, one of the best crypto exchanges, was hacked on May 11, just days before its public debut on the S&P 500.

Coinbase (COIN.O) was hacked, affecting about 1 million investors just days ahead of its public debut on the S&P 500 and rendering personal information accessible to cybercriminals who bribed overseas support agents, the crypto exchange said on Friday.

Coinbase said hackers did not breach private keys, passwords, funds or Coinbase Prime accounts. But they gained access to personal information such as names, addresses, government issued ID types and the last four digitals of Social Security numbers for up to 0.8% of U.S. users.

The hackers were also able to view the names and email addresses of all Coinbase users.

The heist comes as crypto trading platforms are increasingly being hit by cybercriminals, highlighting the responsibility of such businesses to protect investors from fraudulent activity and hacks.

However, traders can also take security into their own hands to further safeguard their investments. Here are the best practices crypto traders can take to protect themselves and their cryptocurrency following the Coinbase hack.

Never share your private keys

This is the first rule of cryptocurrency trading.

Private keys are a unique, random string of characters that provide access to your crypto holdings. You should be the sole owner of your private keys to prevent unauthorized selling or transferring of your cryptocurrency. Without your private keys, you may lose access to your crypto holdings.

Use cold storage

One of the best ways to shield your crypto from potential hacks and scammers is to use offline cold storage instead of a virtual hot wallet.

While hot wallets can securely hold your crypto assets and private keys, they are connected to the internet and therefore susceptible to hackers.

Instead, use a cold wallet, otherwise called a hardware wallet, which is a physical device not connected to the internet.

Ledger and Trezor are two of the most popular cold wallets featured on our list of the best bitcoin wallets.

A cold wallet typically requires its own key to access. If you lose that key, you risk permanently losing access to the crypto in your wallet.

Be wary of crypto scams

Cryptocurrency's decentralized nature, lack of regulations and irreversible transactions make it a target for scammers. Due to the complexity of trading on the blockchain, inexperienced crypto traders are more easily tricked.

Phishing scams are a common threat in the crypto world. Scammers attempt to impersonate exchange employees or another trusted source via phone, email or text to trick you into revealing sensitive information like your private keys or passwords. If you suspect a potential phishing scam, contact your exchange to verify the request.

Also, be wary of potential rug pulls or pump-and-dump schemes. In these schemes, scammers aggressively promote a new coin to attract investors, inflating its value. But by the end, investors are left with worthless tokens.

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Only invest in what you understand

Technically, anyone can create a cryptocurrency, but most fail to become the next bitcoin or ether. Some tokens generate an initial hype, only to plummet in value just as quickly. For that reason, it’s crucial to read a crypto's white paper before buying. White papers lay out the purpose, technology and road map behind the coin.

Also, do your homework on the platform or crypto exchange itself, as not all exchanges are created equal. Some scammers even create fake websites or apps mimicking popular exchanges to steal private keys.

Before opening an account with a random exchange, carefully review the platform's history, customer reviews and the different security measures it has in place to protect your information.

Monitor your account and report suspicious activity

Make sure you regularly monitor your account activity to ensure all transactions are from you and no one else. If there is unauthorized activity on your account, you should:

Set up transaction notifications to be alerted of suspicious activity in your account. In these circumstances, it's best to act as quickly as possible.

Employ additional security measures

Crypto transactions are irreversible, so it's very important to go the extra mile to protect your account with additional security measures such as:

Don't know where to start? Consider a financial advisor.

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