How to Secure a NEM NanoWallet to avoid being Hacked!

So by now everyone has heard the sad news about the Coincheck hack, and worst of all that it was completely avoidable if the management at Coincheck had actually implemented the most basic of NEM security features, multisig accounts.

I'm certainly not one to dwell on the past but lessons have to be learnt and I certainly stepped up and immediately set up a multisig account in my NanoWallet just to be on the safe side.

Setting up a multisig account is actually really simple and only costs about $0.50 so really why would you not do this?

What is a multisig account?

Put simple it is an account that you CANNOT withdraw funds from, in fact you cannot even initialise a transaction from a multisig account!
Instead the account has anywhere from 1 to 64 co-signers that are each able to initiate a transaction from the multisig account as well as co-sign (authorise) any pending transactions.

It is very easy to implement as shown here in the video below, just follow along on your own NanoWallet and you'll be hacker proof in no time at all:

If you have any questions regarding the video or multisig accounts in general please feel free to ask in the comments below...