If you don't want to get hacked in crypto, read this:
Here's what I'm going to cover:
• Premeditation
• Securing your assets
• Technological risk
• Recent Example
Let's dive in!
• Premeditation
• Securing your assets
• Technological risk
• Recent Example
Let's dive in!
Premeditation
"The action of planning something beforehand with intent".
Avoid the hack. Rather than get hacked and then implement 100 different methods of security.
You have less capital to protect now.
Mindset is key.
"The action of planning something beforehand with intent".
Avoid the hack. Rather than get hacked and then implement 100 different methods of security.
You have less capital to protect now.
Mindset is key.
Being Prepared
We are in a constant war against scammers, the extent to which they profit from us serves to incentivise them further.
That is why they are constantly deploy new tactics.
Your assets need to be secure to protect your wealth.
Spend time forming a strategy.
We are in a constant war against scammers, the extent to which they profit from us serves to incentivise them further.
That is why they are constantly deploy new tactics.
Your assets need to be secure to protect your wealth.
Spend time forming a strategy.
Securing your assets
Ask yourself: "Where do I store my crypto?"
•Is it in a centralized exchange like Binance?
•Is it in a hot wallet like Metamask?
•Do I store my crypto assets across a variety of platforms?
This is the first step to securing ALL your assets.
Ask yourself: "Where do I store my crypto?"
•Is it in a centralized exchange like Binance?
•Is it in a hot wallet like Metamask?
•Do I store my crypto assets across a variety of platforms?
This is the first step to securing ALL your assets.
The majority of individuals reading this will likely have their crypto on Binance/Coinbase.
These companies insure balances if there is a breach on THEIR end.
Not yours.
Also in a platform wide cyber attack, if total losses exceed insurance recoveries your funds may be lost.
These companies insure balances if there is a breach on THEIR end.
Not yours.
Also in a platform wide cyber attack, if total losses exceed insurance recoveries your funds may be lost.
Problems
Often, you will hear that more wealthy individuals in the space do not store assets on large exchanges.
This is because on e.g. Binance, you are not in control of your "private key".
It is stored on the exchange.
You now put all faith of your assets in the exchange.
Often, you will hear that more wealthy individuals in the space do not store assets on large exchanges.
This is because on e.g. Binance, you are not in control of your "private key".
It is stored on the exchange.
You now put all faith of your assets in the exchange.
Hacks
Before we delve further, hackings are inevitable.
It is better the hack is not through a fault of your own.
It is likely that you will be compensated for this then.
As an immature industry, it will experience significant more hacks on an even larger scale.
Prepare...
Before we delve further, hackings are inevitable.
It is better the hack is not through a fault of your own.
It is likely that you will be compensated for this then.
As an immature industry, it will experience significant more hacks on an even larger scale.
Prepare...
A public key is like the bank account where you can receive, send and move crypto using this address.
The private key is like an ATM pin.
It can prove ownership of a blockchain address.
A private key is a secret number used in cryptography and cryptocurrency.
Don't share it.
The private key is like an ATM pin.
It can prove ownership of a blockchain address.
A private key is a secret number used in cryptography and cryptocurrency.
Don't share it.
Secrets
• Private keys
• Seed phrases
• Location of hardware wallet
And be careful who you tell, about your assets in crypto.
You will be surprised at the number of individuals who will direct their envy towards you.
You've now increased your asset risk. Not well done ser.
• Private keys
• Seed phrases
• Location of hardware wallet
And be careful who you tell, about your assets in crypto.
You will be surprised at the number of individuals who will direct their envy towards you.
You've now increased your asset risk. Not well done ser.
Technology
As improvements in technology occur, hackers skills will benefit accordingly.
There is always the inevitability of being exploited.
Many of us don't read/write code for a living.
Try to make sure at the very least, the law is on your side.
As improvements in technology occur, hackers skills will benefit accordingly.
There is always the inevitability of being exploited.
Many of us don't read/write code for a living.
Try to make sure at the very least, the law is on your side.
Law
Within the majority of projects, they include documents.
In these documents where the spec of the protocol is outlined.
The protocol outline means founders and those involved can be taken to court for issues involving the spec.
Doxxed>Undoxxed for obvious reasons.
Within the majority of projects, they include documents.
In these documents where the spec of the protocol is outlined.
The protocol outline means founders and those involved can be taken to court for issues involving the spec.
Doxxed>Undoxxed for obvious reasons.
Risk Tolerance
Often, but not always, larger protocols will compensate investors for a hack.
Smaller "degen plays" may not have the funds to return capital directly to you.
Staying averse to what you determine to be "risky" is important to your long term success.
Often, but not always, larger protocols will compensate investors for a hack.
Smaller "degen plays" may not have the funds to return capital directly to you.
Staying averse to what you determine to be "risky" is important to your long term success.
Technology Tips:
• Always use a secure and trusted source VPN
• Use a separate hardware wallet for DEX trades
• Use a separate computer if possible
This is basic 101 to keep exploits from happening on your side.
• Always use a secure and trusted source VPN
• Use a separate hardware wallet for DEX trades
• Use a separate computer if possible
This is basic 101 to keep exploits from happening on your side.
Separate Device
Only connect to the internet for transactions regarding crypto.
It could have dedicated software wallets that can't be stored on hardware wallets.
Ideally, paying by cash for all your ledgers etc, so you can't be tracked.
Only connect to the internet for transactions regarding crypto.
It could have dedicated software wallets that can't be stored on hardware wallets.
Ideally, paying by cash for all your ledgers etc, so you can't be tracked.
Seed Phrases
The key to the recovery of your assets.
Do not store this digitally.
I would recommend splitting up the phrase in multiple physical locations.
Or with multiple trusted people who do not know each other.
The key to the recovery of your assets.
Do not store this digitally.
I would recommend splitting up the phrase in multiple physical locations.
Or with multiple trusted people who do not know each other.
Avoiding hacks
If you are hacked, you could lose access to all your personal information/passwords.
Non crypto hacks such as email phishing can lead to crypto exploits.
Whilst uncommon, you should always remain on guard.
That is why I recommend a separate device for crypto.
If you are hacked, you could lose access to all your personal information/passwords.
Non crypto hacks such as email phishing can lead to crypto exploits.
Whilst uncommon, you should always remain on guard.
That is why I recommend a separate device for crypto.
Recently
Ronin Bridge Hack exploited for $600M.
A hefty number. Does 73,600 ETH sound any better?
As an investor, hacks like these serve as a strong reminder to secure all of our assets.
Source explaining the hack:
Ronin Bridge Hack exploited for $600M.
A hefty number. Does 73,600 ETH sound any better?
As an investor, hacks like these serve as a strong reminder to secure all of our assets.
Source explaining the hack:
News
Hacks in crypto occur too often.
Staying up to date with the initial news release is important.
@Darrenlautf is usually one of the first people on the scene posting news in his Telegram.
There are others, leave a comment below tagging them.
t.me
Hacks in crypto occur too often.
Staying up to date with the initial news release is important.
@Darrenlautf is usually one of the first people on the scene posting news in his Telegram.
There are others, leave a comment below tagging them.
t.me
Curating Twitter
Try to follow a select amount of individuals on twitter.
All of whom provide quality, relevant and selective information.
They can be hard to find, but the payoff is worth it.
Accounts that I follow are a great start!
Try to follow a select amount of individuals on twitter.
All of whom provide quality, relevant and selective information.
They can be hard to find, but the payoff is worth it.
Accounts that I follow are a great start!
"Don't get your hopes up, don't let your guard down"
Remember this:
You can spend years building up generational wealth. Yet one exploit can tear your very foundations apart.
Remember this:
You can spend years building up generational wealth. Yet one exploit can tear your very foundations apart.
I hope this thread helps you understand how to avoid hacks in the crypto space.
Follow me: @Crypto8Fi for more threads on crypto, investment and finance.
I write deeper dives on these topics in my newsletter below. Join now to not miss out:
cryptofi.substack.com
Follow me: @Crypto8Fi for more threads on crypto, investment and finance.
I write deeper dives on these topics in my newsletter below. Join now to not miss out:
cryptofi.substack.com
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