The CEX armageddon is a harsh reminder: Security matters.
"Not your keys, not your crypto." rumbles hard once again.
Here is my breakdown of must-have crypto security measures + top tips to protect assets and reclaim full control.
1/23🧵👇
"Not your keys, not your crypto." rumbles hard once again.
Here is my breakdown of must-have crypto security measures + top tips to protect assets and reclaim full control.
1/23🧵👇
1.
The events of last year have shown that security is a neglected topic.
People got rekt due to many CEX firms collapses mainly because they held the majority of their portfolio on those platforms.
“They’re safe, I’m in good hands” was the most famous quote.
The events of last year have shown that security is a neglected topic.
People got rekt due to many CEX firms collapses mainly because they held the majority of their portfolio on those platforms.
“They’re safe, I’m in good hands” was the most famous quote.
2.
Being able to safely store our assets and money is part of the risk management framework that we should always apply, equal to the attention we pay on trading.
In the following steps, I’ll show you how to secure your assets in the most secure way.
Let's start.
Being able to safely store our assets and money is part of the risk management framework that we should always apply, equal to the attention we pay on trading.
In the following steps, I’ll show you how to secure your assets in the most secure way.
Let's start.
3.
♦️”Not your keys, not your coins”.
That’s a classic and you probably heard many times about this mantra.
If you let tokens on exchanges they’re not truly yours as custodial ones can lock your access to your funds and you won’t be able to withdraw anything.
♦️”Not your keys, not your coins”.
That’s a classic and you probably heard many times about this mantra.
If you let tokens on exchanges they’re not truly yours as custodial ones can lock your access to your funds and you won’t be able to withdraw anything.
4.
Furthermore, hackers are always on track to hunt exchanges funds and DeFi platforms.
ChainAnalysis has reported that October 2022 was the biggest month in the biggest year ever for hacking activity.
This should ring as an alarm bell for all of us.
Furthermore, hackers are always on track to hunt exchanges funds and DeFi platforms.
ChainAnalysis has reported that October 2022 was the biggest month in the biggest year ever for hacking activity.
This should ring as an alarm bell for all of us.
5.
♦️Never share your private keys/seed phrase.🔏
There is a huge flow of scammers that try to trick you into putting your seeds/keys on their websites.
They usually use FOMO or big warnings to make you act fast giving your private info without thinking about it.
♦️Never share your private keys/seed phrase.🔏
There is a huge flow of scammers that try to trick you into putting your seeds/keys on their websites.
They usually use FOMO or big warnings to make you act fast giving your private info without thinking about it.
6.
“If you immediately send me “X” of your crypto I will give you back twice”.
“Congrats, you have been selected for a fast airdrop, fill out the form with all your private info!”
Never share anything with anyone + check the authenticity of who writes to you.
“If you immediately send me “X” of your crypto I will give you back twice”.
“Congrats, you have been selected for a fast airdrop, fill out the form with all your private info!”
Never share anything with anyone + check the authenticity of who writes to you.
7.
“But mate, I’m not so stupid”
Despite our efforts to educate ourselves and others about these pitfalls we're still seeing an increase in the number of people falling for them.
This chart shows a horrible uptrend flashing the ongoing underestimation of this problematic issue.
“But mate, I’m not so stupid”
Despite our efforts to educate ourselves and others about these pitfalls we're still seeing an increase in the number of people falling for them.
This chart shows a horrible uptrend flashing the ongoing underestimation of this problematic issue.
8.
♦️Use strong and sophisticated passwords. 🔠🔒
Never use the same password twice since crypto services are targeted by hackers.
Have multiple passwords for sites.
Make your passwords contain at least 15 various characters to make sure that your funds will be hard protected.
♦️Use strong and sophisticated passwords. 🔠🔒
Never use the same password twice since crypto services are targeted by hackers.
Have multiple passwords for sites.
Make your passwords contain at least 15 various characters to make sure that your funds will be hard protected.
9.
♦️Use multiple wallets.
Hot wallets: online.
Cold wallets: offline 👉 must have if you’re planning to hold your crypto for a long time.
I suggest you choose air gapped ones:
They’re more secure than normal ones that are directly connected to PC (more risks involved).
♦️Use multiple wallets.
Hot wallets: online.
Cold wallets: offline 👉 must have if you’re planning to hold your crypto for a long time.
I suggest you choose air gapped ones:
They’re more secure than normal ones that are directly connected to PC (more risks involved).
10.
My strategy for interconnecting with crypto world.👇
• One air gapped cold wallet for long-term hold.
• One or + online wallet for daily uses (DeFi, Dapps etc)
• Some burner wallets with no txs on them to connect to free mints, giveaways and general transactions.
My strategy for interconnecting with crypto world.👇
• One air gapped cold wallet for long-term hold.
• One or + online wallet for daily uses (DeFi, Dapps etc)
• Some burner wallets with no txs on them to connect to free mints, giveaways and general transactions.
11.
♦️Separate Bitcoin from altcoins.
This is something that people usually don’t know.
By having a hardware wallet $BTC dedicated and one to altcoins you can reduce a potential surface attack.
But what is it?
♦️Separate Bitcoin from altcoins.
This is something that people usually don’t know.
By having a hardware wallet $BTC dedicated and one to altcoins you can reduce a potential surface attack.
But what is it?
12.
To make it simple is the set of ways in which an unauthorized entity (attacker) can enter or extract data from a system.
This attacker can even get to the point of creating a fraudulent signature (unlikely but possible) or injecting a malware.
Set up 2 wallets for 🔝safety.
To make it simple is the set of ways in which an unauthorized entity (attacker) can enter or extract data from a system.
This attacker can even get to the point of creating a fraudulent signature (unlikely but possible) or injecting a malware.
Set up 2 wallets for 🔝safety.
13.
♦️Write down your seeds.
There are 2 schools of thought:
• Those who write them down on paper.
• Those who engrave them on tab steel.
I prefer the second one as paper over long time tends to get damaged while steel remains perfect.
Then, keep them in an ultra-safe place
♦️Write down your seeds.
There are 2 schools of thought:
• Those who write them down on paper.
• Those who engrave them on tab steel.
I prefer the second one as paper over long time tends to get damaged while steel remains perfect.
Then, keep them in an ultra-safe place
14.
♦️Check your device 📱
Mobile phones are where the majority operate from and need to be secured.
What can you do?
• Don’t use public WI-FIs (highly vulnerable)
• Always use 2FA (No SMS)
• Use solid antivirus.
• Never auto-save passwords with Google.
• Use a VPN.
♦️Check your device 📱
Mobile phones are where the majority operate from and need to be secured.
What can you do?
• Don’t use public WI-FIs (highly vulnerable)
• Always use 2FA (No SMS)
• Use solid antivirus.
• Never auto-save passwords with Google.
• Use a VPN.
15.
♦️Buy wallets from official merchants.
I never buy a hardware wallet from Amazon or external sites.
Someone could manipulate the device during the supply chain and save the original seeds.
Use that device 👉 your funds get stolen.
Buy only from official sites.
♦️Buy wallets from official merchants.
I never buy a hardware wallet from Amazon or external sites.
Someone could manipulate the device during the supply chain and save the original seeds.
Use that device 👉 your funds get stolen.
Buy only from official sites.
16.
♦️ Key takeaways.
• Slow down your ego.
Keep your funds private.
The fewer people who know about your assets, the better it is for your security.
You’ll never know who's watching you and may target you because they know there is something to be stolen.
Act like a ghost.
♦️ Key takeaways.
• Slow down your ego.
Keep your funds private.
The fewer people who know about your assets, the better it is for your security.
You’ll never know who's watching you and may target you because they know there is something to be stolen.
Act like a ghost.
17.
• Double-check transactions.🔍
When you’re confirming a transaction always double check it before final confirmation.
Compromises through a hacked front-end can happen, so be careful.
Also remember to double check the correct address if you don’t want to lose everything.
• Double-check transactions.🔍
When you’re confirming a transaction always double check it before final confirmation.
Compromises through a hacked front-end can happen, so be careful.
Also remember to double check the correct address if you don’t want to lose everything.
18.
• Use dedicated encrypted emails. 📩
Don’t use the same e-mail that you use for IG or shopping online even for crypto.
Together with annoying spam, you can receive attacks.
A strategy is to have multiple e-mails for multiple exchanges.
@ProtonMail is the service I use.
• Use dedicated encrypted emails. 📩
Don’t use the same e-mail that you use for IG or shopping online even for crypto.
Together with annoying spam, you can receive attacks.
A strategy is to have multiple e-mails for multiple exchanges.
@ProtonMail is the service I use.
19.
• Divide your capital.
If you're a trader you have to deposit assets on exchanges to trade.
But you don't have to hold there all of your capital.
What I do is simply move the % dedicated to trading on platforms.
You never know what will happen.
• Divide your capital.
If you're a trader you have to deposit assets on exchanges to trade.
But you don't have to hold there all of your capital.
What I do is simply move the % dedicated to trading on platforms.
You never know what will happen.
20.
• Hound attitude.🐕
Always be skeptical of everything.
• E-mails coming from exchanges.
• Airdrops.
• Promises of prizes.
There are a lot of scammers that profit from people’s desire to become rich.
Remember: no free lunch in this game.
Each decision has a cost.
• Hound attitude.🐕
Always be skeptical of everything.
• E-mails coming from exchanges.
• Airdrops.
• Promises of prizes.
There are a lot of scammers that profit from people’s desire to become rich.
Remember: no free lunch in this game.
Each decision has a cost.
21.
• You are your bank.
The beauty of crypto is that you can have legitimacy over your assets, over your money.
Do everything in your possibilities to protect them and protect yourself from potential malicious attacks.
You sweated a lot for that money.
• You are your bank.
The beauty of crypto is that you can have legitimacy over your assets, over your money.
Do everything in your possibilities to protect them and protect yourself from potential malicious attacks.
You sweated a lot for that money.
22.
• Don’t be stingy.
I saw many people procrastinating about buying a hardware wallet.
“Bro it costs too much, gonna skip it”
Why don't you try to think how much it will cost you if you lose all of your assets?
Buy a strong and reputable hardware wallet, don't skimp.
• Don’t be stingy.
I saw many people procrastinating about buying a hardware wallet.
“Bro it costs too much, gonna skip it”
Why don't you try to think how much it will cost you if you lose all of your assets?
Buy a strong and reputable hardware wallet, don't skimp.
23.
That's it!
• If you liked this thread follow me @IamZeroIka for more crypto insights and RT the thread for supporting my work.
• Want to have access to deeper guides?
Join my FREE newsletter!👇
extensivevision.substack.com
That's it!
• If you liked this thread follow me @IamZeroIka for more crypto insights and RT the thread for supporting my work.
• Want to have access to deeper guides?
Join my FREE newsletter!👇
extensivevision.substack.com
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