Get your friends (& yourselves) a Cold Wallet!
It’s 1.01AM (UTC +2) and I read above tweet from Moe. A fellow investor and NFT degen. It reminds me of all the posts and stories from my digital ‘friends’ the last couple of months.
There’s not a single week this year I without hearing from first hand, someone was being hacked/scammed. And the worst part: it’s nowadays often for thousands or even hundreds of thousands of dollars worth of tokens.
One of the main problems with the ones I know about is, they kept all of their funds in just a single MetaMask account. Once this account & it’s private key is compromised it allows hackers to transfer funds from all wallets within this single account.
Another thing is: fake contracts, hackers create phishing mails, tweets and or accounts to send people some fake info and have them sign the fake contract. Having a Ledger/Hardware wallet adds a layer of security, because you have to physically give access and accept the transaction on the Ledger itself, for each token transfer!
My #1 advice to control the damage is; Get yourself at least 1 hardware wallet. My favorite is the Ledger Nano X | I have the rule, no more than 10k worth of crypto in 1 wallet, but you can adjust this for your own believes. I just try to mimimize my losses if it ever happens! And spending 170 euros to secure 5k worth of assets is worth it for me.
What is a hardware wallet?
A hardware wallet is just a physical device, operating as your wallet, with it’s unique address. You can even send NFTs and other crypto tokens to the wallet address, without it even being connected to the internet. This reduces the risk of stolen funds significantly. (Just make sure you wrote down your private key so you don’t lose the complete wallet!). Read more about cold wallets.
So guys please! Stay safe, help each other, spread the word and most importantly! Get your money stashed away in a secure place ASAP.
I will share more in depth information and tools against the hackers. Want to support me? Follow me on Twitter and share this article!
