25% of crypto users not securing assets as well as they think

[scottsanderman12]

Cryptocurrency hardware wallet manufacturer Ngrave released the initial results of its ongoing crypto security survey on Wednesday.

The results give a number of insights into the current state of security in the digital-asset space and show that a full quarter of users perceive their current security measures to be more effective than they actually are.

The survey has so far been completed by over 1,400 crypto users from 78 countries around the world. Despite efforts to push for inclusion in the space, 90% of respondents were male, and over 60% fell within the 25–45 age bracket.

Of those surveyed, 62% held at least some of their cryptocurrency on an exchange, with one in three holding over 40% of their assets on a single exchange.

The vast majority (96%) of those holding assets on exchanges use some form of two-factor authentication, or 2FA. However, one in four do not make a backup of their 2FA codes.

full - https://cointelegraph.com/news/survey-25-of-crypto-users-not-securing-assets-as-well-as-they-think

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[virtualdn]

Holding BTC on any exchange for more than a few days is a crazy thing to do. The risk is there no matter how big the player name is. HODL!!

[scottsanderman12]

Holding BTC on any exchange for more than a few days is a crazy thing to do. The risk is there no matter how big the player name is. HODL!!

This post about security users wallets not about holding. Data may stolen at any moment if you not enough defend you wallet.

[Jawhead999]

Not your keys, not your coins.

Don't put your coins on centralized exchanges even it's has strong password and 2FA etc.

Just buy a hardware wallet,write down the seed and separate to any hidden place...your coins will be safe.

[thaRiddla]

Not your keys, not your coins.

Don't put your coins on centralized exchanges even it's has strong password and 2FA etc.

Just buy a hardware wallet,write down the seed and separate to any hidden place...your coins will be safe.

Trezor or Ledger, which one do you recommend? Both of them has been targeted with cyberattacks/phishing and malware recently.

[boyptc]

Still many don't learn from others experience about holding their coins through exchanges. It's never been a good option if holding is the only activity that you do.

Trezor or Ledger, which one do you recommend? Both of them has been targeted with cyberattacks/phishing and malware recently.

I use Ledger, and with those phishing links that are being sent to you, ignore and block those senders and avoid clicking unusual links.

[Little Mouse]

Trezor or Ledger, which one do you recommend? Both of them has been targeted with cyberattacks/phishing and malware recently.

It all depends on you in most cases because if you are aware of every possible attack and take step in such a way, you are good to go with any of trezor and or ledger. On the other hand, one mistake may cost you a lot.

[buwaytress]

25% of crypto users surveyed, more like.

It's likely some of those "storing" on an exchange/platform might not even be talking about actual Bitcoin. PayPal Bitcoin, for example;)

Trezor or Ledger, which one do you recommend? Both of them has been targeted with cyberattacks/phishing and malware recently.

Use a throwaway email. Those attacks took email data and sent them phishing attacks. Anyone who knows hows the wallets work shouldn't have fallen for them in either case.

[bekti3]

Trezor or Ledger, which one do you recommend? Both of them has been targeted with cyberattacks/phishing and malware recently.

So far I've been using Ledger for almost 1 year. and it is true that the security system is quite strong. at least counting almost 1 bitcoin in my hardware helps in securing bitcoin so far. but recently I tried to use Trezor and tried to put in bitcoin for $ 1000 dollars. to test how safe Trezor is for its users.

[scottsanderman12]

Trezor or Ledger, which one do you recommend? Both of them has been targeted with cyberattacks/phishing and malware recently.

So far I've been using Ledger for almost 1 year. and it is true that the security system is quite strong. at least counting almost 1 bitcoin in my hardware helps in securing bitcoin so far. but recently I tried to use Trezor and tried to put in bitcoin for $ 1000 dollars. to test how safe Trezor is for its users.

Thank you for your feedback about Ledger. Thinking about.

[Leviathan.007]

Let's say most of the crypto users are young and even teens, they usually don't take care about the security of the wallets. I saw many users saying, "none would attempt to steal my coins" by saying that, they think none will ever target them but they are wrong. Activating and using the 2FA will take sometime that's why many people won't use this method, however activating the 2fa won't guarantee your security but this can be a great step besides that, holding bitcoin or any crypto on exchange doesn't make any sense because you don't access to your private keys and there is always the risk of losing your coins.

[OcTradism]

To secure their crypto asssets safely they need to do two security activities:
- Secure their devices: Stay as much healthy web-surfing as possible
- Secure their accounts or wallets (passwords, 2FA backups, private keys or mnemonic seed backups)
Failures in either one of them or both can result in losses.

Good topics on security and privacy
Crypto security: Passwords and Authentication (Livestream -aantonop)

[BigBoy89]

What comfort results for a "Cryptocurrency hardware wallet manufacturer", yet believable.

IMO the percentage of people not properly storing crypto is higher. Even I'm not storing everything by the book. Recently I found 0.03 staying in a long-time forgotten wallet. When I left it there, 0.03 was worth under $90, now it's over $1000.

[Yogee]

.... However, one in four do not make a backup of their 2FA codes.

This is the main point of discussion. So Cointelegraph is saying that having 2FA code means securing your assets. Well, it is one security option but not enough.

They should have highlighted this one too,

Additionally, almost half of respondents back up their exchange login credentials either online or inconsistently.

Storing assets on a centralized exchange and backing up log in credentials on another hackable platform aren't the best combination when talking about security measures.

[Grobokopalka]

Not your keys, not your coins.

Don't put your coins on centralized exchanges even it's has strong password and 2FA etc.

Just buy a hardware wallet,write down the seed and separate to any hidden place...your coins will be safe.

Trezor or Ledger, which one do you recommend? Both of them has been targeted with cyberattacks/phishing and malware recently.

If you act wisely, then you can not be afraid of any attacks on the ledger. It will soon be three years since I have been using it and have never regretted it.

[leea-1334]

Let's say most of the crypto users are young and even teens, they usually don't take care about the security of the wallets. I saw many users saying, "none would attempt to steal my coins" by saying that, they think none will ever target them but they are wrong. Activating and using the 2FA will take sometime that's why many people won't use this method, however activating the 2fa won't guarantee your security but this can be a great step besides that, holding bitcoin or any crypto on exchange doesn't make any sense because you don't access to your private keys and there is always the risk of losing your coins.

Where on earth would you find such users who have told you such things? Made up science;)

And let us not say most crypto users are young or teens. We have the data of users,,, this is not the case. Did you not read the survey or any of all the other surveys? Or even this forum? We are not teens, my friend. Just adults who do not practice good crypto storage methods.

[Maus0728]

Trezor or Ledger, which one do you recommend? Both of them has been targeted with cyberattacks/phishing and malware recently.

As for the Ledger, you can actually provide false information in their website to avoid such risks of getting your personal information exposed to attackers. Let me quote one of my post regarding this.

Isn't it that this method would just do more harm than good as there is a greater possibility that they are selling tampered or compromised hardware wallet products? Although I am aware that they have a list of authorized resellers.

As far as I know, the safest way to purchase a hardware wallet is by going thru their official website and provide a false information to fill your real name, home address, email, phone number and what not upon purchasing. You can even provide a PO/ PO Box (Post Office) as the drop-off location for your parcel -- it would not be a problem tracking your package since Leger provides a tracking number upon purchase.

Moreover, as a customer, you also have the right to request in removing all the personal information you have provided in their website. Unfortunately, it's too late for me to able to request a deletion appeal on their website since their database has now been compromised 

If you wish to access, correct, modify or delete the personal information we have about you, object to their processing, exercise your right to portability, file a complaint, exercise any of the above-mentioned rights or simply obtain more information about the use of your personal data, please contact Ledger and its privacy Team at : privacy@ledger.fr

I am not just sure if Trezor has this kind of terms on their service.

On a side note, there are also existing threads that has a good discussion between the pros and cons of Ledger and Trezor.
[1] https://bitcointalk.org/index.php?topic=5114422.0
[2] https://bitcointalk.org/index.php?topic=2648848.0
[3] https://bitcointalk.org/index.php?topic=2115397.0

[hatshepsut93]

28% said that they split their seed into parts to protect themselves from physical theft, but if they didn't use Shamir's secret sharing or something similar and just naively split their seed into two pieces, this isn't really a protection, because with modern computing power cracking 64 bits of security is quite possible.

However, 67% of hardware wallet users keep their backup on a paper wallet, and over half confirmed that their private keys would be compromised if someone found the backup.

This is debatable whether storing your private key in plaintext is a major security risk or not. Because if you choose to encrypt it, you have to trust your memory to remember your password, and so far there are more examples of people forgetting their passwords and coins rather than getting physically robbed.

[virtualdn]

Holding BTC on any exchange for more than a few days is a crazy thing to do. The risk is there no matter how big the player name is. HODL!!

This post about security users wallets not about holding. Data may stolen at any moment if you not enough defend you wallet.

If you're keeping your wallet online then it's your risk.

[virtualdn]

Not your keys, not your coins.

Don't put your coins on centralized exchanges even it's has strong password and 2FA etc.

Just buy a hardware wallet,write down the seed and separate to any hidden place...your coins will be safe.

Trezor or Ledger, which one do you recommend? Both of them has been targeted with cyberattacks/phishing and malware recently.

I recommend saving your keys on a stick and write them on a paper, place them securely and problem solved. Some people are overthinking.