Reminder: With Great power comes Great responsibility

[Alpha Marine]

Honestly, things are becoming very complicated keeping our coins safe with latest developments. We initially assumed that using cold storage is safer and once you've gotten a hardware wallet, you are good and free from losing your coin but the ColdCard and now ledger is a prove that everything is now possible. The attackers are getting smarter everyday coming up with new techniques. As a holder, the stress of being sure your assets are safe is getting higher.

The coldcard and Ledger cases are unique cases. They are not things that happen often. No matter how things get, for now, hardware wallets are still the best way to protect your coins if you secure the wallet and your seed phrase well.
The coins in those wallets were not brute-forced; for Coldcard, hackers exploited a vulnerability in the wallet, while with Ledger, hackers implanted a malicious chip in the device that transmitted the seed phrase of the wallet to them. If there is no vulnerability in the wallet and the wallet is intact, and as long as you keep your seed phrase and device secured, then you have nothing to worry about.
There has not been a software that can hack a wallet or address without its seed phrase for now. No one has succesffully brute forced a Bitcoin address and transferred it to a different address.

[Queen uloma]

Most times I wonder how scammers are able to know people that have huge amounts of coins in their possession.
Nevertheless all I have to say is that, people should be extremely cautious and be at alert. Irrespective of the wallet they are using, whether online or offline it’s very essential to avoid all this scammers.

I always advise people to use wallet that’s not easily accessible. This incident shows that even when we have the power in our hands, we still have great responsibility to protect what we have from hackers.

[Renampun]

As an investor with a big portfolio it is always best to maintain a low profile as much as possible, this doesn't mean you shouldn't live your live as you should but your Crypto holdings should be something you alone should know, it shouldn't be something you go about telling people or trying to get some attention with as that will expose you to dangers you will never foresee.
snip

It's very important for a holder to protect their privacy these days, especially with the increasing cases of wrench attacks, which makes it even more necessary for people to be careful about how much personal information they share.. It's best to just avoid revealing your holdings and take extra precautions to protect your identity online.. Just maintain a low profile and keep your financial information private, and don't overshare your activities on social media. Nowadays, criminals are already targeting individuals by looking at their social media activity, and even harmless posts can reveal some amount of information to criminals.. The less information you make publicly available, the harder it is for someone to identify you.

[qwertyup23]

Most times I wonder how scammers are able to know people that have huge amounts of coins in their possession.
Nevertheless all I have to say is that, people should be extremely cautious and be at alert. Irrespective of the wallet they are using, whether online or offline it’s very essential to avoid all this scammers.

You would be surprised on how many people cannot keep their mouth shut despite all the warning signs and other relevant news. Sure, the purpose of spreading awareness in cryptocurrency is to attract more investors and users into this space. However, if you brag about it on all social platforms to the point of intentionally being smug about it, then expect hackers and scammers to target you in the process.

I always advise people to use wallet that’s not easily accessible. This incident shows that even when we have the power in our hands, we still have great responsibility to protect what we have from hackers.

That is also a valid and good point.

Wallets play a huge role on how scammers and hackers get access to your coins. If you fail to exercise your due diligence and put your coins into local exchanges, then you put yourself at risk in this whole process.

[Big Dirams]

As an investor with a big portfolio it is always best to maintain a low profile as much as possible, this doesn't mean you shouldn't live your live as you should but your Crypto holdings should be something you alone should know, it shouldn't be something you go about telling people or trying to get some attention with as that will expose you to dangers you will never foresee.
snip

It's very important for a holder to protect their privacy these days, especially with the increasing cases of wrench attacks, which makes it even more necessary for people to be careful about how much personal information they share.. It's best to just avoid revealing your holdings and take extra precautions to protect your identity online.. Just maintain a low profile and keep your financial information private, and don't overshare your activities on social media. Nowadays, criminals are already targeting individuals by looking at their social media activity, and even harmless posts can reveal some amount of information to criminals.. The less information you make publicly available, the harder it is for someone to identify you.

I agree, we should avoid giving out sensitive information about us on the internet and even among our friends or even our acquaintance in our neighborhood because human can be ruthless and unpredictable so we should avoid this ostentatious behavior for our safety. Naturally there are those with the behavior of living ostentatious lifestyle and flaunting their holdings but them also should try their possible best to get it under control unless they want to loss their holdings.

[marina torres]

its cases like these that make one realize just how vulnerable we are in the crypto community...
if this happened within a bank, one would likely be compensated...

The responsibility that comes with being in this space is not to be underestimated.

[KingsDen]

Most times I wonder how scammers are able to know people that have huge amounts of coins in their possession.
Nevertheless all I have to say is that, people should be extremely cautious and be at alert. Irrespective of the wallet they are using, whether online or offline it’s very essential to avoid all this scammers.

• Scammers belong to crypto groups and monitor conversations
• Scammers are always on the transparent blockchain searching the addresses with funds
• As qwertyup23 said, they also monitor social media users who brag about their holdings

I always advise people to use wallet that’s not easily accessible. This incident shows that even when we have the power in our hands, we still have great responsibility to protect what we have from hackers.

How do one know a wallet that's easily accessible or not? Maybe you just recommend an open source wallet.

[Royal Cap]

I always advise people to use wallet that’s not easily accessible. This incident shows that even when we have the power in our hands, we still have great responsibility to protect what we have from hackers.

How do one know a wallet that's easily accessible or not? Maybe you just recommend an open source wallet.

No, I think he actually meant not to make his personal wallet address public. That is, his main wallet address where he keeps most of his assets should not be shown publicly. This way, scammers will not be able to target that wallet.
Basically, the targets are those who show their wallet publicly on social media or forums. And if you have a private wallet that you have not used anywhere publicly, then at least it is safe.

[NewRevelation]

its cases like these that make one realize just how vulnerable we are in the crypto community...
if this happened within a bank, one would likely be compensated...

The responsibility that comes with being in this space is not to be underestimated.

That's why the title: with Great power come Great responsibility.
In this space, we have a great responsibility to protect our coins. We must be careful, vigilant, active, always on our toes, especially when sending an address, or even sending out assets to an address. We must check and re-check.  The crime level is high. Scammers are developing methodologies daily to scam people, and we must be vigilant not to fall victims.

Some are too tired to re- check the address. Some are not used to it, some just copy and paste. So many things that can cost us our assets. And in this space, if its lost, it's gone. Not traceable and retrievable. So, we must guard ourselves and be very responsible while we earn and transact.