Spread the words out there

[promise444c5]

Unfortunately, ledger wallet had their customers email.l compromised, they claimed the email was leaked by a third party and because of their negligence, these emails are on the internet and now once in a while, you see phishing link from impersonators trying to be ledger company. Some people even went ahead to send mail, as in physical mail to ledger users to scam a QR code from their Legder hardware for updates. Some of them fell for this simple scam because of ledger mistake.

These days the attacks are  random, even Trezor.. They’ve actually come to realize that hardware wallets are the real deal these days as more and more people keep getting them to keep their funds safe without too much need for setups.

Recently there’ve been some fake Trezor emails as well, but this is random and not that they actually know if a user owns a Trezor wallet, they just hope it reach a target..

There’s also a possibility of becoming a target when someone is quite open on social media/internet  about using a HW wallet or engaging in Bitcoin and likes..
There are ways to figure out an email, especially if it uses the name exposed to the internet, makes their work easier.

As for Ledger, it is too bad some people still defend them and think all this isn’t their fault despite having two separate cases related to users' personal details. So the sales continue and more marketing happens, like nothing actually happened.

[JiiBs]

Therefore, it is not enough to simply buy a wallet; you also need to learn to “use your head” (recognize and critically evaluate attempts to fool you).

Yes, there's a good analogy: a monkey with a grenade. People who own a car need to learn how to drive it and know the rules; otherwise, they turn into a monkey with a grenade who, with improper actions, can cause harm, but in this case, of course, the only one who is harmed is themselves. However, sometimes the loss of a large sum of money affects more than just the owner of the wallet.

A monkey with a grenade. Reminds me of some a scene in planets of the apes and some of those viral AI generated clips with these ideas.

Anyway, security bridges though might be one directional being the individual to have opened themselves up to be vulnerable, at times they don’t get to know the entry point which resulted in the breach and not being able to explain it, they carry misinformation which would spread FUD and in turn, could result rash decisions from others.

In essence, the effect might not be all monetary but, could affect people on a different level as well.

I have always being of the opinion that, even a weak security measure could prove to be the strongest if you keep to certain principles like privacy and safely secure that which needs to be safe. Privacy in terms that, having people know that certain things have value, that’s you actually inviting them to test it. When they don’t know, they wouldn’t even try.

[Floxynice]

I have always being of the opinion that, even a weak security measure could prove to be the strongest if you keep to certain principles like privacy and safely secure that which needs to be safe. Privacy in terms that, having people know that certain things have value, that’s you actually inviting them to test it. When they don’t know, they wouldn’t even try.

You are right. Even privacy alone is not enough. Privacy only prevents people from attacking your wallet since they don't even know you own an asset. But your asset can still be lost if you do not practice good security habits to protect your assets. Careless storage of your seedphrase can be disastrous, including other acts of carelessness that puts the asset at risk. Every individual has a responsibility to ensure that their assets are safe.

[Inior]

You can get the best hardware wallet in crypto space, completely airgapped and still lost all your Bitcoin and crypto assets.

Self Custody has a weakness.

That weakness is YOU

The weakest link in Self Custody isn't the wallet itself but the person using it.

At least it's better than keeping your money in any exchange that's prone to hack. Since you know you're your weakness in terms of the security of your asset, it's left for you to take proper caution and secure your asset with the best platform that there is. It's better than make use of a third party platform. Even till date, I still believe in the traditional method of storing your coins which is making use of a self custodial wallet and writing your seed phrase on a sheet of paper and store in a safe space where anyone would least expect, or probably a water proof and fire proof safe. People have also advanced this method by carving the words on a steel metal for long storage without corroding.

[Vaculin]

That’s why no wallet can be 100% safe , because when you are careless as the owner or user of a particular noncustodial wallet , you have already increased the chances of losing your assets because any wrong move towards that wallet will lead to loss of assets. Like being careless with your private key or seed phrases , because even in scenarios where you wrote your seed phrases on piece of paper , it doesn’t mean is safe from physical attacks.

I agree with this. Even a hardware wallet can be emptied by scammers or hackers as long as the owner is careless. In my opinion, the security of the wallet depends on the owner even if it is a non-custody wallet as long as the owner is not careful then the funds in that wallet can be taken by the scammer/hacker. I think that's the reason why others hold or keep their funds in a custody wallet or an exchange platform for safekeeping when it's really not the recommended way of storing crypto funds.

Being cautious is highly encouraged for someone who is safekeeping bitcoin, but there is no room for being careless as its a threat for the success of your assets.

However, if the reason of keeping your funds in a custodial wallet is because you are careless, then I don't see it reasonable enough. Whoever holds the private key is the one controlling the wallet, so in that case, you are not the sole owner anymore of your coins or assets, and any time you may lose them without your permission.

[Patikno]

Essentially, carelessness is a weakness, meaning someone is vulnerable to attacks when they are careless or negligent, especially when it comes to wallets (any kind).

No matter how strong and secure a wallet is, if we grant permission or access to scammers, we will be the next victim. It is like leaving the door open, allowing anyone to enter. Therefore, try to be wise in everything we do, especially in the crypto world. There are so many scams waiting to lurk, and the most common cases involve indirect fraud, whether it is phishing or the scammers seduction techniques. Besides that, you should also explore the wealth of information related to fraud as a lesson for the future. Personally, I see things like this everywhere, and most often on YouTube. The bottom line is, try to learn how scammers operate. While their methods may vary, but the pattern remains the same, ultimately leading to a scam that tries to trick you into being careless.

[Finestream]

That’s why no wallet can be 100% safe , because when you are careless as the owner or user of a particular noncustodial wallet , you have already increased the chances of losing your assets because any wrong move towards that wallet will lead to loss of assets. Like being careless with your private key or seed phrases , because even in scenarios where you wrote your seed phrases on piece of paper , it doesn’t mean is safe from physical attacks.

I agree with this. Even a hardware wallet can be emptied by scammers or hackers as long as the owner is careless. In my opinion, the security of the wallet depends on the owner even if it is a non-custody wallet as long as the owner is not careful then the funds in that wallet can be taken by the scammer/hacker. I think that's the reason why others hold or keep their funds in a custody wallet or an exchange platform for safekeeping when it's really not the recommended way of storing crypto funds.

They just want to pass their job to an exchange because they want to get rid of stress and pressure in safekeeping their private keys. Although that's also their own choice, but I still find it irresponsibility.

No good investor will hand the future of his investment to a third party that is not fully secured. And I don't see his idea is valid, he should have not entered into bitcoin if he's not responsible of making his investment grow and succeed.

[Alone055]

Essentially, carelessness is a weakness, meaning someone is vulnerable to attacks when they are careless or negligent, especially when it comes to wallets (any kind).

No matter how strong and secure a wallet is, if we grant permission or access to scammers, we will be the next victim. It is like leaving the door open, allowing anyone to enter. Therefore, try to be wise in everything we do, especially in the crypto world. There are so many scams waiting to lurk, and the most common cases involve indirect fraud, whether it is phishing or the scammers seduction techniques. Besides that, you should also explore the wealth of information related to fraud as a lesson for the future. Personally, I see things like this everywhere, and most often on YouTube. The bottom line is, try to learn how scammers operate. While their methods may vary, but the pattern remains the same, ultimately leading to a scam that tries to trick you into being careless.

Their technique is not to trick you into being careless, but they try their tactics and see if you are careless or not. If you are, you will lose everything you have, and if you are not, they move on to their next target. It's also not only about being careless, it's also about being too naive and innocent of the world of the internet, because you will often hear about people getting scammed who are very innocent and didn't have any knowledge about the things they were being guided about. If you are someone who doesn't know how mining works, and someone tells you that you can make a lot of money from cloud mining, you will surely give it a thought.

Another very big reason why people often get scammed is because they are greedy by nature. If someone is approaching you online and telling you that they have a scheme that can make you a lot of money, the first thing that should come in your mind should be that why would someone tell you about that if they can use it themselves and make all the money? But no, newbies have a different thought process, they start thinking about how they can make so much money if they listen to that stranger, and guess what? They end up getting scammed.

[Zigabel]

If anyone is trying to confuse you to drop your private keys for your own sake they are trying to fool you, even if they claimed to be part of the team of that same hardware wallet that you are using. Private keys, Recovery seeds, they are not meant to be shared even with the team of your hardware wallets.

Seed phrases don't need supports
They don't need any fixes.
Not Ever.

Guarding your seed phrase like you guard your bank pin is very important, and just like you did mentioned, many will be looking for the best storage practices to have their assets stored but will not pay as much attention to the basic principles of securing their wallets, it doesn't just end at getting the best cold wallet or the most secured online wallet, if your seed phrase is known to a third party, the chances that your assets are very safe and secured is almost not there because when once these persons can gain access to the wallet, they are very likely to be able to do whatever they wish with your wallet and move your assets to anywhere they wish to move it to, that way you can loose your asset even while using the best storage device.

[Itz-prisigold]

The largest issue with self-custody is not the wallet itself,  it's the person utilizing it, It doesn't matters what kind of hardware wallet you buy, it could be the "best" one available,  as long as you do not properly manage your seed or fall prey to social engineering; even an air-gapped wallet will not help you when you've lost your coins.  Most people purchase only the 'best' device and do not treat their seed phrase as the most valuable item they own, This is where the true danger lies, as soon as some individual has access to your seed, regardless of how securely you store your coins in a wallet, your coins are gone.

Social engineering represents a large threat as it specifically attacks the user,  not the technology, a device cannot protect you from yourself if you choose to voluntarily provide your seed to another party or if you agree to perform actions that compromise your security due to deception by another party. That is why the basic principles are so important: do not ever give away your seed, do not ever type your seed into an internet browser, and do not ever rely upon anyone asking for your seed, even if they identify themselves as being affiliated with your wallet company.

Self-custody really gives you the full control,  but it also means that you are fully responsible. If you’re going to store crypto long-term,  you need to be very discipline and have a strong mindset, because there is no customer support that will help you or anything like  “undo"  button when  things go wrong.

[goldphysicalbitcoin]

As Bitcoin's market capitalization grows, "self-custody" is no longer suitable for everyone. We cannot expect all new Bitcoin holders to be proficient in encryption and computer networking technologies. Self-custody means not only the management of private keys but also the secure management of all network activities. Although CEX has cybersecurity professionals, it is still frequently stolen. It is very difficult for ordinary people to manage large amounts of Bitcoin. Trustworthy centralized custody is one of the important channels for popularizing Bitcoin.

[maydna]

It will be personal responsibilities to protect their private keys. They must saves it in secret places with no one knows what it is. If you can keep silent about your owning of Bitcoin, you will be safe and no one will curious how rich are you.

If you keeps your Bitcoin in exchanges, it will not safe and good for you. You never know how good they will protects their places. Hackers will searching for a way to attempts to the exchanges. It is a Not to do by you because you let others to manages your funds and that will be the same as the banks that you use now.

[Coyster]

If you can keep silent about your owning of Bitcoin, you will be safe and no one will curious how rich are you.

This only applies to physical attacks, one we like to call the $5 wrench attack. As far as online attack is concerned, it is mostly about your operational security, you do not need to speak about your bitcoin to get attacked through phishing or malware.

As Bitcoin's market capitalization grows, "self-custody" is no longer suitable for everyone. We cannot expect all new Bitcoin holders to be proficient in encryption and computer networking technologies.

I do not understand what the second sentence means. And as for the first, i get it that institutional investors may prefer to gain exposure to bitcoin through etf's. And companies/corporations might also not want to go down the route of being their own bank. But that does not make their approach safe, nor what should be recommended.

Self-custody means not only the management of private keys but also the secure management of all network activities.

All network activities? How have you come to such a knowledge. In short, using a non-custodial wallet basically means you are your own bank and in full custody of your coins.

Trustworthy centralized custody is one of the important channels for popularizing Bitcoin.

There is no such thing as a 'trustworthy' centralized custody. Not your keys, not your coins. You can only make certain of the security of your coins when it is in your own custody.

[goldphysicalbitcoin]

If you can keep silent about your owning of Bitcoin, you will be safe and no one will curious how rich are you.

This only applies to physical attacks, one we like to call the $5 wrench attack. As far as online attack is concerned, it is mostly about your operational security, you do not need to speak about your bitcoin to get attacked through phishing or malware.

As Bitcoin's market capitalization grows, "self-custody" is no longer suitable for everyone. We cannot expect all new Bitcoin holders to be proficient in encryption and computer networking technologies.

I do not understand what the second sentence means. And as for the first, i get it that institutional investors may prefer to gain exposure to bitcoin through etf's. And companies/corporations might also not want to go down the route of being their own bank. But that does not make their approach safe, nor what should be recommended.

Self-custody means not only the management of private keys but also the secure management of all network activities.

All network activities? How have you come to such a knowledge. In short, using a non-custodial wallet basically means you are your own bank and in full custody of your coins.

Trustworthy centralized custody is one of the important channels for popularizing Bitcoin.

There is no such thing as a 'trustworthy' centralized custody. Not your keys, not your coins. You can only make certain of the security of your coins when it is in your own custody.

Bitcoin was the first decentralized digital asset. The self-custody model places high demands on custodians, requiring them not only to be proficient in hardware wallets but also to continuously learn about various cyberattacks, viruses, phishing websites, and more.

They need to ensure their computers and mobile phones are free of Trojans and viruses. Furthermore, fraudulent methods targeting cryptocurrencies are constantly evolving. Expecting every Bitcoin user to possess all this knowledge is unrealistic.

Self-custody is certainly the best option for holding Bitcoin, but we cannot expect everyone to have the ability to prevent various scams targeting cryptocurrencies, just as investing in gold does not require everyone to master the ability to distinguish the purity and authenticity of gold.I believe that distributing Bitcoin among several custodians is more suitable for beginners than self-custody.

[abaeze]

There is no risk of being hacked in a hardware wallet because you have all the control over it, but if you lose or forget the wallet seeds yourself, nothing is safe.

Because even the most secure wallet cannot save you if you forget your private key or seed phrase or give it to someone. I think 99% of the reasons for losing Bitcoin are forgetting the seed phrase, not hacking. Wallet failure is a sudden accident, but human failure is more common.

[Jaycoinz]

I have always being of the opinion that, even a weak security measure could prove to be the strongest if you keep to certain principles like privacy and safely secure that which needs to be safe. Privacy in terms that, having people know that certain things have value, that’s you actually inviting them to test it. When they don’t know, they wouldn’t even try.

You are right. Even privacy alone is not enough. Privacy only prevents people from attacking your wallet since they don't even know you own an asset. But your asset can still be lost if you do not practice good security habits to protect your assets. Careless storage of your seedphrase can be disastrous, including other acts of carelessness that puts the asset at risk. Every individual has a responsibility to ensure that their assets are safe.

Some persons do crazy things just like going as far as even making public their assets just for flaunting it and this is a very bad move because people only attack what they know of which if they do this they drag lots of attention to themselves.

As for careless acts of keeping your seed phrase that just shows that you really don't value the Bitcoin you have and don't know the implications of actually losing some of it because I don't see why someone with full knowledge of how delicate the seed phrase is would act so foolish to loosely keep it anyhow.

[Coyster]

Bitcoin was the first decentralized digital asset. The self-custody model places high demands on custodians, requiring them not only to be proficient in hardware wallets but also to continuously learn about various cyberattacks, viruses, phishing websites, and more.

I don't like to make it seem like the hardest thing to do in the world, particularly when i am discussing about it in the beginners section. That is not the mindset i want newbies to have. If you have decided to use bitcoin, then you have the responsibility upon yourself to be your own bank, it is that simple. Learn how to back it up safely and do so.

They need to ensure their computers and mobile phones are free of Trojans and viruses. Furthermore, fraudulent methods targeting cryptocurrencies are constantly evolving. Expecting every Bitcoin user to possess all this knowledge is unrealistic.

You don't want your device to be infected with malware even if you don't have any bitcoin, do you. There is no special knowledge required, it is part of the basic. If the assets are large, then you need a cold wallet. Not so large, an online wallet would suffice. Then back up your seed phrase safely.

just as investing in gold does not require everyone to master the ability to distinguish the purity and authenticity of gold.I believe that distributing Bitcoin among several custodians is more suitable for beginners than self-custody.

This is not a right comparison, we're talking about custody. And no, i do not agree with your final sentence.