Were do I store my money

[Tank67]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED


I say this post on x Were the question kept me wondering about Were to save our money and I thought of sharing for the sake of knowledge and also to learn what we all think is the best ways  to store our crypto. Which I know from the beginning an exchanges is not even an option. Ready to learn more incase if people ask questions like this we know what to suggest for them.

Source: https://x.com/MikeZillionaire/status/2115918685638668614

[greysonz]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED


I say this post on x Were the question kept me wondering about Were to save our money and I thought of sharing for the sake of knowledge and also to learn what we all think is the best ways  to store our crypto. Which I know from the beginning an exchanges is not even an option. Ready to learn more incase if people ask questions like this we know what to suggest for them.

Source: https://x.com/MikeZillionaire/status/2115918685638668614

All these hardware wallet hacks are horrifying, even the fact that Trezor also had chips. But that's no reason to switch to exchanges. Hardware wallets are still such powerful tools for storing Bitcoin, especially now that they've survived all these hacks. Because now they won't make the same mistakes. And exchanges remain an unacceptable storage method.

Perhaps it will be useful for u:
How do you separate your everyday Bitcoin setup from long-term storage?
https://bitcointalk.org/index.php?topic=5591599

Where do you store your cold wallet??
https://bitcointalk.org/index.php?topic=5308675.0

Also about AirGaped solution:
https://bitcointalk.org/index.php?topic=2828437.0

[Charles-Tim]

I get the point. Exchanges and noncustodial wallets were hacked. So where can coins be stored.

Prediction markets supposed not to be a what anyone should use to hold bitcoin or any other cryptocurrencies. The right thing for it are the noncustodial wallets.

I do not also recommend exchanges despite their protection funds. I also do not recommend hardware wallets.

Airgapped device seed phrase and passphrase wallet or Multisig wallet are the best. Do not have your coins on a single wallet.

[Joy_learns_crypto]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED

Why not put this in a quote box or even use the Quote symbol since it was just a complete copy and past from the X post, yes you added a source but to differentiate which is copy and paste and that which is what you derived from the post.

Store your funds in your wallet first measure, you already know this but it can't be over emphasize, two no platform is out of the space of being hacked, if you know this it will help you think over the first measure properly again, get consistent in sourcing for ways to protect your wallet, 2Fa is one. The first news I read about this recent binance hack was that it was probably from an engineer whose device was compromised, I think binance has released new update, although you aren't binance you can also be careless with your device, seed phrase, not checking address properly so fix those too.

[nc50lc]

That X post doesn't look like a genuine question but rather designed for engagement.
The poster must have multiple "MultiSig" or a "Cold-storage" setup somewhere already.
(of course, the owner wouldn't brag about it on social media, or did he?)

I say this post on x Were the question kept me wondering about Were to save our money and I thought of sharing for the sake of knowledge and also to learn what we all think is the best ways  to store our crypto. Which I know from the beginning an exchanges is not even an option. Ready to learn more incase if people ask questions like this we know what to suggest for them.

The answer isn't "where", but "how".
And the above mentioned are a few good options; either eliminate a single point of failure via MultiSig, air-gap the private keys in an offline machine via Cold-Storage setup.
Or a combination of both.

Small amounts can stay on Hot wallets.

[348Judah]

With recent events happening concerning crypto scam and hacks, I see majorly that those affected are users with hardware wallet and those that depend solely on centralizes exchange for their storage, but if you are smart enough and up with your game, you will prevent all these using any of the suggestions below.

wallets for security and privacy
Bitcoin Core
Passport
Electrum
Sparrow Bluewallet

Considering wallet that supports multisig or passphrase is also advisable, in case you got your wallet compromised by anyone.

[Hatchy]

I say this post on x Were the question kept me wondering about Were to save our money and I thought of sharing for the sake of knowledge and also to learn what we all think is the best ways  to store our crypto. Which I know from the beginning an exchanges is not even an option. Ready to learn more incase if people ask questions like this we know what to suggest for them.

In self custody of course, that's where you store your coins.. Apart from hardware wallet hacks, like the vulnerabilities exploited by hackers in Ledger devices, centralized exchanges have suffered even greater losses from similar attacks.the point now is that exchanges were never meant to be a place to store funds for the long term. Users who lost their funds through exchange hacks should understand that keeping their coins on centralized exchanges comes with these risks.

I'm not saying self custody makes you completely safe, but it eliminates many potential entry points and loopholes that hackers could exploit. One of the best options today is to store your funds in an air gapped wallet or generate a secure wallet using a reputable wallet software like Electrum.

[Freeveto]

With recent events happening concerning crypto scam and hacks, I see majorly that those affected are users with hardware wallet and those that depend solely on centralizes exchange for their storage, but if you are smart enough and up with your game, you will prevent all these using any of the suggestions below.

Yes, hardware wallets and centralized exchanges were hacked recently; this has made the choice of crypto wallet difficult, which I think is the reason why people are asking the question of where exactly they should save their Bitcoin, and from what is happening recently, I also have the question in mind.

Non-custodial wallets are still the most secure; there was no news of hacks recently about them except for hardware wallets. This means if we can keep our Electrum seed phrase safe, we can hold our Bitcoin there successfully without thinking about any wallet hack; it is an open-source wallet, and we don't have to worry about hacks, I think.

[Peanutswar]

Well basically the previous hardware wallet is a base on system vulnerabilities and other factors such as human errors so for me I can say that not all hardware wallet are affected still there are some trusted one. Like the issue of the coldcard because of system vunlerabilities its their mistake the same with the ledger, I can say here one of the best right now to store your coins such as bitcoin are like with the Electrum or for me basically like an airgapped wallets. Right now if possible is ideal to stay aware from links, emails, sms and other form of messages came from someone we didnt know these are the possible step we can take to our side. Another thing for me here is having a good diversification of your assets at least not all of the investments are affected.

[Cookdata]

Why not put this in a quote box or even use the Quote symbol since it was just a complete copy and past from the X post, yes you added a source but to differentiate which is copy and paste and that which is what you derived from the post.

The statement started with "I saw a post..." and source link at the end, that indicates he is not claiming to be the source, it's a third person post, quote is not that important here.


@Tank67, it worries me that this year has been a big battle with hack of funds and exploit of data across different custody but if you look at the nature of these attacks, cold storage remain the best options which are either an airgaped or hardware wallet.

If you look at the centralized exchanges recent exploits, till now they still can't figure out how the attacks came and how the hackers were able to exploit the smart contract. However, when you look at the self custody, the attacks came from a point of failure created within the hardware wallet which could have been avoided.

The few hardware wallets like Coldcard was poor entropy, this could have been avoided with a strong passphrase if you are not sure of the wallet entropy. The second one was Trezor, CryptoBilis was reported to have implant on the Trezor wallet bought by customers around Asia surrounding, this could have been avoided by buying from the company directly.
These are the biggest attacks this year on self custody and I can tell you for a fact that you can avoid these problems. Now, ask the exchanges how they are going to avoid the recent hacks in the future, there is no solution. You know why? There is always a point of failure with centralized exchanges.

The data breach from hardware wallet companies isn't worst as the hacks but it could also be avoided. That attack is just the companies incompetence and negligence, I will still choose to use a hardware wallet and DIY airgap device.

[Jubilee58]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED


I say this post on x Were the question kept me wondering about Were to save our money and I thought of sharing for the sake of knowledge and also to learn what we all think is the best ways  to store our crypto. Which I know from the beginning an exchanges is not even an option. Ready to learn more incase if people ask questions like this we know what to suggest for them.

Source: https://x.com/MikeZillionaire/status/2115918685638668614

It is worth knowing that every asset or money is exposed to some level of risk, no matter the platform it is stored. But still there are some persons that still have their Bitcoin asset safe without being tempered with. In the first place we should understand that there is no safety at all when you keep your Bitcoin in an exchange because of the vulnerability of hacking that exchanges do encounter from time to time. So all you need is a secured wallet to keep your cryptocurrency or Bitcoin investment safe.
Sometimes, when our Bitcoin is hacked we try to blame the platform that our asset is stored, but I want to say the lapses can equally come from us. The are rules that guides safe investing, no matter where you are invested, and when this rules are compromised, you see your Bitcoin asset being tempered .

If your Bitcoin is in a safe wallet, let's say hardware Wallet disassociated from the Internet, but many times in the cause of making any transaction we connect the Wallet to the Internet, so scammers can attack at the point of making this transition, they can hijack your clipboard or you can equally click on phishing sites and which can make you loose your asset, but strict adherence to wallet rules will still keep you safe in your Bitcoin investing, after all some have remained safe in the market right from the onset till date.

[Fivestar4everMVP]

Well,  with all the hacks that has happened, there isn't a particular kind of wallet we can say is 100% safe to store our crypto on, But what I did suggest is that, to be on a bit safer side, we have to find and choose a wallet that is secure and less popular.
If we are paying attention, we did already see that this hackers are always targeting wallets and platforms that are popular and has several users, Binance is the world largest exchange by trading volume and possibly by number of users as well, Metamask, ledger, all this are well known wallets with lots or users.

So, based on my suggestion above, a less popular wallet will hardly attract the attention of hackers because hacking such a wallet may not pay off for them since there are likely just a few persons who use the wallet, example of a less popular but good wallet is Mycelium, this is a software wallet but its the only one I can suggest for now since I don't know many hardware wallets aside ledger and trezor.

[davis196]

Binance was hacked, but the CEO of Binance had already announced that any funds, which were stolen by the hackers will be recovered by the company and the users should not be worried about losing crypto. We can see this as some sort of "advantage" for the users, who rely on centralized crypto exchanges. The CEX would take care of the situation and cover all losses. The real problem happens when your cold wallet gets hacked and nobody can cover your losses. When your cold wallet gets hacked, this is totally your fault and you cannot blame anyone else for your own mistakes.

[As-Soon-As]

Let me start by saying that you should not keep all your assets in the same place, keep them in different levels or in different places. But for this you should never use exchanges, because exchanges have the power to control third parties, it is very risky. So avoid storing your assets in exchanges, it is very risky, but you can use multisig wallets to store your assets. But keep the seed phrase of your wallet very carefully and carefully in a safe place,
the more secure your wallet seed phrase is, the more secure you will be and you will be able to store your assets safely for a long time in the future.

[Bit-Mj1014]

Binance was hacked, but the CEO of Binance had already announced that any funds, which were stolen by the hackers will be recovered by the company and the users should not be worried about losing crypto. We can see this as some sort of "advantage" for the users, who rely on centralized crypto exchanges. The CEX would take care of the situation and cover all losses. The real problem happens when your cold wallet gets hacked and nobody can cover your losses. When your cold wallet gets hacked, this is totally your fault and you cannot blame anyone else for your own mistakes.

This looks like a good perspective to using centralized crypto exchange, getting to rely on the exchange for recovery is kind of a breath of fresh air, I sincerely hope they come through with the promise. But I still think cold wallet is better though.

[BlackHatCoiner]

The principle has not changed.

Do not store them on exchanges, on hardware wallets with plenty of red flags like Ledger, and on wallets that nobody is reviewing like this Phantom thing or the ultra-shitcoin software Metamask.

Use signing devices or just airgap a computer you already have and don't use. That's a lot safer than the above.

[Ruttoshi]

Multisig wallet is a good option because it's difficult to compromise the wallet since, it uses more than one private keys to approve a transaction. However, just as stated above Electrum cold storage is more preferable for me because it's your own set up as long as you set it up in a secured environment and generate your keys on an airgapped device.

Exchange isn't save from hack just like what happened to Binance and Bitget so, it's a no go area for me. Don't lay all your eggs in one basket.

[Z_MBFM]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED


I say this post on x Were the question kept me wondering about Were to save our money and I thought of sharing for the sake of knowledge and also to learn what we all think is the best ways  to store our crypto. Which I know from the beginning an exchanges is not even an option. Ready to learn more incase if people ask questions like this we know what to suggest for them.

Source: https://x.com/MikeZillionaire/status/2115918685638668614

Yes, various wallets are being hacked, despite being decentralized, hardware wallets have also been hacked. Meanwhile, the world's largest centralized crypto exchange Binance has also been hacked. Just because Ledger, Binance, MetaMask or any other service has been hacked, it is not right to think that your funds are not safe everywhere. You only maintain your own security. If you keep the seed phrase safe, you will be very safe. Even though various platforms have been hacked, there has been no impact on the users' funds, only in the case of FTX, a slightly different picture has been seen. So always use a non-custodial wallet and keep your seed phrase safe, then hopefully you will be safe. Binance was hacked and a very large amount was hacked by hackers. However, they are trying to recover them and they have ensured that the users' funds are safe.

[joniboini]

However, they are trying to recover them and they have ensured that the users' funds are safe.

Just to add that it's dangerous to think exchange will cover your loss in case anything like this happens again. I say this because some people on social media said maybe using exchange is a good idea to store their funds, yet shortly after that several exchanges in my country allegedly was hacked too (although no users' loss have been detected so far). Relying on a third party is unreliable as hell, even if you bought the insurance yourself there's a higher chance the company won't give you any money at all. Just stick with self-custodial wallet, prepare an airgapped setup, and so on instead.

[Oshio-man]

Sometimes is not the wallet that is bad for saving or storing your coins but some don't know how to keep their seeds phrase safe, because your key is your coins according to what professional told me some years ago and if you make your seeds phrase public it will make your coins not to be safe in your wallet, I know some newbies never hear about electrum wallet and how to obey the rules and regulations that governed it will allow users to enjoy the benefit of holding your bitcoin and other cryptocurrencies safe for long term before you can sell to achieve your target.