Were do I store my money

[Abuobyda218]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED

I add something more.
FTX hacked
Bybit hacked
Kucoin hacked
Bitget hacked
In fact, wherever we store our crypto currency with trust, they have already gained experience in hacking. Now, where we will keep our coins is our only concern. So is it safe to convert them into our local currency and deposit them in the bank? In terms of depositing them in the bank, the government embezzles people's money, so we do not consider banks to be safe either. We trusted hardware wallets, which have also been hacked several times, and it is not safe to keep our crypto assets even in central exchanges. So, where can we find a safe store is our only main question.

[EL MOHA]

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.

I have seen your advice as use non-custodial wallet and keep your seed phrase safe, I will say that it’s a good advice but should be elaborated more. For example one needs to understand that all non custodial wallets are better fit to even use as wallets, for a wide broad example one shouldn’t be using hot wallet for large amount of funds savings because such wallet can be compromised through that hot device, this doesn’t even need to access your offline back seed phrase, if you notice even exchanges facing hacks it was there hot wallet that was compromised, so the emphasis should be cold wallet and a reputable open source wallet, even if it’s an hardware wallet one should stay away from the ones with question marks around them.

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.

Yes multi sig wallet seems to be the best option because it adds layers of security unlike a single sig but it’s not tamper proof too because we have seen from bybit hack last year that multi sig wallets can be compromised when the holders are tricked into signing certain transactions which were from hackers. So even with multi sig the owner should be careful and also most importantly should use a different device for each signer or better still explore the option of single sig with pass phrase

[Nothingtodo]

Yesterday, the most popular centralized exchange in the cryptocurrency world, Binance, was hacked, meaning if the Binance exchange, which seems so popular and safe, is also hacked, how will the general public keep their crypto currencies safe?
Now the only way is to carefully store the security seed phase by holding it in a non-custodian wallet. Now we will not hold our crypto assets in any centralized exchange because if such a trusted exchange, Binance, can be hacked, then other exchanges can be hacked at any moment. So non-custodian wallets are the safest way to hold crypto currencies at the moment.

[standardnepo]

I’ve been thinking about this for a while now. I’ve recently started dcaing into btc, and I usually invest in gold, but i’ve been wanting to switch to btc because i really like the idea behind it and believe in its potential.

I’ll keep using my hardware wallet, but I feel like none of us is completely safe. It’s quite upsetting because I genuinely want to invest in Bitcoin, but knowing how risky it can be to hold it makes me nervous.

[Ucy]

If you want something that is almost impossible and unattractive to hack, use virgin seedphrases, they are seedphrases generated entirely offline without any electronics. They are typically generated with physical dice.
Create as many seedphrases as you can from this method, then divide your bitcoins into parts that possible bruteforce hackers will find unattractive to try and hack, and send to different addresses of corresponding seedphrases. Each address shouldn't contain fund that is too big for you too lose..
When you need to spend or exchange some of the bitcoins, import one of the seedphrases in a secure wallet,  spend the bitcoins you need, then transfer the rest to a new address from a new virgin seedphrase. But if the rest of the bitcoins are not worth that stronger security, then continue to hold them in the current address.


Another method for securing large amount of bitcoins is the use of multisig wallet





*Note that a Virgin seedphrase is seedphrase that has never been used online nor touched any electronic device

[Anayochukwu]

Binance was hacked but I believe and hope it doesn't affect users and this situation should be an eye opener for people that puts their money all in one exchange because if anything happens to that exchange it would affect you drastically. Binance is a popular centralized exchange and this will probably keep every other exchange on their toes because who knows the next exchange that will be hacked next time, multisig is more safe and reliable and seeing that many exchange have been hacked it shows that it isn't safe.

[uneng]

I’ve been thinking about this for a while now. I’ve recently started dcaing into btc, and I usually invest in gold, but i’ve been wanting to switch to btc because i really like the idea behind it and believe in its potential.

I’ll keep using my hardware wallet, but I feel like none of us is completely safe. It’s quite upsetting because I genuinely want to invest in Bitcoin, but knowing how risky it can be to hold it makes me nervous.

In times of advanced AI, everything in the digital environment will change much faster than before, including the efficiency of hacker attacks which tend to increase... I believed hardware wallets were the best choice on this matter, but after Ledger recent incident, I don't think so anymore. At same time, what can I do? It's really hard to decide where to store crypto right now.

The problem is, hardware wallet is completely safe until suddenly it's not anymore.

There isn't a final answer for this question yet.

[leonair]

Binance was hacked but I believe and hope it doesn't affect users and this situation should be an eye opener for people that puts their money all in one exchange because if anything happens to that exchange it would affect you drastically. Binance is a popular centralized exchange and this will probably keep every other exchange on their toes because who knows the next exchange that will be hacked next time, multisig is more safe and reliable and seeing that many exchange have been hacked it shows that it isn't safe.

When you deposit funds on a centralized platform, the funds go directly to the hot wallet of that platform. And your account balance is just a text. When the platform is hacked, the hackers gain access to that hot wallet and make billions of dollars in transactions. So in that case, of course, the user's funds are affected, and since Binance is one, they have suspended the withdrawal of all types of coins. So, hasn't this had an effect on the user? You can't trade your money as you wish, the control is in the hands of others. So how can you be sure that the user's funds are safe? When FTX was hacked, the owner of this platform still said that the user's funds are safe, but they could not recover the money. So you can't be completely safe with any centralized platform.

[josscrypto]

I had same question when I started Oct 25. For small amount for learning, I use Trust Wallet and I write seed phrase on paper, not screenshot. For bigger amount I learned from this forum to use hardware wallet but I don't have yet. I also hide my email in profile because I showed my Gmail before and got spam. Still newbie with 5 posts but this is what I do now.

[CryptoHeadlineNews]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED

Polymarket is definately not an option, but that of Metamask and Binance can be considered for holding a smaller short term investments, because apart from that, our priority should always be to hold our Bitcoin on a secured Non custodial Bitcoin wallet, such as Electrum, BlueWallet, Mycelium and likewise this same Ledger hardware wallet and Phantom wallet too, because one thing i know about most of the causes that was reported about Phantom wallet was either as a result of Pjlishing od fake website attack, whereby an individual went to installed the wrong Phantom wallet and got hacked, or either you accidentally make a malicious approval through a fake browser extension on your device, which resulted to your bitcoin been stolen. Because apart from that, the wallet never got hacked.

[Mrbluntzy]

Exchange has never been a recommendation for someone looking for a perfect means to store their coins safely, other theft that has happened in previous years on centralized exchange is enough to convince people that CEX is never the best option, apart from hacking the exchange, the team can decide to freeze anybody's account and the person might not be able to access their money when they need it. Self custody wallet is still the best choice but increase the security, I prefer to add multisig, pass phrase is also good and storing our keys offline is very important, now is not time to be careless.

[aoluain]

If I was starting off again and knowing a lot more I would choose to go with a Trezor hardware
wallet and would try and get it delivered to a post box - even though there would be an extra cost to
that, in the grand scheme of things the extra cost is worth the extra security/anonymity.

Trezor hardware wallet - their wallets have not been hacked and they operate on open source coding

Postal Box - Trezor or their shipping agents wont have my home address

[Z-tight]

I had same question when I started Oct 25. For small amount for learning, I use Trust Wallet and I write seed phrase on paper, not screenshot. For bigger amount I learned from this forum to use hardware wallet but I don't have yet.

Trust wallet is not recommended to hold BTC, it is a closed source wallet, and there are other better options to store your BTC. You can use Trust wallet for altcoins, but for BTC, even if it is small amounts, Electrum is a better choice, or bluewallet. However, if you want to store a large amount of BTC and you do not have a hardware wallet yet, you can set up Electrum in an airgapped device, but you must do that in a safe environment and since you are a newbie, it could be difficult for you to achieve.

[pawanjain]

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

Keep a cold wallet for long term storage and keep the keys secure if possible maintain a multi-sig wallet and keep the keys safe and secured.
Maintain a hot wallet for regular transactions and keep using new addresses for privacy.
Probably the best way out there to keep your coins safe. Beware of what you are doing. Everything you do on the internet is being monitored.

[B2Z]

Yes, it is definitely a concern because the big exchanges are not safe now, but exchange wallets have never been safe for storing your money because we have seen many exchange sites hacked or completely disappear from the market before. Now the question is, what kind of wallet can investors use to store their money safely. In this case, there are some wallets that I personally find safe, such as Bitcoin Core Wallet, Electrum Wallet, but hardware wallets can also be used, which will greatly reduce the risk of losing your money or getting hacked.

[TheUltraElite]

The storage of coins being done on exchanges and other non-custodial wallets is discouraged because you are not owning the private keys, someone hacks the site and you along with a thousand others will lose access to your coins.

The software wallets that are available on desktop is fine, you have to make sure the device is secure, airgapped devices are fine but seem too much for the non-tech savvy here.

Do not use any sort of hardware wallet at all, some or the other attack vectors are being discovered like nasty surprises.

[serjent05]

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

This simply shows we have to keep our money in a non-custodial wallet.  Aside from that, we must put them in a high-security network cryptocurrency, in short, Bitcoin.  Bitcoin's security has proven to be almost unhackable due to the huge hashes securing the network.  

In keeping our Bitcoin, if we don't want to trust the third-party hardware wallet manufacturer, we can create DIY cold wallet to store our Bitcoin.  There are lots of tutorials online on how to make a cold wallet.

Using exchanges is never a bad thing but storing our cryptocurrency on centralized exchanges is.

[moneystery]

With exchanges and hardware wallets being hacked more frequently lately, people are understandably worried about the security of their assets. But storing your Bitcoin isn't limited to just that, there are other options like wallets commonly recommended by people, air-gapped devices, or if you want, you can set up a multisig wallet.
Just remember that there are still plenty of wallets from Satoshi's time that are still safe today. If they could last that long, then you really don't need to be too worried or think that this is the end of everything.

[Fiatless]

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.

I doubt the possibility of Binance recovering all the funds that were stolen by the hackers. The company is trying to do damage control.  They might decide to repay users who have lost money from their reserves. Everything that has advantages also has its demerits. Centralized platforms might cover the losses of users, but this doesn't erase the advantages of self-custody.

Not all custodian wallet hacks are the user's fault. The  Coldcard hardware wallet hack. CoinKite introduced a software and firmware bug that caused the breach.

[General_Bitcoin]

a less popular wallet will hardly attract the attention of hackers

Not really. The less popular the wallet, the less people will be looking at the code meaning any bugs could be present for longer. It's using security by obscurity which isn't a great idea.
 Instead of using an obscure wallet, I would go for an open source wallet that has had a long period of public review. If you have a large amount in your wallet you are still vulnerable to phishing and counterfeit apps regardless of whether the wallet is popular or not.