Were do I store my money

[EarnOnVictor]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED
-snip-

Your X source needs to be scrutinized a little. Correct me if I'm wrong, I don't think there has ever been a successful protocol-level hack of Ledger, MetaMask, or Phantom's core encryption software that allowed hackers to breach their security remotely and steal people's cryptos directly, if not for the hackers tricking individuals and the vulnerabilities in wallets surrounding software and infrastructure that had led to security the breaches.

These happens every time and everywhere, so long as you have presence online, your customers could be vulnerable. And those are years ago; they are improving, and I'm sure we can still count on them, or you have other viable alternatives?

[RockBell]

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.

It almost hurts to read the OP... I think some people treat any third service provider the same way they treat their most trusted bank and if they are not from a first world country like Switzerland etc., even that would be concerning. Jesus, a newbie in the scene or not, but OP sounded as if he naturally wants to store his assets with exchanges or gambling sites like Polymarket. That's not going to end well for him...

The news of all these recent hacks is responsible for such kinds of post being created because this is a concern that is creating a certain panic in the atmosphere of cryptocurrency and I must say one got to learn best from the experience of others than from their own experience as regards how and where to safely store their coins.
CEX bad, Polymarket worse, gambling platforms absurd, even non custodial and most hardware are unsecure, so it is good to trust the platform that hasn't failed yet while distributing coins among several others for safe keeps Incase of a worse case scenario.

People need a form of reassurance for their trust to be regained, and at the same time their tokens can be stolen, but they can not be spent, so the whole Binance hack shook everywhere and people need to know what is best for them. When topics like this are brought up, a lot of people will learn, and no matter the amount of bitcoin you have, you still have to find a more secure way to keep your funds safe. Another thing is, we should not forget not your keys, not your coin we should understand that it is important for us to know that exchanges can be dangerous. Keep your funds. Whatever happens to your coin on an exchange, the exchange will be responsible, so let's be mindful of what we are doing.

[Cookdata]

Binance can only claim that users funds are safe but they cannot say that the storage is 100% attack free, I think there’s no storage that’s 100% immune to any form of attack or compromise. Since the recent attack on binance till now, withdrawals have been suspended indefinitely and no one knows when it will be released even though they might be claiming to have everything under control. Every storage have it’s risks and for now I think the most secured way to store bitcoin is using a hardware wallet of which private keys are totally offline that can make it difficult for any cyber attacks.

What's concerning is that a company can be worth $100b and the may not be liquid enough to have $6B as emergency funds. CZ is worth billions but he can't provide $1B from that money if there is an emergency because they are not liquid. You can be worth worth more than your debt but if you don't have the liquidity, you would have to use your asset as collateral and take loan to finance the emergency, this is why you should never accept when Binance says funds are SaFu.

The SaFu funds are not even upto 25% of what was stolen, they have to look for other means to put money together which they will not tell you. At most, these money comes from other financial institution to pay back after some period of time. I'm sure you don't want to be caught in between these drama of hack. It's better you use custodial wallet to keep your funds.

[Exitoral]

We are just moving to the fact that these platforms can be hacked. What about personal hacks that have been happening, are we going to neglect that or we can still teach people to secure their own coins. Let's just focus on what we can control.

We have self security before we have the companies that secures our wallet. The hacks can happen, so what are we gonna do? There is a solution to things, and I came up with one whereby we separate our coins in different platforms. There's no way all the wallet can be hacked at the sametime.

[Bryan jessy]

We are just moving to the fact that these platforms can be hacked. What about personal hacks that have been happening, are we going to neglect that or we can still teach people to secure their own coins. Let's just focus on what we can control.

We have self security before we have the companies that secures our wallet. The hacks can happen, so what are we gonna do? There is a solution to things, and I came up with one whereby we separate our coins in different platforms. There's no way all the wallet can be hacked at the sametime.

Honestly, most times this hack issue is not necessarily from not having self security, because a person can jealously guide his wallet by securing his wallet access details very well, but the worst can still happen if the company fails to secure their site from scammers, the site can still be hacked even after people who uses that wallet are security conscious. Most of this wallets that was hacked was not because people failed to secure their coin, it is beyond personal control because even the company that is regulating it could not secure it from hackers, honestly we should really focus on what we can control and things we can handle because this issue is way more difficult for a person to single handedly deal with.

[Nothingtodo]

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.

Speaking of the FTX hack, you reminded me of my past sorrows, especially in November 2022, when FTX owner Sam Backman Fred himself embezzled billions of dollars from the public by getting involved in this exchange scam, I also had some dollars in it and that too turned into zero at some point. I just had some FTX tokens that were in the exchange and after the information about the scam spread quickly, the price of the token started falling so fast that at one point my 65 FTX tokens were worth just a cent. However, I was very upset for a while and recently after seeing this post of mine after the Binance exchange hack, I remembered this thing from the past.

[Swordsoffreedom]

Yes exchanges are risky, however there is SAFU. If Binance can guarantee 100% asset protection that ensures user's funds are safe i would still keep my assets in an exchange. In the untimely event that i pass away my dependents will have a better chance of getting my assets as they will be listed as beneficiaries. ON the other hand, self-custody is secure but also has many variables like theft, fire, ransom, kidnapping or simply your partner throws out your hardware device (e.g James Howells) or engraved secret seed backup. I always keep telling my wife to leave my stuff alone even if she thinks i am hoarding trash. 

SAFU Fund does not guarantee 100% security of all your funds. You may feel some relief from having SAFU Fund. Especially if you are trading, it may be convenient for you to keep your money on the exchange. As far as I know, SAFU is like an emergency protection fund, which does not mean that every type of loss of the user will be automatically covered 100%. It is up to Binance to decide what type of loss Binance will compensate and which application they will accept.

I would suggest that if you are an investor and plan to hold it for a long time, you should be careful about keeping it on the exchange. Because if you keep Bitcoin on the exchange, you will not have its private key. Due to this, there may be problems such as account closure or withdrawal suspension. Even your freedom to use the assets may be limited.

That's right. Safu is fund Binance set up voluntarily, not legally backed deposit insurance scheme like the one banks have.

Having Safu does not mean user is auto entitled to get reimbursed everytime they lose fund. In other words, it is support based on Binance's own promise, not a hard legal guarantee.

So it's pretty naive to treat SAFU as an ironclad guarantee on our assets.
https://www.binance.com/en/support/faq/detail/028799e730294ae4a9b382d60d350116?

[Oshio-man]

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.

This is what some newbies don't know, some think they can store their coins in any wallet which is not the best option because a lot of newbies have lost huge amount of funds in some fake wallet before they realized that there are quality wallets they can save or store their coins for long years before they can release them for sale for income purpose,  I know there are many wallets but I have confident on Electrum wallet because is good and reliable in long term holding and you have nothing to worry when you follow the rules and condition of the wallet.

[m2017]

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

Why does everyone hope to find a universal way to store cryptocurrencies, one that offers a 100% guarantee of reliability and security? Perhaps it is time to realize that no such method exists, nor can it ever exist. Every storage option has its own advantages and disadvantages; that much is obvious.

As this year, so "prolific" in terms of hacks, has demonstrated, it is clear that one should not rely on a single storage method. The best approach is to diversify one’s risks. This means storing your cryptocurrencies using a variety of methods: a small portion in a mobile app for short-term spending; some on hardware wallets (ideally from 2 or 3 different HW-manufacturers); a portion on an exchange; and some in a "cold" wallet on a PC \ laptop that has never been connected to the internet (feel free to add any other storage method you prefer). It is highly unlikely that all these "wallets" could be compromised simultaneously, right?

As for the specific proportions, that is entirely up to you - choose what works best for your own preferences.

Furthermore, a sentiment often expressed here is: "be prepared to lose your entire investment". Given that this has been a "year of the successful hacker," and considering that cryptocurrencies are inherently risky assets, you must take this into account, and accept the possibility that a portion of your investment could be lost forever. Consider this an incidental expense \ loss.

[Ojima-ojo]

We are just moving to the fact that these platforms can be hacked. What about personal hacks that have been happening, are we going to neglect that or we can still teach people to secure their own coins. Let's just focus on what we can control.

We have self security before we have the companies that secures our wallet. The hacks can happen, so what are we gonna do? There is a solution to things, and I came up with one whereby we separate our coins in different platforms. There's no way all the wallet can be hacked at the sametime.

A lot of us suffer personal hacks that we just decide to endure in silence, but the timing is somewhat what makes companies hacks to be so pronounced and the news all over, we can't neglect personal hacks for whatever reason because security concerns is either at institutional level or personal custody level and we must acknowledge them all so that we can learn to protect ourselves from it happening.

[salad daging]

Yep now become more worried because many large companies where to store bitcoin hacked although like Ledger that big mistake of the supply chain is still blamed on the Ledger itself.
The solution for us now would be, never store assets in one wallet, use multisig for extra security or passwords, there's still some secure hardware you can choose Open Source.
Never store on the exchange, however this is not good even bad ider many people say, I myself do not like, except only in use for small transactions only.
Or you can buy a special Iphone to store BTC and that phone do not re-connect to the internet, this is a suggestion from ZachXBT.

[Out of mind]

Keeping money on an exchange is very risky, it can get hacked at any moment and the money can be lost. Many people lost their money because of the Binance hack, so there are many people who are afraid to keep their money in virtual currencies. However, I think since we have seen many more exchanges and wallets hacked in the past, we need to be more secure. Although we have to accept that no place is safe, and that anywhere can be hacked and money can be lost, it is still safe to store it in a wallet with caution. I think it is best to keep money in a wallet that has a lot of security, and it is best to use a hardware wallet to store Bitcoin. To keep money safe, of course, wallets must be managed well, but we also have to keep in mind that there is risk anywhere.

[batang_bitcoin]

We are just moving to the fact that these platforms can be hacked. What about personal hacks that have been happening, are we going to neglect that or we can still teach people to secure their own coins. Let's just focus on what we can control.

We have self security before we have the companies that secures our wallet. The hacks can happen, so what are we gonna do? There is a solution to things, and I came up with one whereby we separate our coins in different platforms. There's no way all the wallet can be hacked at the sametime.

Both bears risk but I think it's more risky if it's with these exchanges if we'll trust them with our funds. And people should find themselves which one suits them upon doing self custody of their own bitcoins. That solution of spreading the funds across every platform is one thing but you know what, there are a lot of these investors or holders that wouldn't do that. They just want to put it on one place so that they won't have to dig and open across several platforms where they have spread their funds although I agree with you, that is one solution that we all must do.

[Agbamoni]

Hard question to get a suitable answer. Both custodian wallets and non-custodial wallets have been hacked. It's no longer something new to discuss.

However, it doesn't stop me from maintaining a non-custodial wallet as the best option to save my coins. I would have switched to a centralized exchange, but if I think of how quickly centralized exchanges lock access to funds, it makes me have second thoughts about it.

[Iranus]

Hard question to get a suitable answer. Both custodian wallets and non-custodial wallets have been hacked. It's no longer something new to discuss.

However, it doesn't stop me from maintaining a non-custodial wallet as the best option to save my coins. I would have switched to a centralized exchange, but if I think of how quickly centralized exchanges lock access to funds, it makes me have second thoughts about it.

Yep, non custodial wallets aren't entirely immune to risk, as we once thought. Both options come with their own risks.

But the risks associated with custodial wallets and CEX are evidently higher. You are relying on a third party to hold your coins. They have power to freeze your account or stop any withdrawals at any moment and might not even give you a prior notice.

So, same here. Even though non custodial wallets aren't completely safe, I still see them as the better option.

[Renampun]

It's not like we've lost the option to secure our assets despite the increasing hacks lately.. Actually, there are still ways you can use to protect your assets, like using an air-gapped wallet or a reputable self-custody wallet, whether it's Blue Wallet, Electrum.. Besides that, you also need to pay more attention to your security, like avoiding clicking links, not keeping all your assets in one place, and following other security tips.. The point is, security is not just about choosing the right wallet, it's also about developing good habits and understanding the risks involved.. If you do that correctly, then it can be said that the chances of losing your assets can be significantly reduced.

[SquirrelJulietGarden]

Yep, non custodial wallets aren't entirely immune to risk, as we once thought. Both options come with their own risks.

But the risks associated with custodial wallets and CEX are evidently higher. You are relying on a third party to hold your coins. They have power to freeze your account or stop any withdrawals at any moment and might not even give you a prior notice.

So, same here. Even though non custodial wallets aren't completely safe, I still see them as the better option.

Risks are from user practice are most commonly reasons thought by Bitcoin users but before that, there are other things like a wallet itself and whether it is a good wallet. If it is a hardware wallet, people must buy it rightly at an official store. Ledger incident shows that buying hardware wallets from resellers brings more risk.

Coldcard incident is about wallet itself.

Critical vulnerability affecting COLDCARD users only.
Serious possible issue involving Ledger hardware wallets and CryptoBilis.
[GUIDE] How to buy a Hardware Wallet the right way.

[Nalain420]

This is what some newbies don't know, some think they can store their coins in any wallet which is not the best option because a lot of newbies have lost huge amount of funds in some fake wallet before they realized that there are quality wallets they can save or store their coins for long years before they can release them for sale for income purpose,  I know there are many wallets but I have confident on Electrum wallet because is good and reliable in long term holding and you have nothing to worry when you follow the rules and condition of the wallet.

It's true newbies should be careful in choosing their wallets to store their assets but trusting a wallet name is not alone make it safe for keeping our assets their even sometimes big names got exposed or hacked or become useless if someone exposes their recovery phrase it with someone or download fake version of it. Ethereum is one of the big names and well known Bitcoin wallet but we have to be careful in downloading. Download it from official source , keep the wallet updated and most important protection of recovery phrase. And the thing is most of the people don't know that wallet doesn't actually store Bitcoin it actually stores the keys which gives us access to it. Losing keys mean losing access to our assets. So choosing a wallet is important but knowing how to protect is also important.

[Agathamay]

Op, why is there a prediction market listed or are there people that store their coins/assets on prediction market wallets?
These year has been a very remarkable year for the crypto market and in all thy has happened, we ought to have learnt one important lesson which is the fact that, any platform and or person can be hacked and that is why, our personal safety on the internet should be taken very extreme.

Existing platforms definitely promote themselves as being able to store assets safely. But we know that current hacks are enough to make us worried about putting our assets on those platforms. We already know not to put our money in exchanges, but I am sure many exchange platform users still keep their money there. It's not that they don't know, but they feel confident enough in the security of the platforms they use. But after hacking incidents like this continue to happen, they should think about how to secure their own money.

The truth is that, most of the victims of these incidents are already aware of the consequences of putting money in such platforms and just as you already said, they believe so much in the security of those platforms but with all these recent hacks I hope they would have a rethink and try to do the right thing.
There are several better wallets to use and that is why I can't and don't want to believe that, there are people who make deposit to prediction market wallet with hope to holding it and it playing games with the deposit which is just insane to me.

[Z-tight]

Yep, non custodial wallets aren't entirely immune to risk, as we once thought. Both options come with their own risks.

We? There is no system that is 100% secure by default, the devs still have a responsibility to audit and check their system regularly, to ensure there are no critical bugs that can be exploited. This is the reason why open source and well-reviewed wallets are recommended, not because they are immune to breaches, but because they can be easily identified and patched.

Let's not forget that the first reason why self-custodial wallets are recommended is because its users control their keys and they cannot be locked out of their funds. However, how their devs manage the software and fix vulnerabilities is another thing.