Start assuming that you can get hacked at anytime

[Decimetre]

Being safety minded should be everyday exercise at all time because scammers are on continuous hacking. This wave of hacking will not end anytime soon but since the exchange has made provisions for situations like this, then one should avoid anything that will lead to wallet compromise due to personal errors or misplacement of login details or seed phrases. Losses due to personal errors are irrecoverable while losses due to system hacks will be taken care of if it's an exchange.

Assuming that you can get hacked should be a daily routine for the companies instead of telling series of stories to the customers. Customers duty is to safeguard their login details and send phrases. Spreading your funds can even lead you into putting your funds in the wallet that will take your money without refund.

[Catenaccio]

Being safety minded should be everyday exercise at all time because scammers are on continuous hacking. This wave of hacking will not end anytime soon but since the exchange has made provisions for situations like this, then one should avoid anything that will lead to wallet compromise due to personal errors or misplacement of login details or seed phrases. Losses due to personal errors are irrecoverable while losses due to system hacks will be taken care of if it's an exchange.

Using wallet softwares to create your wallet, write it down on paper and keep it safe looks to be less scary than hardware wallets. With a long chain from manufacturers to resellers then delivery people, you can not know surely that your hardware wallet was not tampered.

Spreading your funds can even lead you into putting your funds in the wallet that will take your money without refund.

With non custodial wallets, you are 100% responsible for your fund. If you did wrong things, you lost your coins, and no refund. Cases like Coldcard hardware wallet or Ledger reseller are complicated and you can not hope to get refund too soon after a security incident.

With custodial wallets like exchange accounts, refund or  not, you can not control too and it's good to assume that you won't get refund.

[Kelvinid]

I think if we can prepare for any market uncertainty, then it would be best for us to prepare also what should be the best solution whenever we get hacked as this could happen any time.

There is no guaranteed security 24/7 because even the most prominent and most established exchange can still be hacked, how much more for us as not all of us are highly responsible in managing our account. Perhaps its best to assumed now and practice safety measures rather than wander and get shocked why you get hacked.

[LFC_Bitcoin]

I’ve always been quite an anxious person, held a level of paranoia. This has actually helped me in my Bitcoin journey. I always overthink everything and I take zero risks with my Bitcoin set up. When you are dealing with money I think this is actually a good thing.

[aoluain]

I’ve always been quite an anxious person, held a level of paranoia. This has actually helped me in my Bitcoin journey. I always overthink everything and I take zero risks with my Bitcoin set up. When you are dealing with money I think this is actually a good thing.

You are right, there is actually no harm being paranoid about our Bitcoin security, it cannot
do any harm whatsoever.

The thread in general is an eye opener for sure and there is no harm either being reminded
that we all need to be mindful of our financial security to the point where we are comfortable
with whatever setup we create.

Just throwing another idea out there, everyone should also consider their discretion when it
comes to paying for goods or using Bitcoin payments in public. The idea of spending Bitcoin
indirectly through payment cards is a valuable approach and if you can find KYC free cards
thats even better.

[Zoomic]

While I agree that it's important to set up wallet security and regularly check on it since the crypto space sometimes make changes to security practices that were once considered to be sufficient a not long time ago, I wouldn't advise people to rush into complicated setups just because of the recent security incident involving Binance.

One can still maintain a simple cold storage wallet and effectively manage it to be secured enough. Instead of doing too many security setups you don't understand, stick to the ones you can use properly to secure your coins.

[Donneski]

Will assuming that I can get hacked because of the recent Binance hack and AI hack incidents be the fastest way improve my wallet security or cause panic in how I'll secure my wallet?

Also, does everyone need multisig or multiple cold wallets irrespective of the amount of Bitcoin they hold?

Yes, it's a good thing to encourage maximum cold wallet storage but I believe that security should be proportional to the value being protected and one's ability to manage the setup properly.

[MisFoxie]

I’ve always been quite an anxious person, held a level of paranoia. This has actually helped me in my Bitcoin journey. I always overthink everything and I take zero risks with my Bitcoin set up. When you are dealing with money I think this is actually a good thing.

I also have this overthinking problem. Because of this sometimes I take a long time to make decisions but most of the time I make the right decision. My crypto journey also started because of this. When I started researching to hold my funds I found that no digital fund is as secure as Bitcoin and also no one can put any restrictions on this fund. For example if I want I can easily send it to another country without any hassle and no one can lock my funds. Then when I learned that I had to keep my funds in a wallet to keep them secure I choose the cold storage option as the best option according to the situation.

[YOSHIE]

It's time to consider using Passphrase on your recovery seeds or even consider Multisig.

The problem now is that it's not personal accounts that are hacked, it's the related exchange that's the problem. Even if we set a unique password, if hackers break into the exchange, all the crypto assets there will be lost.

Hacking is indeed a phenomenon and event that is full of mystery and heroism. If a situation like what happened to Binance yesterday, there is nothing we can do, For this reason, we can only use exchanges that are registered with government bodies or exchanges that are willing to take responsibility for their users when hacking occurs.
Another solution, exchanges must really maintain the security of their exchanges in any situation to avoid hacking which can harm everyone, especially Bitcoin users.

[Awaklara]

Will assuming that I can get hacked because of the recent Binance hack and AI hack incidents be the fastest way improve my wallet security or cause panic in how I'll secure my wallet?

Also, does everyone need multisig or multiple cold wallets irrespective of the amount of Bitcoin they hold?

Yes, it's a good thing to encourage maximum cold wallet storage but I believe that security should be proportional to the value being protected and one's ability to manage the setup properly.

Actually, problems like that will also occur naturally. When you have larger assets, you will treat security systems and storage methods more strictly. What you do will indeed correspond to the value of the assets being maintained. But it's not always the case; sometimes people have prepared well from the beginning. The thoughts and prejudices that make you more cautious may also not have much effect.

[Muba20]

This is a quick reminder that nothing is truly 100% safe in crypto space

If you have 0.2 BTC
It's not wrong to split them into two separate cold storage, airgapped devices.

Starting to assume that you can get hacked is unfortunately now the beginning of wisdom in this crypto space today.
Don't sit back and feel safe because your crypto wallet isn't touched, yet.

Users who have not given importance to their wallets should definitely give them importance quickly. Rather than losing everything at any time due to any error, if security measures are strengthened by taking maximum precautions, the risk of loss can be greatly reduced.

The responsibility does not end with just storing the assets, but it is also an equal responsibility to provide complete security to those assets. If the invested money is hacked after keeping it for a long time, the investor not only suffers financial loss but also breaks down mentally.

In my opinion, if someone wants to keep assets more than 1 BTC for a long time, then he should divide the assets into several wallets so that if there is a problem with one wallet, the other wallets are protected and the investor does not suffer any major loss.

Before investing, the investor must properly store the seed phrase, passphrase and other important keys of his wallet. Keeping money in a specific centralized exchange is never safe. It is safest to store your assets in your own cold wallets. It is important to increase the security level of your wallet as soon as possible without any delay.

[bitbollo]

That's a proper suggestion, in a certain way it has always been like this (unless you are such a magic nerd able to read and debug an open source code by yourself ofc). 
I would also add to avoid to use the same device (maybe refer to glacier protocol for a full guide). And to use bitcoin as "cash". It's a good instrument for saving but mostly should be used, spent and so on.
Just to mention, in this "uptober" we have seen more liquidation of long vs shorts... hodling is a good idea but probably would not be the suitable strategy for all bitcoiners.
 

[Webutxo]

Obviously, does  anyone else need to be reminded that the best way to store your Bitcoins is by setting up a cold storage. Internet was never a safe place yet we have dumb peeps putting their seed in clouds storage ? Those ones are beyond saving and they will realise it Sooner or later.

Coldstorage doesn't mean  you're safe either; As an average user,  use a reputable wallet/Hardware wallet, you can do it right and still endup losing your Satoshis because you choose the wrong wallet to generate those seed.

The internet is not safe, but I think Bitcoin and crypto entirely is a new tech that we just started, everyone want to do what other people are doing but not everyone want to do the right thing. If you are holding Bitcoin and you don't take privacy very well, you are risking your self getting hack. The hack might not be immediately but surely one day you will be penetrate and the coin you think it's your life investment will be taken away from you with one click.

What's worse with centralized custody is that if they get hack everyone in the industry risk getting hack. Like the way Binance was hacked recently, many people couldn't sleep well because they couldn't withdraw their money from the exchange. Bitcoin storage is not a complex thing to do, go for a cold storage and avoid the noise that is going on the internet.

[Sanitough]

If we know the risk associated with crypto, then we must also be open that anytime our wallet will be hacked, no matter how we don't like that idea. But this is the reality about crypto, about bitcoin, but we can always prevent such events if we take extra security on our coins and on our own wallet.

By living lowkey and avoid flexing whatever online, that's already a big help. Bitcoin has impressive value, and anyone who knows you have bitcoin will surely be keeping an eye on you in the next possible days.

And having different crypto wallet can add more security to your coins, with different location so that funds won't be easily traced.

[bhadz]

Starting to assume that you can get hacked is unfortunately now the beginning of wisdom in this crypto space today.
Don't sit back and feel safe because your crypto wallet isn't touched, yet.

It's a good reminder but I am trying to avoid any negative thinking right now because, whatever is in our minds there's a chance that it can happen in reality. And so, I understand that the possibility is there at all times but I don't want to put that mantra negatively on myself. While the risks are always there when it's come to our wallets and safety because none is longer safe these days even the hardware wallets, the exchanges and so if it's for our self custody, we have to remember to be careful if we're accessing our wallets and every single practice we do from checking emails, downloading files and apps. All of those little things we do with our computers, devices, smartphones, etc. we need to be more extra careful with what we allow in it to get in.

[Dave1]

That's why when you evolved yourself in crypto, you should understand first the security on how to protect our own assets. As the saying goes, we are our own bank and so everything is up to us.

So even prior to the rampant attacks on crypto users, we should really bare this in mind. Although it has been magnified again because of so many hacks from services, - casinos, exchanges, hardware wallets and even individuals.

[X-ray]

I've been doing this for quite a while even before all these hacks, dividing between cold storage, hardware wallets from various manufacturer, phone wallet, and CEX.

Honestly I can't risk being homeless overnight so I resorted to this kind of counter measure.

The only disadvantage by doing this is you need a lot of backup and managing is pain in the ass, I literally created dedicated spreadsheet just to track everything in one place.

The benefit is I can sleep at night knowing if one of them got compromised I don't lost my entire lifesaving in one go.

[goldkingcoiner]

Getting hacked anytime is possible. But those who are vigilant will almost always remain on the safe side. Those who do sloppy work, especially regarding their security, are the ones who can truly get hacked anytime and with much much greater possibility.

Air-gapping is by far one of the most important parts of holding your Bitcoin safely. But people tend to not care enough to do it or simply not understand the concept in the first place. I know a guy who "air-gapped" his device with the wallet but also used the same device to generate the seed while connected to the internet. The same device he used for surfing the web. That is plain stupid. He has obviously left himself open to attack and there is no guarantee that something or someone was not part of the seed creation process, watching secretly. Air-gapping means to make a hard disconnect between the device with the wallet and the internet at all times. You do not want to give attackers even a millisecond of possible access.

[aoluain]

Something else worth considering, are you getting notifications to your email regarding Bitcoin,
Crypto, exchanges, news feeds and the like?

Do you also get personal information to the same email?

Thats a cause for concern, if your email is hacked your personal information and your interest
in Bitcoin and Crypto leave you open to attack in some form.

My advice is to unsubscribe from everything coming into your email, in case of a hack your
email may not look so interesting when there is no Bitcoin or Crypto related info.

[puloweh555]

Assuming that hacking in crypto can happen anytime is a really smart move. This mindset will make us realize that security should be a daily habit because threats from scammers and hackers can come from anywhere and never stop since in the crypto world scammers and hackers are just part of it.

Mistakes we make like entering the wrong passphrase or clicking on a fake link, can't be undone. What happens on Binance might still have some luck because the exchange offers compensation if their system gets hacked. However, keeping assets on an exchange still carries high risks.

This is why before diving into the crypto world, we need to first learn the basics of security and always use a wallet that you control yourself, and keep the recovery phrase safely offline to avoid hacking. If you do this properly, then you truly become the bank for your own assets and at least you can minimize the chances of getting hacked and losing your assets.