Hacks are everywhere and Where should we store our money?

[bangjoe]

I once read a post on X that was quite interesting a few weeks ago, but I forgot not to save the post, so I can't give the reference as a thread that was created, but I remember what it said, with a sentence like this;

Perps was hacked
DeFi was hacked
CEX was hacked
DEX was hacked
Prediction Market was hacked
Hot Wallet was hacked
Cold Wallet was hacked
Hardware Wallet was hacked

There is no safe place to store money, so where should we store it?

[Dave1]

You forget another one, crypto base casinos have been hacked as well. But to be fair, all those mentioned are services, so if you put your crypto in a wallet that you have control, yes there is risk, but if you know how to practice security then you might be safe.

And now, I also see a lot of suggestions like using multi-sig wallet. Or even metal back-ups.

But into consideration, everything is really up to us, on how we are going to secure our crypto and understand each risk as everyone is not safe.

[Kryptowerk]

I generally agree with OP, though.

With AI-assistance code breaching has become possible for almost anyone with internet access, there will be a lot of trouble ahead and the cat-and-mouse of hackers vs. cyber-security will reach its peak in the upcoming months/years (with no real end in sight I guess).
That said, yes your computer and your phone and potentially also HW wallets etc. will be a target. HOWEVER I believe the traditional finance-world will most likely face a higher amount of attacks and focus, there is still so much more money to be made and so many more people involved.

Anyway, when dealing with crypto trying to be extra cautious has never been more important than now.

[traderethereum]

You must store crypto asset to the wallet that you have fully control. Don't ever think to use exchanges to store your crypto because no one know how secure that place.

We have seen exchanges hacked from a long time before so that is a lesson to us not to store crypto there. If you store in your wallet, make sure you back up the credentials and don't telling others. If you can keep it secret from others, you can feels safety although that still not guarantee.

At least, you follow the right step to secure your crypto assets.

[pooya87]

There is no safe place to store money, so where should we store it?

The same place everyone else who hasn't been hacked store their money!

All these posts these days on the social media are focusing on the negative. But what percentage of the people were affected? 99% of them or 1% of them? It's obviously a minority. The cases are just too small a percentage compared to the whole community. So majority have to be doing something right that they weren't affected.
Do that.

[Charles-Tim]

There is no safe place to store money, so where should we store it?

One of the safest that we discussed about were wallets on airfapped devices. You can use your old laptop as an airgapped device and set up an Electrum wallet on it.

The safest is a multisig wallet generated on different devices. You can use a hardware wallet that is completely open source and two online wallets that are also completely open source to set up 2-of-3 multisig wallet.

[Ziskinberg]

Since there's no such thing as 100% safe, I would still prefer to store my Bitcoin in a hardware wallet where I can control it, as I think it's the safest option among them all. If you put it in an exchange, even if they improve their security, there's still a possibility that your funds will be frozen and that is the scary part.

At least with a hardware wallet as long as you are not careless with your seed phrase, you will be able to keep your Bitcoin safe more easily if you intend to hold it for the long term.

The cases are just too small a percentage compared to the whole community. So majority have to be doing something right that they weren't affected.
Do that.

This I would totally agree, media trying to cause some panic,.. is the whales planning to dump the market so they can accumulate?

[Merit.s]

The chance of your funds being hacked in an exchange is very high compared to when it's in your self custody because exchange have workers who can easily make one or two mistakes that will expose a sensitive data in the system to give hackers access to hack the exchange. A hardware wallet can be compromised when be shipped from one place to the other. A cold storage setup like Electrum wallet on an airgapped device is more safer because you did your set up yourself and only you is aware of it.

Add a strong passphrase to your seed phrase and keep your seed phrase in a separate place from your passphrase. Don't forget to make duplicate copies and keep them in two different locations far from each other.