Hacks are everywhere and Where should we store our money?

[uchegod-21]

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

If you are dealing with crypto, especially bitcoin, do not give anyone your coins to store for you, store your bitcoins yourself in a safe non-custodial wallet where only you control the keys and you are sure that you will take security practices seriously. I mean practices such as avoiding phishing links and any other practice that will give hackers access. If you do that, you will be at a safer place than when you have your bitcoins with third parties that you can not tell how safe their security practices are.

For those who deal with fiat, they have the option of keeping their money with them at home and risk having them stolen by criminals or store them in banks and just hope everything goes well.

[WatChe]

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.

I have an opinion that Binance is the most secured exchange and no hacker can steal its assets because of their security measures. But the recent successful hack on Binance has forced me to change my opinion about CEX. Now if hackers can go after Binance then they can do that in future too with other state of the art exchanges also.

As a crypto user, we need to learn from these incidents that exchanges are vulnerable and best way to store our crypto is to use wallets that gives us full control of the keys.

[Noorooo]

I have an opinion that Binance is the most secured exchange and no hacker can steal its assets because of their security measures. But the recent successful hack on Binance has forced me to change my opinion about CEX. Now if hackers can go after Binance then they can do that in future too with other state of the art exchanges also.

As a crypto user, we need to learn from these incidents that exchanges are vulnerable and best way to store our crypto is to use wallets that gives us full control of the keys.

I agree with you that wallets are the safest option but sometimes I also think that whenever hacks happen on exchanges like Bybit and Binance they temporarily stop withdrawals to protect users funds. I still believe Binance is one of the safest exchanges because if a hack happens they make sure users don’t lose a single penny. They have recently once again proved that they take responsibility for their users funds. If this exchange failed to recover  users hacked funds, then you could say that Binance is not trustworthy. However I don’t think there has been a single incident where Binance users permanently lost their funds due to an exchange hack.

[Emitdama]

There are multiple safer ways already discussed but an easier one I have done to keep bitcoin safe is
- Download Electrum wallet and Install
- Disconnect from the internet
- Create a wallet offline, copy bitcoin addresses while print and write down your seed phrase. You can even write your seed phrases in half in one diary and half in other and keep them in different place.
- Delete everything except the receiving address you copied and clear any memory
- Use the receiving address to receive bitcoin and use explorer to view your balance.
- When you eventually need to transact, you could put the seed phrase on any supported wallet in a safe device and send.

We shouldn't be forced to go all this way just to be secure. That is the sad thing. I am not saying that you are wrong; I am saying that you are "unfortunately" right. That is the problem. We are forced to do that if we want to be perfectly safe, and that is not nice at all; we should not be doing that at all. In fact, like, if I had money on binance, even if I had millions, I should be feeling okay about it, and not really be worried about it at all and keep on making that kind of situation. It seems these days securing our holding is more harder and time taking process than earning new cryptos. No places are safer except self-custodial wallets.

[PVequalNRT]

I have an opinion that Binance is the most secured exchange and no hacker can steal its assets because of their security measures. But the recent successful hack on Binance has forced me to change my opinion about CEX. Now if hackers can go after Binance then they can do that in future too with other state of the art exchanges also.

As a crypto user, we need to learn from these incidents that exchanges are vulnerable and best way to store our crypto is to use wallets that gives us full control of the keys.

You trusted a system that you didn't know how they operated. Many people expected Binance to be very solid with their security, unfortunately their security is not control by one person, it involves many people and because of that, one person was compromised and money was stolen from the exchange. This might be what other exchanges has experienced with the recent hacks including Bitget. At this point, you shouldn't trust anyone but yourself.

To save your coins might be scary and a little bit of responsible but it will give you more peace when you store your coins by yourself than depend on centralized exchanges, at least for now. If Binance can be hack, I don't think there is any exchange that can't be hack as far crypto is concern.

[Ndabagi01]

I am not surprised this has called for a lot of attention from people especially those that are affected in the safest place to save their cryptocurrency, but the former still remains the best as reports have them that only by the mistake of some of this people do they get affected and the vast majority are still not affected.

Using a non-custodial wallet and an open source one still remains the best choice. Exchanges are third party and they can’t be fully trusted. Hacks on exchanges in the past caused a lot of loss in the market and we should not wait for a repetition of it before we act on the use of the best place to save your money.

[ColdLava40]

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

You missed out on casinos.

It's really concerning to think that even the said safest storage for crypto which is the hardware wallet go compromised too. This is an era of advanced technology using artificial intelligence.

We have to start looking beyond the normal security systems and protocols that have already been put in placed to help us store our coins, there's really no safe space right now as anything can be hacked ones it becomes a target.

People are already running to the Airgaped wallets which for now still remains the safest place to store your coins but who knows?

[leonair]

All the online platforms that have been created have been created by human and human also hack platforms. Where people can create something, people can also hack it by finding bugs in it. Again, we have to keep our cryptos in one wallet, there is no alternative to this. Now it would be better to keep funds in multiple wallets to stay safe. Although it is a bit difficult to manage, since everything is being hacked, keeping the entire fund in only one platform or one wallet will be much more risky, so the only way is to keep funds in multiple wallets, so even if one of them is hacked for some reason, you will not lose the entire fund.

[Felicity_Tide]

~snip

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

I think it's best to say that no place is 100% safe, but again, I don't think that has changed the fact that we still need to protect our money ourselves. Just because cars are not 100% accident proof, doesn't necessarily mean that people won't buy them. The world itself is a risky place, and I guess we're all trying to live everyday with caution while avoiding those risks. There are preventive measures to be taken, so let's not make it seem like we can't live through moments like this to the best of our ability. And I think there are more hacks to come, especially as more of these big exchanges become targets. These hackers are very much after the bigger bags.

[Unknown Op]

The problem is about managing risk that is associated with storing money. Every method has its own limitation and weaknesses whether it is bank, cold wallet, exchange or hot wallet. Hardware wallets cannot protect against someone's mistake, physical threat or phishing attack. The best approach is not to put all the money in one place, as it is very risky. You should try to diversified the savings based on our needs and uses, just keep a small amount for daily transaction which can be easily accessible . Also, store long term holdings in a safe space that has proper backup. Security is dependent on our habits. Sometimes secure wallets can also become vulnerable if we expose them to sign any sort of malicious transactions or also try to ignore the basic security practices.

There is nothing like zero risk but we should try your chances of loosing everything just by simply avoiding certain steps to become a failure.

[Franctoshi]

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?

AI is changing everything we used to know about security; this shows that with the advancement in AI tools, what we used to know to be a secure system before is no longer secure in the world of today due to AI technology. Just with a bot, it does a lot of damage, and some of these tools used by hackers are self-destructive, making it difficult to trace these hackers originally back to their root.

[Stalker22]

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

Risk management.  Thats the name of the game: you dont keep all your eggs in one basket.  Divide things up: keep some in cold storage, with proper multi-sig; some in traditional high-yield accounts; some maybe in land or physical assets, if you have real capital to throw around.  There is no absolut safety in any financial system-in fact, asking for it is like asking for eternal life without ever catching a cold.  Thats not happening.  Spread your risk.  Just dont get the bulk of your asset in one place.

[Fortify]

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?

Nowhere is safe, you could have all your money in bank notes under the bed and if you had a freak house fire it'd all be gone too. If you do have substantial sums of crypto then you might be best diversifying it over 2-3 locations. Have some stored on your local device or a secure wallet (certain types of Trezor for example) and then have a bit in a couple of the biggest exchanges. Binance seems to have enough capital to weather the storm, at least in the short term they've been able to cover the mass withdrawals after a major hack - the biggest ever - which is actually a good sign. Coinbase seems like another strong contender to keep your funds safe. You give a short list but there are dozens if not hundreds of exchanges that have been operating for years without losing customer money. If you're that scared then maybe you should cash out a bit and keep those funds in a regular bank account earning 5% on your savings.

[batang_bitcoin]

I have an opinion that Binance is the most secured exchange and no hacker can steal its assets because of their security measures. But the recent successful hack on Binance has forced me to change my opinion about CEX. Now if hackers can go after Binance then they can do that in future too with other state of the art exchanges also.

That opinion or belief of yours about them changed already. No doubt that binance is the biggest exchange as of now but to tell you, even the most secured exchange can still get hack. There's no exchange that's foolproof and 100% secure. These exchanges even the biggest to be honest is also the most targeted of them all and even after this hack, they'll continue to be in the list of these hackers.

As a crypto user, we need to learn from these incidents that exchanges are vulnerable and best way to store our crypto is to use wallets that gives us full control of the keys.

Despite that history repeats itself and we've learned from this incident, there will be crypto investors that will continue to patronage the storing of funds in exchanges.

[suzanne5223]

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

The list is dramatic, and there's misinformation about it, but it mixes two very different things because CEXs, DeFi protocols, prediction markets, and hot wallets getting hacked happened due to other partner systems failure or human error, so we can't technically say they're hacked.  What happened is the bad actor detected the flaws and used them.
The Cold wallet hack that happened was due to inadequate entropy.
That said, there’s no place that is 100% safe forever, and the same thing goes for bank accounts, gold in a vault, or Bitcoin.

[Jasmyne]

AI is changing everything we used to know about security; this shows that with the advancement in AI tools, what we used to know to be a secure system before is no longer secure in the world of today due to AI technology. Just with a bot, it does a lot of damage, and some of these tools used by hackers are self-destructive, making it difficult to trace these hackers originally back to their root.

Ai tools seems to be more destructive than the security systems that are used in protecting the wallets the best thing to do now is for those who are interested in strengthening the security of wallets to develop stronger tools that will not be affected by the tools of AI. The hackers are developing different tools to hack wallets the crypto community needs to upgrade their systems to be more stronger than what Ai tools can penetrate if it is not done a time is coming when hackers will no longer hide what they do they will start visiting different exchanges to steal when nobody is building what will stop them.

[Compromise me]

Everyone is giving different opinions regarding their own experiences that's good way to learning. However Here i feel like my way of thinking is different. We are living in an era where hackers work instantly whenever new programmes is introduced. As it is their core objective to earn something from an illegal means. So there is hardly place where you feel completely safe, if you keep money at home here you have the fear of theft, while crypto give big shock in previous days, while banks also sometimes not safe because of various scams. So i have a suggestion that instead of keeping or investing money in one platform it is better to divide your money into different assets.

Like few amounts should keep in banks for emergencies handling, few could be invested in crypto for long term returns. By this if any hackers are try to do scam on one plateform your life time saving will not be at risk. It can prevent  you from totally handicap, financial disturbance are the part of life, it is not in our hand to control any unexpected situations. But if you have the ability to tackle it wisely then you can lead your life in better way or peacefully.

[Powerjumboo]

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?

It seems that hacking is happening a lot lately. We haven't heard any such incidents of hacking for a while now, but with so many hacking incidents happening lately, none of us are safe. Even then, we have to fight and work hard to survive, but we have to create our wallet in such a way that no one can easily replace it.

[SUPERSAIAN]

The answer is simple and as always, store them in a non custodial wallet then you have the private keys/seeds that is the only tool that can give access to the funds so the only job is to keep the seeds safer and somewhere completely safe and offline.

The recent hacks are due to the vulnerabilities in their platforms but their hot wallets are hacked not the cold wallets.

This seems to be the best solution. Still, there are other reliable wallets and hardware devices that can be used as alternatives. Although, honestly, it's getting harder to trust anything these days. Anyway, in Binance's case, the attacks targeted hot wallets, and it seems the same scenario played out with other exchanges as well.

[pooya87]

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?

That's the million dollar question. Are these attacks part of market manipulation or leading to it?

It is difficult to answer but the frequency of these attacks happening is definitely suspicious. On one hand with the advances of AI tools, certain vulnerabilities were found easier by malicious people but on another hand many of these thefts had nothing to do with finding an exploit. Like the hacking of exchanges or the hardware wallet exploits (the hardware was tinkered with).
So the frequency is definitely higher and that is suspicious. Why now? And why so frequent? Who is behind them?