I would always hear stories of people getting their wallets hacked.
Unlike fiat scammers, crypto hackers don’t discriminate against the size of your wallet. Whether it’s $5 or $50K, they’ll happily take what they can get.
Scammers use slick tactics to trick unsuspecting people into sending them coins in promises of higher returns. You may see them posing as celebrities on social media. A quick way to spot one is looking for verified checkmarks. No checkmark = not legit. If they’re without a checkmark, use social media to verify the official account.
Check websites for verification and only download software from the official website.
Remember these things:
- If a complete stranger promises you an opportunity with very high returns on a weekly basis, it’s a scam.
- If they claim to trade for you for a small fee, it’s a scam.
- If someone pressures you into investing because it’s a once-in-a-lifetime opportunity, it’s a scam.
- If someone asks you for sensitive information, don’t do it. Trusted sources would never ask you for any sensitive information.
If something seems too good to be true, it usually is.
Buy A Hard Wallet
A hardware wallet is a physical device that is specifically built to store private keys of cryptocurrencies. Imagine a digital Fort Knox in your pocket.
I searched online for the most recommended hard wallets available. Between Ledger Nano and Trezor wallets, I went with the latter. The reason being was Ledger wallets had a history of being hacked.
Although they do a great job, hardware wallets are only as secure as the user. The biggest security flaw in crypto is usually human error.
NEVER reveal your private keys, seeds, or passphrases. Write down your codes in a safe place and not your computer. Oh, stay in the know of the coins you hold. You don’t want to miss out on important developments.
Treat your wallet like a million-dollar lottery ticket. $20 in Bitcoin in 2010 could’ve made you a millionaire today. Don’t underestimate your investments.
It’s Not The End
I’ve lost money due to bad investments and even, from hackers. I don’t get upset because of my understanding of money. Money is tangible energy. Its job is to do no more than it’s supposed to. You can lose out on $10K and gain $50K six months later. If we play our cards right, a loss now can be a future win.
At the moment, my portfolio has rebounded without missing a beat. I can also buy more tokens in the future. That’s the silver lining.
So if you’ve been hacked, don’t beat yourself up. It’s a lesson to strengthen security so it doesn’t happen again. It’s like touching a hot stove. Once you get burned, you’ll learn to not get burned again.
The biggest lesson to leave you with is this: Don’t focus on money, focus on time. The most important asset is the one you can’t get back.
After you secured your assets, the only thing left to do is go to the moon! See you there.
About The Author
Emmanuel got into crypto in 2014 by trading and investing he has managed numerous crypto related projects and is passionate about blockchain technology