Topic: blockchain DeFi wallet (Read 259 times)

thanks

It was a phishing attack actually, yes and it got patched and fixed already.

Like I said, unlike blockchain.com, Electrum cannot be targeted the same way, because no private keys are hosted in their servers.


Assuming it's truly noncustodial as they claim, then yes.


You can always buy a hardware wallet, keep most of your funds in it and the rest could go into a hot wallet in your PC/mobile.

its probably the same thing but explained differently . however bitbox article dig more into details . as for the other open source wallet suggested here  i found electrum was hacked in 2019  ???https://github.com/spesmilo/electrum/issues/5084


so i guess no option is truly safe but i think exodus would be slightly better than blockchain.com

hardware wallets like trezor are not convenient for multi day to day transactions as you need to be more careful and caring with the device and execution.

thanks again

From reading the article, I got the impression that the author is referring to the password you would add to protect your wallet, rather than "the passphrase" I was referring to which is something else. See this article, it should help you understand things better: https://bitbox.swiss/blog/optional-passphrases-benefits-and-risks/

As for your second question, the Unstoppable wallet is not available for desktops right now. I second the suggestion above for a multicoin open-source wallet, Trezor would be a good choice.

Previously, I recommended the Ledger wallet, but now I will advise you to buy the Trezor hardware wallet. The wallet is open source and you can use this wallet in conjunction with most DeFi wallets. And you won't have to worry about security, but don't forget that if you give permissions to smart contracts to spend your coins, then a hardware wallet will not save you.

this not my saving wallet (i have hardware wallet) but i do keep some balance on blockchain so i wanted to make sure that's i can recover my funds any time in case blockchain.com fall down or wanted to scam people .

thanks . this what i did read about passphrase since your previous post https://blackseedink.com/blogs/news/seed-phrase-and-passphrase-are-not-the-same

do you mean that?

i think Unstoppable wallet is recently developed ?   is there secure open source desktop wallet + widely used + highly established  . does not require to download entire blockchain and linux compatible ? simple interface and low fees

Regarding blockchain wallets, we saw many complaints against them a few months ago. I am not sure if there is still some issue, like previously when the user's wallet was empty from a non-custodial wallet. There were some stories about how Blockchain staff were involved with this shady hack. Somehow they had gotten the recovery phase through email hacking, so through the file, their wallet could be drained. I will advise you to use a hardware wallet to secure your funds. Don't always think cheap; think about securing your funds.

That's actually not what I meant. The seed phrase will be impossible to brute force regardless of the wallet you're using.

The passphrase I was referring to, is a "custom word" (optional) you can add to your seed and memorize, that way, even if someone finds your seed written down, the hacker will just find an empty wallet since he doesn't have access to the custom words you've added.

Unstoppable wallet should support passphrases as mentioned here: https://unstoppablewallet.medium.com/whats-new-version-0-21-c247a09d8b05

thanks for the valuable information , this mean the seedphrase are weak and  more likely to fail with brute force? so actual  passphrase is recommended but really i do need it or it just optional military grade thing for wallet ?
i have second pin for blockchain wallet , any highly established online wallet that provide passphrase ?



i run my machine with linux distro . attacks are not common  .

The seedphrase will not help you protect your wallet against unauthorized access (unless you add a passphrase to it, but neither wallet supports that). It will just help you recover your funds.

As mentioned above, both wallets are closed sources so there's is no way to know for sure, but assuming both of them are being honest, Exodus might be better in terms of security if you trust your ability to keep your machine safe since Blockchain does keep a backup of your wallet in their servers.

thank you

what do you think is more secure exodus or blockchain app/website ? or it doesn't matter at all as long the seed with me

If you want to access your currencies, pay attention to the recovery phrase. The main difference between it and the password is that the password is to access the account, and you can restrict this access either through two-factor authentication or a white list of the IP address.
The recovery phrase is the best option. The reason for this is that if the service stops suddenly, the password will not help you recover the account.

Exodus Wallet is a closed source wallet and there are some issues related to the security of your wallet seed. The best alternative to it is -----> Unstoppable wallet, read Bitcointalk user experiences^[1]

SPV wallets doesn't require client to download the whole blockchain and have better onchain fees estimation.



[1] https://bitcointalksearch.org/topic/unstoppable-wallet-user-experiences-5436273

sorry i thought DeFi address derived from DeFi wallet . since blockchain account categorize addresses by labels .

thanks .

you are right , i guess blockchain is not particularly clear if there are major differences between both options/accounts ( i have backed up the recovery phrase long time ago and i also access blockchain account with password)  i think they want to appear like a service that honor users ownership more than they really are and trying to make you think of important changes done to enhance security to continue use it .

recently i have came across some issues during  sign-in process into blockchain wallet . while validating credentials  the website stop downloading content and stuck with blank background my internet connection was fine i repeated these steps over other browser . i didn't e-mail the support then because i know they will throw some excuse . i regain access to blockchain other day and it did show me a alert to move any remaining balance from old imported addresses because security concerns .

i have exodus wallet but not regularly using it i remember when i was sending crypto the wallet controlled which minimum amount allowed to be sent   , it feel like commercial wallet and complete trash  .


i like how blockchain.com is web based flexible and lightweight wallet takes low fees doesn't require client to download the whole blockchain . however i start to worry if i cannot access due to technical and security issues . then i shouldn't use this wallet again .  

You will not get private keys, but a 12-word recovery phrase/Secret Private Key Recovery Phrase.
See:
https://support.blockchain.com/hc/en-us/articles/4417080393108-How-to-make-a-wallet-backup-
https://support.blockchain.com/hc/en-us/articles/4417077967508-Your-Wallet-Its-Master-Seed-How-do-they-work-


Yes, it is less secure, in fact, you technically do not own the bitcoin since you are giving the "control" to them. Both apply for verified and unverified.

But I won't call them giving a false sense of security, they just offering a custodial service.


Yes, Blockchain dot com generates an industry-standard 12-word recovery phrase. As long as you keep the phrase secure, you able to simply recover it by the phrases on many wallets. The compatibility is ensured since it is being used widely.

Blockchain.com is a buggy wallet their programming is limited and may cause you to lose your money, so it is better to search for an open source and safer alternative. I suggest you use ---> https://www.myetherwallet.com/ as it is better and safer.

Regarding the possibility of extracting the private key, you need:

 - Write down the seeds and keep them in a safe place
 - Go to ----> https://github.com/iancoleman/bip39 and download the wallet contents manually.
 - Go to a computer with open source code that is not connected to the Internet and run the page.
 - in the fields called "BIP39 Mnemonic" Paste the seeds.
 - Search using balance.

You will have public addresses that you can use to receive coins or tokens sent to you by yourself (from your other wallets) or from other people.

Nothing calls as DeFi address!

Did you read this guide?
Blockchain.com Wallet 101: What is a DeFi wallet?
What is the difference between DeFi Wallet and Blockchain.com Account?

If you can not get a private key, confused to practice it, you can simply send coin, token to a new wallet that you have private key.

You can use other wallets too.
[BIG LIST] Ethereum Wallets (121 wallet). DeFi projects are built with smart contracts that work on EVM. Ethereum blockchain is a main blockchain for smart contract projects and many new altcoin blockchains start with ERC20 before their teams built their own blockchains.

thank you