Topic: Nowhere is safe? (Read 632 times)

Bitget is talking about CEX? The former noncustodial wallet called bitkeep turned into bitget wallet and the license grew to include cex. So far, have you only been waiting for bitget or have you used others? Like at that time binance launched fund security with the slogan SAFU which means binance is responsible for hacks that occur, this is one of the cexes that I really trust at that time.  Speaking of the security of a storage medium, both crypto wallets, e-wallets and shared storage cex cannot be separated from daily interaction in using the internet. also not all Tos can guarantee compensation, even so there may be a future, I don't use bitget after the license operates because it is still comfortable in cex and other dex. all in my opinion are the same but cex can at least provide solutions with complaint services. and supporting data for withdrawals is more complete in cex. are you talking about storing bitcoin or altcoin assets?

Not everyone though. You can say most people have fallen victim because of those who haven't fallen, I won't call them lucky but I would say they take strategic measures like the factors I updated, in knowing where to put their money and when to remove their money if the exchange doesn't seem fit. Now is just like buying stock and you see that the stock you bought is having sketchy moves. What would you do? You sell off right?

That's the same process with exchanges when you put in your money, make sure that those exchange has the basic quality that can keep your assets safe. Any exchange that doesn't upgrade its security measures during these periods should never have existed.

These scammers and hackers are just one step ahead by getting creative in their strategies. Like the recent one where they are posting a job opportunity for ambassadors and are inviting for a Zoom call.

Afterward, they are instructing you to download the "game", but the software itself is the malware. My biggest mistake is that I believed them about disabling the antivirus to proceed with the download as it is "normal" for new games.

Once again I am not doing my due diligence to see if the project is legitimate and it is on me.

They do have a website, socials, active Discord chat (with multiple accounts and bots), etc., to make them look like legit, in which I have failed to dig deeper on that.

They have copied the exact template and effect of an existing game, but lately I've dig deeper on the research and found out that this is just a fake one where they have copied the exact template and effects from the real game itself. 

I'm just thankful that only my burner airdrop Metamask wallet was affected and the amount was not that big as my main balances are always on my main and in the cold storage.

But still I can't believe they've penetrated my mind on this, so another lesson learned.

Web3 is still a long way to go in terms of the security side where it's one of the common trilemmas of blockchain. The hackers won't stop as they are always finding new, innovative and creative ways to steal our hard-earned money. Stay SAFU everyone!

That's a solid way to ensure your own security, still doesnt mean its 100% safe tho. We've heard of sim swaps and the likes in recent times that have led to many kinds of theft. Some like me don't have a choice but to use these CEXs like bitget for day trading

That's right, there should always be a balance in everything that you do, and when it comes to investments, you need to know that you are taking risks that you can balance and manage so that you don't get your money wasted just because you have taken risks that were more than enough which made your investment a failure. So, whether it's about a financial market or anything in general in life, you need to make sure that you are not overdoing things.

Most people take the 'the higher the risk, the higher the profits' phrase very seriously, and they actually take risks that they can't manage very well and eventually end up incurring big losses only because of their own mistakes and greediness. So, whenever you take risks, make sure it's not way too much.

Well, how? That is the point of my post. Most users are not able to assess the security of a platform, but if you mean that a cryptocurrency project is full of hacks then we might agree. So they are aware of the risk exposure and likeliness when doing cryptocurrency stuff.

But that does not mean we surely should rely upon security funds. It's a good thing to have for a project to have, insurance, in case such an incident happens, but I don't think it would significantly make users safe. And due to the nature of irreversibility, it is way better to invest deeply in security rather than legal stuff.

You've just illuminated the harsh realities of investing in cryptocurrencies. Is everything really sunshine and rainbows? Coins and platforms? They do not stay. Security? Its a transient idea. Before everything became gloomy, people were praising FTX. How about Luna? Another sad story in the history of cryptocurrency. Individuals frequently have rose-colored glasses on, yet the truth can and frequently does bite. Rigid. So, even if some areas might appear safe right now, things could change tomorrow. Isnt that the essence, then? Sorting the real from the dangerous, but it may be too late by the time you make that determination. Every single time, that's the risk.

Interesting say there! Knowledge is indeed crucial. We need to study and know what is going on around us.

And also the response that the exchanges make quantifies the reasoning if they should still be categorised as good or bad. Have these exchanges improved on what caused the last hack? Did they compensate their users? How long did they notice that something phishing happened?

Little questions like this matter in every aspect

Yes. We need exchanges to trade that is the reason we need to be careful about what and where to put our money. Everyone needs a hardware wallet at some point. We could say, that is our decentralised bank where we occasionally want to save our money but if we want to make more money, we need an exchange

I typically store my assets in a hardware wallet, a cold wallet... I really don't feel secure leaving my assets on centralized exchanges, especially after the FTX incident. Web3 wallets are also vulnerable, especially if you're actively trading; it's possible that your assets could be at risk in the event of a hack. However, those who frequently trade tend to stick with familiar platforms and exercise caution when dealing with new ones.

Your money can be at risk when you link your wallet to a website, which is why people are still very concerned about unfamiliar websites, even on reputable platforms, as they can still be vulnerable to hacking attacks.

Therefore, many investors diversify to protect their assets, they are aware that investing in cryptocurrency has a high level of risk. However, many investors use capital that is not too large, so they diversify with the aim of increasing profits. Bitcoin is indeed very profitable, but investing in altcoins can provide greater profits than Bitcoin, but this can increase the risk. On the other hand, there are quite a few new altcoins that can pump impressively, so if we have good knowledge we can choose them of course with a small portion.

Can't predicting which one secure place for saving fund or hold coins investment, learned with Luna coin crash and FTX collapse no any body know with top second standings CEX exchange will bankrupt. Actually have many placed are secure for holding or saving our cryptocurrency assets indeed like with CEX exchange place hold there or using Electrum or other kinds wallet for long term saving. Need to know about how many years operation with some CEX exchange if want hold assets there but most secure when saving in our wallet because has own self with controlling our assets without need third party as Exchange website.

Make its tragedy as experienced for the future be careful when holding assets on coins who has potential scam in the future, Luna seems have excited staking offer and seems the reason why this coins got scam.

Risks are every where. If we see in real life, we have to take separate security measures for the protection of our valuable funds or assets. If we talk about physical business here, there is a risk of competition. There is an attack in various ways for business loss. So I think in starting every thing we need to think about the security of those things first. For example, if we are going to invest in the virtual world, then we need to know how to protect them, how to keep ourselves free from various attacks by hackers. And these things should not only be done once but to continuously strengthen the security system, the things should be kept in the update.

Let's not say "nowhere" because that makes it sound like it would be impossible to make any type of money and I do not mean that, I think there are few places that are safe. But, the real trouble is you do not know which ones are the safe ones until it gets tested and if you are right then you will not have any trouble, if you are wrong then you will face some trouble.

For example not a lot of people knew that FTX would crash before it crashed, they learned it wasn't a safe place after that it was hacked or bankrupted or whatever happened to it. It doesn't even have to be companies, coins are the same way as well, look at what happened to Luna, do you really think that people knew what happened was a possibility before it happened?

There is always a risk in any service. Don't believe anyone who thinks that decentralized exchanges are safe, it's a deception. In centralized exchanges there is a risk of hot wallets being hacked and clients' money being withheld because of the centralized nature of the service itself. There are risks in decentralized services too and they are related to vulnerabilities in smart contracts, as well as various phishing attacks related to connecting your wallet and granting it rights. These are often used by hackers when you connect to a decentralized application and click approve in your wallet. There are risks everywhere, and very often these risks arise from the user's inattention.

but you also need to have the required knowledge to make it secure, saving on your own is definitely best option only if you know how to keep it secure, there are many people get phished of their private key which means knowledge is essential in this regard.
I will argue that saving in third party as long as its reliable like a big company which already recognized by many countries for example, is quite safe enough.
but of course its only for temporary, after all, if the third party got hacked like what happened in the past, you might be forced to take lose.

Correct, but there are degrees of security, having your coins being stored by a third party is one of the biggest risks people can take, storing your coins yourself is less risky, storing your coins in a cold wallet in a device with does nothing else but to store them is even safer, and while all of these methods have weaknesses and they are not completely safe, there is little doubt the last method is the safest and it will take a massive effort for a hacker to try to get to your coins.

Yes no where is safe so we need to be vigilant Ang secure our money like for example we are storing money in our wallet am but in online which we need to protect it and having a knowledge about online is a perfect advantage cause once there's a trouble you can fix it as soon as possible before it getting worst. Not all the time we are too lucky somtimes we are not so it's better to secure our fund's

Even if it seems strong and secure - but I can never put my finger on it to guarantee 100% safe. Developers will do their best to make it as safe as possible for customers - but customers are ultimately responsible for practicing the best security measures.

Every service always has its weak side until someone manages to explore it. But as long as customers know how to safeguard their assets - then others will not be able to exploit it for their personal gain.