While this headline may seem dramatic, let me explain why it’s potentially not.
Many of us have seen the warnings about not publishing your whereabouts on social media to allow thieves the necessary info to target your home.
With the rising theft of increasingly expensive dogs there are also warnings about not giving away too much information online and to strangers as you could be furnishing a potential thief with valuable information.
Many people may not have thought about this on a security conscious level, but having crypto makes you your own banker but without bank-level security.
There are already at least a few documented cases of people targeted for their crypto holdings and I just wanted to give you the heads-up before this topic becomes more talked about in the mainstream.
Please be aware of these security tips and good habits before potentially and accidentally giving away enough information to make yourself a target.
- Never discuss your crypto dealings in any detail online.
- If you’re prone to talk on any level about cryptocurrencies online, make sure your social media profiles give no indication of your home address.
- Be wary of people befriending you in crypto-related groups, maybe sending you a friend request, discussing wallets and amounts etc.
- My preferred hardware wallet of choice LEDGER comes with several cards to write down the 24 word security information. The card I keep with my ledger has 24 completely dummy words with it, if stolen it’s useless to thieves. There’s a dummy set of numbers that look like my pin code too. The hardware wallet can be replaced but the crypto is secure. Maybe do the same if you use a hardware wallet?
- If you’re new to crypto, never let anyone set up your wallet for you. They could potentially give you the wrong information to access your account and keep the correct information for themselves. This allows anyone to become an immediately anonymous thief that can’t be caught. You could potentially be subject to scams such as ‘You wrote down the wrong words/numbers etc.’ Please be careful.
- Never discuss your crypto holdings to anyone over the phone. Future scams could simply revolve around identifying crypto holders, offering some free enticement to post to you to obtain your address and you’re then a potential target.
Hopefully this post will increase awareness and help people to think in a more security-conscious way. Please make anyone you know who may have crypto assets aware of these potential security issues.
If the mainstream economy contracts and crypto continues to grow on its current trajectory there’s a real possibility that crypto-assets may be increasingly targeted in more sophisticated ways. I hope that by reading this you have greatly reduced your exposure to any future potential theft.
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