Use Your Own Wallets People! Coinrail gets Hacked

in #crypto6 years ago

hacks1.jpg

I said it before and I will say it again.

If your not storing your crypto on your own wallet then you really have nothing!

Over the history of exchanges many have been hacked, taken down and hit by governments in which all has been lost to hackers, regulations etc.

When you put your cryptocurrency into an exchange you no longer "own" that crypto it is on the exchanges wallets. If anything happens to that exchange you could be out all of your crypto!

This is what happened recently with a popular South Korean cryptocurrency exchange called coinrail. The successful hack attempt seems to have taken 20 million dollars worth in crypto however this could be much higher since it was Ethereum based tokens. The investigation the exchange says will take 26 hours before operations will return.

What we all need to do is start storing and securing our cryptocurrency. It has been reported that over 1 billion dollars worth of cryptocurrency has been stolen in the last 6 months. These trends are right now what is hurting cryptocurrency the worst right now. NOT regulations etc. It is the careless practices of exchanges and people who are not being smart about their money.

If your going to start cold storage of your crypto remember these important rules.

  1. Only put your wallet online when needed
  2. Backup your wallet at least once a month
  3. When you backup your wallet do so on a few thumb drives and hard drives
  4. Save your passwords and keys in a number of places but all places you have control over.

steemit-sig-final.gif

Hey don't forget to claim your bitcoin and dogecoin free at BitcoinFlood.com

Sort:  

Thanks, but dude, there is a wallet to Steem? i'm new here

your steemit account is your wallet.

Thanks for warning. What if exchange stores your funds at cold wallet?

Its their cold wallet not yours you still dont control them. The only time you control your assets is when they are in your own wallet. Another reason why I feel more people are moving towards POS

Or best of all, instead of a regular cold wallet, get a hardware wallet! Ever since I got my Ledger nano S my crypto-life has been so much better/more secure/easier

It's the only way I trust my crypto anywhere.

Not sure where we are safe, exchanges getting hacked. How can my wallet stay safe when an exchange with more security is not secure.

1 000 0000 000 $ hack - this is signal for all..

Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Valor2S from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.

If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.

Coin Marketplace

STEEM 0.36
TRX 0.12
JST 0.039
BTC 70112.96
ETH 3549.99
USDT 1.00
SBD 4.71