Man Loses $24 MILLION in Crypto. How to Prevent this from happening to you!

in #cryptocurrency3 years ago (edited)

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Wow, talk about a bad day.

Don't be like this guy: https://www.cnbc.com/2018/08/15/cryptocurrency-investor-sues-att-for-224-million-over-loss-of-digita.html

Unfortunately, this man's loss serves as a stark reminder to store your cryptocurrency (or at least a core portion of it) in cold storage. It took me a while to finally take the plunge and invest in a cold storage medium, but I'm so glad I did. Currently, Ledger (https://www.ledger.com/) and Trezor (https://trezor.io/) remain your most trusted options, however alternatives do exist. For those looking to purchase your first cold storage option, I strongly advise you buy direct from the manufaturer as tampering has been reported via 3rd party vendors.

For those who just HAVE to have their crypto on-hand at all times, you may want to look into the following 'hot wallet' options:

Hot Storage:
Trust Wallet
Cipher

I use and enjoy both, but currently prefer the user interface of the Trust Wallet (which was also recently purchased by Binance).

Just remember, treat your crypto as if it were cash. Be safe, and don't ever share your Private Key(s) or back-up phrases! Let me know what wallets and cold storage options you enjoy using below.