A Costly Mistake - Why Protecting Your Seed Phrase and Private Keys Matters
This video is based on the real story of a YouTuber who accidentally displayed his Metamaks wallet seed phrase and private keys during a lifestream.
And how one of the viewers took advantage to restore the wallets and transfer the crypto assets to his own account.
Please, if you have time, have a look at the video, consider the whole situation, and learn from it.
A 3-second mistake. This is all what it took.
It happened to him. A veteran crypto user and investor.
And do not entirely discard that, maybe not the same, but some unforeseen accident can also happen to you.
But, like wearing a seat belt, we can all take precautions to prevent such accidents.
Seed Phrases and Private Keys Obfuscation Systems
Writing down the Seed Phrases and Private Keys in a Word document, and storing it in a computer, has several downsides.
But, let's assume that the streamer had his own good reasons, that we don't know about.
Still, if you are in a similar situation you could use some system to keep your seed phrase, private keys, passwords, login details... safe from accidental disclosure.
- You could use an encryption system so that even if exposed, your data can remain safe for enough time for you to take steps toward securing your crypto assets. We explain a couple of systems in the video above, but there are many other handy ways to encrypt information.
- Or you could use a Canary token, as a trap for anyone who is able to access your computer. This system can be used for both remote intrusions (e.g. malware) or direct intrusions (e.g. someone who has direct access to your computer).
For more information, please have a look at https://cryptosafetyfirst.com/canarytoken/
- Or you could divide your seed phrases, private keys,... in half and store each half in a different device.
What Works for You, may Not Work for Others
While there are many systems to protect the seed phrases and private keys to our crypto wallets, the personal situation of each person must be taken into account:
- What works for someone living alone in a house or a flat, may not work for someone sharing a household with some mates. For example, keeping login details in a hidden notebook.
- What works for someone who has a safe box at home, may not work for someone who has not one. For example, keeping a paper wallet.
- What works for someone with enough resources, may not work for someone with limited resources. For example, purchasing a hardware wallet.
With this, at Crypto Safety First we want to emphasize that we should not judge other people who have run into a hack, scam, or accident. But to empathize with their situation and provide support, when possible.
Thanks for reading. We hope that you have found the information useful and educative.
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Article originally published at: https://www.publish0x.com/@Crypto-Safety-First