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An Important Crypto Security Tip You Need to Follow
Practice good wallet hygiene
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There really isn’t a dull week in crypto.
Today’s newsletter was supposed to be about Jack Harlow and his recent venture into the NFT space. It was all typed up and ready to go.
But yesterday morning, some important news broke out:
Ledger was hacked and a fake wallet sign-in window was published to several web3 sites.
If you connected your Ledger wallet to a compromised site then your funds would be drained and sent to the hacker’s wallet. Poof. Gone.
Luckily, they caught and fixed the issue within a few hours.
If you don’t know, Ledger is a company that makes hardware wallets.
Hardware wallets are physical devices used to securely store crypto offline (they kind of look like USBs).
While it’s the safest way to store your crypto, you’re still fucked if you connect your hardware wallet to a phishing site.
I say this a lot, but investing is about survival. And this isn’t just limited to being smart with your money—it means keeping your crypto secure too.
So, today, I wanted to talk about the importance of practicing good wallet hygiene so you can be safe from future incidents.
Let me explain what I mean by “good wallet hygiene”.
A good practice to keep your crypto safe is to use at least two separate wallets:
One wallet for daily use and interacting with sites.
One hardware wallet for only storing your funds.
Your “day wallet” can be any digital wallet app: MetaMask, Coinbase, Rainbow, etc.
Keep minimal funds in your day wallet and use it for trading, gaming, and connecting to web3 apps.
Treat it like the wallet in your pocket. You wouldn’t be carrying around $1,000 in cash every day, would you?
On the other hand, your hardware wallet will be like your “safe vault”.
This wallet should only be used to send and receive funds. Never connect it to any site.
I repeat, never.
Following this tip ensures your long-term funds are protected and your risk is minimal if you do connect to a phishing site.
Scams and hacks are only going to get worse as the bull run continues. Invest the time to practice good wallet hygiene now so you can be here to reap the rewards later.
We’ll talk about Jack Harlow next week.
Peace,
Fifty Sat
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