🛡Safety tips (recap week 20)
Koalas,
If you are present in our awesome telegram channel, you may have seen the daily safety tips (If not, you’re welcome: https://t.me/koaladefichat), you will find in this article a summary for the week 20.
🛡Keep your cryptocurrency holdings private
You may be proud of an investment you’ve made in a cryptocurrency, many investors brag of their holdings and successes.
Stealing cryptocurrency looks attractive for both criminals and hackers due to their anonymous nature. In case of money stolen from a bank account, it can usually be tied to an entity and retrieved, but cryptocurrencies cannot be traced to an identity.
Therefore, you must never tell anyone how much cryptocurrency you hold.
🛡Keep track of latest developments and scams
You need to constantly monitor the latest news that could affect your crypto wallet.
Here are some accounts in example that you can subscribe to to keep up with the latest news:
Twitter:
Telegram:
🛡Don’t store all of your money in an exchange
Over the years, some crypto exchanges have fallen victim to hacking attacks and other security concerns. This resulted in the freezing or, worse yet, the loss of several of their user accounts.
That is why there is no guarantee that your tokens can be stored securely on a crypto exchange platform. It should be stored in a private wallet.
Not your keys, not your coins
In a previous tip, we advised you to use a hardware Ledger key but other alternatives exist (Trezor, SafePal, …)
🛡 Decentralized Insurance on Binance Smart Chain
- https://medium.com/dapp-com/2-new-defi-on-binance-smart-chain-keep-your-cryptocurrency-investment-stable-91a8e0f3eb6a
- https://trustwallet.com/blog/helmet-brings-decentralized-insurance
Where are the risks, insurance can come in handy, even in the DeFi markets!
The growth of the decentralized finance (DeFi) market has been remarkable in the past twelve months, highlighting the demand for new types of digital financial products and services.
Several insurance solutions exist including Helmet Insure, Soteria, Squirrel.Finance & UnoRe. They all have their particularities and complexity levels, please inquire about the proposed solutions.
And you, do you use these platforms to insure your funds? Do you know other solutions of this type? Leave us your feedbacks
🛡 Define your strategy
What if I didn’t buy Bitcoin when it was a mere $4,000, and what if I sold my Ripple at a loss and only wish I had waited? How do I know whether to go into Doge now or is it already too late?
Avoid FOMO!
It’s important to define a strategy, whether it’s short or long term, whether aggressive or passive. But the most important thing is to stick to your strategy, whatever the market.
See you next time!
The KST (Koala Security Team)
Safety first on Koala DeFi
