Never mix the two. For cold storage, a 3/5 signer configuration is recommended. Use two hardware wallets and three software wallets if needed, ensuring each of the five signers uses a unique key stored using separate methods or locations.
Surprisingly, many mobile platforms offer more robust security for hot wallets compared to desktop environments. Key practices that protect your assets include:
• Stick exclusively to POSIX operating systems; Windows attracts malware.
A dedicated crypto device—even an old smartphone—works best, otherwise a Linux distribution or macOS is preferable.
• For cold storage, simulate every transaction before signing. Only sign when fully understanding the contract calls.
Blind signing is dangerous.
• Regularly revoke approvals, as many infinite approvals from the 2021 DeFi boom remain active.
• Prioritize hardware isolation: use a single, dedicated crypto device with nothing else installed.
• Use time
Delayed execution in setups like Gnosis Safe prevents rushed decisions and overlooked red flags.
• Employ 24-word seed phrases with metal backups for cold storage, though 12 words might suffice for hot trading wallets.
• Test the recovery
process with small amounts to ensure it works when needed.
• Be cautious with every direct message and urgent notification—social engineering is more dangerous than technical exploits.
Avoid questionable Zoom links or AMA invites. This setup discourages overtrading since a more static strategy means fewer interactions and a reduced attack surface.
It’s time allocations are set, rebalancing happens monthly, and overall, the approach remains deliberately conservative. Deep regrets for the losses incurred. Improvements in security standards are imperative."
Keep backup copies in separate locations so that compromised security doesn't cost years of hard work.
"Quoted tweet: This is the worst that can happen to any of us. Years of hard work gone in seconds.
Some practical advice from a decade in crypto:
Your wallet setup should be boring:
Never mix the two. For cold storage, a 3/5 signer configuration is recommended. Use two hardware wallets and three software wallets if needed, ensuring each of the five signers uses a unique key stored using separate methods or locations.
Surprisingly, many mobile platforms offer more robust security for hot wallets compared to desktop environments. Key practices that protect your assets include:
• Stick exclusively to POSIX operating systems; Windows attracts malware.
A dedicated crypto device—even an old smartphone—works best, otherwise a Linux distribution or macOS is preferable.
• For cold storage, simulate every transaction before signing. Only sign when fully understanding the contract calls.
Blind signing is dangerous.
• Regularly revoke approvals, as many infinite approvals from the 2021 DeFi boom remain active.
• Prioritize hardware isolation: use a single, dedicated crypto device with nothing else installed.
• Use time
delays on cold storage transactions.
Delayed execution in setups like Gnosis Safe prevents rushed decisions and overlooked red flags.
• Employ 24-word seed phrases with metal backups for cold storage, though 12 words might suffice for hot trading wallets.
• Test the recovery
process with small amounts to ensure it works when needed.
• Be cautious with every direct message and urgent notification—social engineering is more dangerous than technical exploits.
Avoid questionable Zoom links or AMA invites. This setup discourages overtrading since a more static strategy means fewer interactions and a reduced attack surface.
It’s time allocations are set, rebalancing happens monthly, and overall, the approach remains deliberately conservative. Deep regrets for the losses incurred. Improvements in security standards are imperative."