Why Your Crypto Wallet Might Endanger Your Life

[Crytononame]

Lately, there have been numerous stories about individuals associated with the cryptocurrency market being kidnapped and tortured. Criminals are targeting billionaires, well-known bloggers and traders who have made their wallets public. Once an address is known, it is possible to determine the size of the deposit and all the transfer addresses.

I think it won't be long before criminals start analysing the entire blockchain to link IP addresses and identify victims who are geographically close to them. Who knows? Maybe even very modest deposits will interest them.

Thus, non-custodial wallets, which the crypto community advertises as offering absolute freedom, will become an ideal target for robbers. Since criminals will force victims to give up their 12-word seed phrases, any encounter with them puts your life and health at risk.

Of course, you could create lots of addresses and split the amounts, but how many seed phrases would that require? How would you even store all those keys and devices?

There is only one solution: open a custodial wallet. Don't be afraid to go through KYC — it will help protect your cryptocurrency even better.

How do I personally build my defence? Every transaction is sent to a new address, and I am especially grateful to Cryptomus for this feature. This payment system uses dynamic addresses to prevent all my deposits from being linked to one public address. I also use the auto-exchange feature for USDT and multi-currency storage. It is almost impossible to track where my balance is stored exactly.

Furthermore, I have set a withdrawal limit, so I cannot drain my entire deposit in one transfer. I have 2FA and Telegram Guard enabled. The wallet supports the option of manually freezing deposits.

 

[Deleted member 1923583]

There is only one solution: open a custodial wallet. Don't be afraid to go through KYC — it will help protect your cryptocurrency even better

I might have a different perspective than you because, no matter what exchange you use, there's always a risk that they could take your funds with them. That’s just the reality of it.

Always use a hardware wallet, as it gives you control over your funds. Additionally, it enhances your anonymity by generating a different address for each transaction, which helps keep you safe and anonymous.

 

[Crytononame]

I might have a different perspective than you because, no matter what exchange you use, there's always a risk that they could take your funds with them. That’s just the reality of it.

Always use a hardware wallet, as it gives you control over your funds. Additionally, it enhances your anonymity by generating a different address for each transaction, which helps keep you safe and anonymous.

I haven't personally used hardware wallets, so I haven't really dug into the technical side of how funds are transferred to them. But if you're saying every transfer goes to a new address, what happens when I want to send crypto from the wallet?

Will the total amount be gathered from a bunch of different addresses? And what would the transaction fee be then? What would the recipient see? A bunch of transfers from multiple addresses?

Honestly, I genuinely don't understand this mechanism. How can something like that be implemented on a hardware wallet?

 

[Deleted member 1923583]

what happens when I want to send crypto from the wallet?

To send/receive and to use Its same like any other wallet you use like trust wallet or metamask

But hardware wallet it is your own device where you store your money and cold and hot wallets are never recommend because you don't have control over funds...

However, a hardware wallet is your own device for storing your funds securely. Unlike hot wallets and cold wallets, which are generally not recommended because you may not have full control over your funds, a hardware wallet gives you that control.

Keep in mind that unexpected issues can arise at any time, so it's essential to understand the risks involved.