Good day #tronics, it’s another day and I have a tip for you.
Not your keys
Not your crypto……
Yesterday we talked about using an Authenticator app as your 2FA to protect your exchange account.
But that can’t protect you .
Even if you have 2FA enabled, an attacker may be able to bypass the security of the exchange itself. In this case, you could lose your crypto through no fault of your own. If the exchange is hacked, then you could also be subject to withdrawal holds or other policies that keep you from accessing your crypto. This is where withdrawing your crypto can be useful.
Exchanges often have millions of dollars’ worth of crypto stored in them. With that much loot available, they make enticing targets for scammers everywhere. One way to avoid this potentially devastating threat is to just withdraw your cryptocurrency from the exchange.
To withdraw your crypto, you’ll need to download a wallet and set it up on your PC and/or your mobile device, then instruct your exchange to send your crypto to your new wallet address.
Once you’ve done this, an attacker can no longer steal your crypto by gaining access to your exchange account or hacking the exchange itself. Instead, the attacker would effectively need to compromise your PC or mobile device to get your crypto.
Since you probably don’t run around telling everyone you store loads of crypto on your PC or mobile device, it’s probably less of a target than an exchange. Withdrawing your crypto can be a simple and effective way to reduce the threat of crypto theft.
Thank you and have a nice day