Ultimate Guide to Keeping Crypto Safe: 20 tips everyone should follow!

Summary

The video script emphasizes the importance of safeguarding one's cryptocurrency against prevalent scams. It offers 20 practical tips, highlighting the need for self-awareness, recognizing too-good-to-be-true offers, and being vigilant against phishing attempts. The speaker warns against trusting unsolicited online interactions and stresses the significance of strong passwords, two-factor authentication, and secure email practices. The video also addresses the risks of remote access, crypto jacking, and the use of public networks, advocating for dedicated computers, hardware wallets, and careful management of seed phrases. It concludes with an admonition to remain calm yet paranoid, drawing attention to notable hacks in history to underscore the value of proactive security measures.

Takeaways

• 🔒 Self-awareness is crucial in preventing scams; be vigilant about your actions and decisions.
• 🕵️‍♂️ Scammers are omnipresent; always be skeptical of too-good-to-be-true offers and promises.
• 🚫 Avoid engaging with suspicious advertisements or promotions, especially on social media platforms.
• 🔑 Prioritize password security and enable two-factor authentication (2FA) for all sensitive accounts.
• 📱 Use a separate, secure phone number (like Google Voice) to protect against SIM swapping attacks.
• 🤐 Be discreet about your crypto holdings; avoid discussing them publicly online or offline.
• 🚫 Do not share personal or financial information with unsolicited callers or emailers claiming to be from reputable companies.
• 💻 Maintain strict control over your devices; never allow remote access to your PC and be cautious with repairs.
• 🛡️ Check for signs of crypto jacking and malware that could be using your devices' resources without consent.
• 📧 Use a dedicated email account for crypto exchanges and secure it with a hardware key or strong passphrases.
• 💻 Keep a dedicated computer for trading and ensure it's updated, secure, and not used by others.
• 🌐 Be cautious when using public Wi-Fi; opt for wired connections and use a VPN for additional security.

Q & A

What is the primary risk people should be aware of when dealing with cryptocurrencies?

The primary risk is being scammed, which can happen due to mistakes made by individuals or through the actions of scammers who are ubiquitous in the crypto space.

What is the significance of the phrase 'if it sounds too good to be true, it probably is' in the context of crypto scams?

This phrase serves as a warning to be skeptical of offers that seem excessively beneficial, as they are often scams, such as free giveaways that promise to return more crypto than deposited.

How can one protect themselves from potential scams involving YouTube advertisements and social media?

One should be cautious of ads within YouTube videos and not trust everything seen online. It's also important to never give personal information to unsolicited messages or engage with fake social media accounts pretending to be trusted figures.

Why is it important to use strong and unique passwords for crypto-related accounts?

Strong and unique passwords are crucial to prevent password cracking attempts that can happen at an extremely high rate. Using the same password for multiple accounts increases the risk of a breach.

What is two-factor authentication (2FA) and why is it essential for securing accounts?

Two-factor authentication is an additional layer of security that requires a second form of verification, such as a code sent to a mobile device, in addition to a password. It significantly reduces the risk of unauthorized access to accounts.

What is a SIM swap and how can it be prevented?

A SIM swap is a type of attack where a scammer tricks a mobile carrier into transferring a victim's phone number to a new SIM card. To prevent this, one can use a service like Google Voice for 2FA and be cautious of who has access to personal information.

Why should one avoid sharing their crypto holdings publicly?

Sharing information about one's crypto holdings can attract the attention of scammers and hackers, increasing the risk of targeted attacks and theft.

What is crypto jacking and how can it be detected?

Crypto jacking is a form of cyber attack where a hacker installs malware on a victim's device to mine cryptocurrency without their consent. It can be detected by signs such as high CPU usage, overheating, and unusual battery drain.

What are the advantages of using a dedicated computer for cryptocurrency trading?

A dedicated computer for trading reduces the risk of malware and other security threats. Keeping it offline when not in use and ensuring it has regular software updates further enhances security.

How can one secure their home network to protect against potential hacking?

One can secure their home network by using a strong password, preferring wired connections over Wi-Fi, ensuring the router's firmware is up to date, and possibly using a third-party DNS server or a VPN for added protection.

What is the importance of using hardware wallets for storing cryptocurrencies?

Hardware wallets provide cold storage, which is a safer way to store cryptocurrencies offline, reducing the risk of theft through hacking. They also generate secure seed phrases that are crucial for recovering the stored crypto.

Outlines

00:00

🔒 Introduction to Crypto Scams and Risk Management

The video begins by addressing the serious issue of cryptocurrency scams and introduces 20 quick tips for protecting oneself in the crypto space. The speaker emphasizes the importance of self-awareness and being vigilant against scammers who are ubiquitous. They also discuss the common adage 'if it sounds too good to be true, it probably is,' warning viewers about free giveaways and dubious advertisements on YouTube that promise unrealistic returns. The speaker shares their experience with suspicious advertisements and stresses the need for skepticism and careful research when encountering potential scams.

05:01

🛡️ Implementing Security Measures and Best Practices

This paragraph delves into specific security measures that viewers should adopt to safeguard their crypto assets. It starts with the importance of strong and unique passwords, followed by the necessity of two-factor authentication (2FA) for all accounts. The speaker advises using a separate phone number, such as a Google Voice number, to protect against SIM swapping. They also caution against sharing personal information with anyone, especially social engineers posing as representatives from companies like Apple, Google, or Coinbase. The paragraph emphasizes the need for paranoia and vigilance in protecting one's crypto assets.

10:02

💻 Protecting Your Devices and Network

The speaker continues with advice on securing one's devices and network to prevent crypto theft. They recommend not allowing remote access to your PC by anyone claiming to be customer support and being cautious when using devices in public spaces like coffee shops. The paragraph also covers checking for crypto jacking malware that uses processing power and causes overheating. It suggests having a dedicated email for exchanges and using security keys like YubiKey to lock down accounts. The speaker advises using a dedicated computer for trading, keeping it offline when not in use, and ensuring it's updated with the latest security patches. They also stress the importance of not using the computer as an administrator and being wary of open networks.

🌐 Safeguarding Your Crypto Transactions and Wallets

In the final paragraph, the focus shifts to securing crypto transactions and wallets. The speaker discusses the use of hardware wallets for cold storage and the importance of keeping the recovery phrase secure. They explain the process of transferring crypto, emphasizing the need for small tests and double-checking addresses. The paragraph also touches on the use of security keys for exchanges and emails, and the benefits of whitelisting withdrawal addresses. The speaker warns about the risks of sharing personal information and the dangers of fake social media accounts. They conclude with a reminder to store seed phrases with utmost care, considering various secure methods and the importance of being prepared for any eventuality.

Keywords

💡crypto

Crypto refers to cryptocurrency, a digital or virtual form of currency that uses cryptography for security. In the video, the term is central to the discussion of scams and security practices. The speaker warns viewers about the risks of losing their crypto assets due to scams or poor security measures, emphasizing the importance of protecting one's crypto investments.

💡scam

A scam is a fraudulent scheme or dishonest act designed to deceive people, typically by obtaining money or valuables from them. In the context of the video, scams are a significant threat to those dealing with cryptocurrencies. The speaker provides tips on how to avoid falling victim to such scams, including being wary of too-good-to-be-true offers and recognizing the tactics used by scammers.

💡risk management

Risk management is the process of identifying, assessing, and prioritizing risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events. In the video, the speaker emphasizes the importance of risk management in the context of cryptocurrency investments, urging viewers to be vigilant and proactive in protecting their assets.

💡self-awareness

Self-awareness refers to the ability of an individual to recognize and understand their own emotions, thoughts, and behaviors. In the video, the speaker encourages viewers to be self-aware to avoid making mistakes that could lead to loss of their crypto assets. This includes being cautious about sharing personal information and being skeptical of offers that seem too good to be true.

💡two-factor authentication (2FA)

Two-factor authentication, or 2FA, is a security measure that requires users to provide two different types of identification to access an account. This typically involves something the user knows, like a password, and something the user has, like a code sent to their mobile device. In the video, the speaker highlights the importance of enabling 2FA for all accounts, especially those related to cryptocurrency, to add an extra layer of security.

💡social engineering

Social engineering is a manipulative technique that tricks people into divulging confidential information or performing actions that compromise security protocols. In the context of the video, the speaker warns about social engineering attempts by scammers who might pretend to be from reputable companies or services, like Apple or Coinbase, to deceive users into revealing sensitive information or transferring funds.

💡crypto jacking

Crypto jacking is a form of cyber attack where a hacker secretly uses a victim's computer resources to mine cryptocurrency without their consent. The video script mentions checking for signs of crypto jacking, such as excessive use of processing power or overheating, as a way to protect one's crypto assets and computer systems from unauthorized use.

💡hardware wallets

Hardware wallets are physical devices that securely store private keys for cryptocurrency transactions. They are considered one of the safest ways to store crypto because they are less vulnerable to online hacking attempts. The speaker in the video advises viewers to use hardware wallets with strong PINs and to store them in secure locations, emphasizing the importance of cold storage for crypto assets.

💡seed phrases

Seed phrases, also known as recovery phrases, are a series of words that represent the private key to a cryptocurrency wallet. They are crucial for recovering access to a wallet if the device is lost or the data is compromised. In the video, the speaker stresses the importance of storing seed phrases securely, suggesting multiple copies in different locations, and considering durable storage options like metal plates.

💡phishing

Phishing is a type of cyber attack where attackers attempt to obtain sensitive information such as usernames, passwords, and credit card details by disguising themselves as a trustworthy entity in an electronic communication. The video discusses the risk of phishing in the context of cryptocurrency, advising viewers to be cautious of emails and messages that appear to be from legitimate sources but may be attempts to steal personal information.

💡VPN

A Virtual Private Network (VPN) is a technology that creates a secure and encrypted connection over a less secure network, such as the internet. VPNs are used to protect data and maintain privacy by preventing others from seeing the online activity. In the video, the speaker recommends using a VPN, especially when on public Wi-Fi networks, to protect against potential hackers and ensure the security of online transactions and communications related to cryptocurrency.

Highlights

The importance of self-awareness in preventing cryptocurrency scams is emphasized, highlighting that many losses occur due to individuals' mistakes.

Scammers are ubiquitous, and the video provides a cautionary example of a suspicious giveaway with over 130,000 views.

The presenter expresses skepticism towards certain advertisements, specifically mentioning a suspicious ad for a company called Bex Plus.

The age-old adage 'if it sounds too good to be true, it probably is' is reiterated as a key principle in risk management.

The presenter warns about fake social media accounts impersonating them, and emphasizes that they would never reach out to anyone for any reason.

Password strength and the use of two-factor authentication (2FA) are stressed as critical for securing accounts against password cracking and SIM swapping.

The importance of being cautious about what is posted online, especially regarding the possession of cryptocurrency, is highlighted to avoid attracting unwanted attention.

The presenter advises never to share personal information with anyone, even if they claim to represent reputable companies like Apple or Coinbase.

The risks associated with allowing remote control of one's PC, such as potential phishing or malware attacks, are discussed.

Crypto jacking and the signs to detect it, such as excessive use of processing power and overheating, are warned against.

The use of a dedicated email for exchanges and securing it with a hardware key like YubiKey is recommended to enhance account security.

A dedicated computer for exchange trading, kept offline when not in use, and regular software updates are suggested to minimize vulnerabilities.

The dangers of using public Wi-Fi networks for trading activities, and the importance of a secure and updated home network, are outlined.

The presenter advises using centralized exchanges that offer security measures like call confirmations before transfers and the use of 2FA.

The use of hardware wallets with secure seed phrases and PINs, and the importance of storing the hardware wallet in a safe place, are discussed.

Transferring cryptocurrency safely is detailed, with the suggestion to always start with a small test transaction and to double-check all addresses involved.

The presenter warns about the risk of phishing attacks and advises using a security key for exchanges and emails to enhance security.

The importance of whitelisting withdrawal addresses and enabling this feature for multiple periods is highlighted to prevent unauthorized transactions.

The presenter shares a real-life example of the Ledger case, where customer information was compromised, emphasizing the need for caution when purchasing hardware wallets.

The ultimate advice is to store seed phrases with utmost care, considering multiple copies and secure locations, and to be prepared for any eventuality.

The video concludes with a reminder to stay calm but vigilant, citing historical hacks like Mt. Gox and Bitfinex as reasons for a healthy paranoia in the crypto space.

Transcripts

hey y'all thanks for joining a very

serious issue today every day

people are getting scammed out of crypto

this is a very quick video on how to

protect yourself with 20 quick tips

and it's funny because some of them i

even learned over the last few days so

there's something here for everybody

channels about math money and freedom we

don't need a disclaimer today but this

is all about risks and risk management

the key

key premise of this whole channel

and the biggest risk first of all for

people to be aware of is yourself

so a lot of times people lose things

because of mistakes that they make so be

very very self-aware of that

second of all uh the scammers are well

and truly everywhere

for more information on how they steal

your crypto check out this video i did

about a month or two ago

and there's some good prevention tips in

there as well

so first of all let's talk about the

usual adage age old adage if it sounds

too good to be true it probably is every

should be well aware of that by now now

the stuff is still happening like these

free giveaways

uh this one this one video actually had

over 130 000 views

all you have to do is deposit some

ethereum in the account with the details

in the video below and they'll give you

your ethback and a lot more and of

course it's not going to happen it's

complete bs

but what's even more disturbing

is there are some youtubers out there

that have advertisements within their

videos now i don't know if the wolf of

wall street placed this ad in his video

or if this

company is legit but i tell you it seems

very suspicious bex plus

uh this was an interview he did with

lynn alton i'm a big fan of lynn elton

so that's why i watched this video and

i

found out about this guy the wolf of

wall street which is really cool name

but he advertised in the middle of his

video a company called bex plus

i tried to do some research research to

find out if it's a scam or not i read

some things on reddit read some things

on exchange reviews and nothing was very

savory at all but if you deposit between

1 and 10 bitcoin they will match your

deposit

i guarantee you there is no exchange on

earth that will give you a third of a

million dollars in free crypto just for

depositing some crypto that's not the

way the world works

so i am 99

sure that this is some type of scam or

they will swindle you out of your crypto

through some complex terms and

conditions so again be very very aware

don't trust what you see on the internet

or anywhere else

so second of all

ah there's a fake instagram and there's

probably a fake facebook page and they

will always reach out to people on my

channel but they will not be me okay

because i would never do that i don't

have the time nor the interest and i

don't want anything from anybody that's

why i don't advertise either

and

but be careful so these people again are

everywhere watch out

don't ever give anything to anybody

don't answer their questions i'm not

interested

in anything i will talk to people on

discord and patreon that's it and i'll

answer questions but that's as far as i

go so uh be very careful uh next thing

passwords we're going into the step one

of 20 right now and moving very fast

because we have a lot of ground to cover

so fortunately the world is moving away

from passwords

that's good you'll see more biometrics

and more secure keys and things like

that because password crackers can rifle

through 350 billion guesses per second

does that make you feel good so

basically password strength is

absolutely critical i know sometimes

people take shortcuts and use the same

password for many things but don't ever

do that second of all

two-factor authentication is also very

very important make sure you have it for

your sign in whether it's to your email

or to your brokerage accounts your

mortgage accounts your banks turn it on

for everything okay step number two step

number three not only for 2fa

make sure you use something like a

google voice number because they can sim

co sim swap your phone card and sim

swaps are one of the easiest things to

do

because uh the

mobile phone carrier representatives are

extremely easy to socially engineer

which means they can be manipulated say

oh i lost my phone or i've got an

emergency can you reset my password or

whatever and they do that so be very

very careful use something like google

voice so the fourth thing very important

be careful what you post online

and especially do not say how much

crypto you have online or even that you

have crypto because people are watching

people are listening so be very very

paranoid

uh

step number five never share anything

with anybody

this goes back to that point about the

social engineers people pretending to be

apple or google or coinbase can you

imagine you can't even reach coinbase

customer service can you imagine

coinbase calling you up and saying hey

how you doing

yeah we got a problem your councilman

hack can you give us some personal

information i mean it's all

it's all very obvious and easy but these

people are professional and highly

manipulative so please be careful

everybody don't give anything to

everybody step number six

never let anybody control your pc

remotely

some people might pretend to be

customer support or itu service whatever

be very careful be very paranoid also be

careful dropping off your pc at a repair

shop try to do everything yourself

step number seven

check for crypto jacking there is

malware and software that can be

installed on your phone or pc

and that's a quick list of how to detect

if

somebody or something is running in the

background on your machine you can tell

by it running using a lot of processing

power etc overheating all the usual

stuff but check that out too it's a very

common thing

step number eight

uh have a dedicated email for exchanges

for example protonmail

or run your gmail using a ub key make

sure it's not hackable and lock down

your email with the yubikey i can't

stress that enough and have a second key

or a set of passphrases

for example with google in case you lose

your ub key but that way you can lock

that stuff down

step number nine your computer

so uh what i recommend is have a

dedicated computer used for exchange

trading and nothing else keep it offline

when you're not using it and make sure

you have updates turned on it's very

important because sometimes software

especially windows software has a lot of

loopholes

and places where it can be exploited

don't let kids or others use your

dedicated machine because they can go to

a bad website and install some malware

on your computer and watch what apps you

download for example macs are much safer

in this regard

and but windows are not especially older

versions of windows they're full of

vulnerabilities and make sure you're not

logged in as an administrator on your

computer this is a safety step because

if you are then anybody that gets in as

you can actually do a lot of damage to

your machine that's a little bit about

your computer that's very important step

number 10 be careful of open networks

for example using your laptop that you

use for trading and doing it within a

coffee shop or a restaurant or a hotel

lobby

all of these places you could have

hackers watching you and their networks

most probably are not secure so be very

very careful speaking of secure network

step number 11

use a strong password for your network

router

wi-fi is okay but wired is preferable i

have a cat 6 here at my feet and use wpa

or wpa2 on a router if wireless that

makes it much harder to hack and make

sure your firmware is up to date how

many people check their router firmware

to make sure it's up to date

also if you can use a third-party dns

server to avoid phishing sites

and

use a vpn if you're extra paranoid as

well especially if you're on the road

that is absolutely critical so

let's talk a bit step 12 but centralized

exchanges for example ameritrade e-trade

fidelity etc make sure they call you

before any transfer happens sometimes

they do that if somebody does bypass

your security a lot of these centralized

exchanges do not have utf technology for

example you can't use a iran

ub key for example um because they do

have insurance and they are very safe

and i've never had a problem

but uh also if not try use your google

authenticator for some of the

centralized exchanges as well and

hopefully they'll be beef up the

security but the crypto exchanges have a

lot more features around security as

well

so let's go to step number 13 real quick

lucky number 13 hardware wallets cold

storage in other words for that make

sure your secure seat phrase this is

your crypto is secure

set a strong pin for your wallet for

example eight numbers that you can

remember and store it safely

and make sure you store your hardware

wallet

in a secure place for example your house

in a safe

and your wallet can have multiple

addresses within the wallet so explore

how you generate those addresses and

some people lose crypto in different

addresses on the same wallet and make

sure you know which coins are in which

addresses sounds simple but important to

know

so step number 14

software wallets for example a hot

wallet

desktop wallet such as you know metamask

best to never store anything on a hot

wallet but use it it's fine to use for

transfers but make sure you have

everything tied down as well same thing

two-factor authentication all that usual

stuff

now

transferring crypto this is a very

daunting task imagine

sending a bitcoin that could be worth a

million dollars in the future or 10 of

them always do a small test first check

the blockchain make sure it got through

you can watch it live in many cases and

whitelist your address book and we'll

talk more about that in a future session

and when you make a transfer check the

end address is the address that you are

sending it to

i like to triple check that

and for example if you're using a ledger

or trezor it will show you the address

on the device

again it's a very daunting task one

mistake

everything's gone so just be careful

okay step number 16

use a security key for your exchanges so

i use a ubi keys from yubico and they

are the best but you can also use the

titan security key from google

a theater's fido utf key

solo keys etc locked in your exchanges

and emails and things like coinbase and

ftx do have these features that you can

set up

very quickly and easily

and it makes things impenetrable which

is fantastic

also make sure you enable your white

listing step number 17 and you can put

in a withdrawal to whitelist for

multiple periods of days and you get

warnings if something actually happens

here you see the internal interface for

coinbase on the left and ftx on the

right

and it's very easy and simple to do and

make sure you all do it as well

step number 18 this came up

from the famous ledger case

where ledger was hacked not the ledger

device itself but the customer list and

names addresses and contact information

for all the people that own ledgers

so now

these ledger customers are getting fake

ledgers in the mail saying this is an

update free update etc so make sure if

you are using a ledger make sure you buy

it from a reputable source and have them

mailed to a po box you don't want people

knowing your true address if you're

buying from a certain vendor now this is

also very important because

in the middle here you will see a fake

instagram account of my account and you

see somebody making small talk

like hey

good are you the real invest answers

this is one of our clever patreon

members that you of course wasn't yeah

why are you asking oh just checking

that my youtube on my page good english

spot the english

are you all investing in cryptocurrency

maybe how has the market between you so

far i haven't bought yet clever answer

what platforms do you plan to make use

of don't know yet have you been

introduced to the blockchain software

ledger s yet

aha

very interesting so you can see here

they're going directly to find out

exactly what you have and who you are

and it's pretty easy

like you'd want to be

i don't know i don't want to say

anything bad because i do know people

who have been cleaned out by these types

of fraudsters but just be ultra paranoid

i will never ask you for anything and

neither will other kind of youtubers out

there so just remember they're out there

they're trying to engage they're using

social media to do it be careful of the

fake wallets too so that's step number

18. step number 19

store your seed phrases with the utmost

vigilance

remember the sea phrases are your coins

you know it's like not your keys not

your crypto well

the cc phrase is is kind of your key so

store your seed phrases across different

devices and locations if you can

manage your seed with the utmost care do

not lose it if you write it down on

paper considering making two copies and

storing them in separate locations and

also remember paper can be burnt

destroyed decay etc

and beware of things like sd cards and

other storage options

sometimes they rarely last more than

five years and they could be wiped by an

emp device

some people actually hammer their seed

phrases onto copper or steel plates and

bury them in different locations kind of

like geocaching

and remember meticulously record all

your steps

so your loved ones can recreate in the

event anything happens you know people

could be riding a bicycle or somebody

who was skateboarding and got a head

injury and that was it

um

life is tenuous be very very very

careful

out there so step number 20 most

importantly be calm

but be very paranoid remember

things like the mount gox hack in 2014

hackers made out with 740 000 bitcoin uh

the bitfinex breach most recently

drained 120 000 bitcoin from the

exchange

and again exchange hacks have become

something of irregularity so again

this should make everybody have a

healthy paranoia

for traders and hodlers alike and music

exchanges etc

everybody's out to get you so

that's it be safe hope you enjoyed the

20 steps if you like this type of

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thanks everybody take care