As many of you may already know, the list of Crypto Exchange hacks keeps growing and it's very important to maintain your funds safe.

Always remember this popular statement: not your keys, not your crypto.

Actually, without keys there's no crypto at all, so one of the first and most important things we should learn and remember is to keep our keys safe. You may write them on a paper and put it in a safe place only you know, or maybe create a document with all your keys... Although I wouldn't recommend this unless you store that file protected with a password and mainly open it offline.

Some people have backups offline in external devices. That could be another good choice.

Custody: a choice that matters.

Let's say you buy some crypto whether because you want to hold or trade them. So you register in an exchange of your trust, put your payment data and buy a bunch of crypto.

Now, here's the key part: what do you do next?

Do you hold your crypto in the exchange or do you transfer them to your private personal wallet?

In other discussions, a few days ago, the importance of custody was addressed, and the article emphasized: watch out with holding your crypto in an exchange with centralised custody.

Why?

Simply because of the topic mentioned at the beginning of this article: exchanges can be hacked and you can lose all your funds. Thing is the majority of exchanges have a centralised custody system, meaning that you don't own your exchange's wallet private keys. And what happened if you don't own your keys...? Exactly.

To summarize, be sure you keep your funds safe. Whether it's on your private wallet, or trading in the new generation exchanges that have a transparent custody system, meaning that only you can access your funds and they will be safe in case there's a hack to the exchange.

Tell me: What's your strategy to secure your funds?

Resources
https://www.uptrennd.com/post-detail/why-security-in-crypto-matters~MjE5Nzk5