It's a great place but when you need to cash out you need fresh linux system with fresh wallet software connected to the internet only when you make the transaction. Not an app for your phone. Everybody will have malicious keylogger on their phone eventually if they install apps and sometimes even if they don't.
Crypto is just totally ruthless with software exploits. Any software exploit leads to millions of dollars worth of assets being stolen, by whoever found the exploit.
The general rule of the thumb in crypto is that everything will get exploited. Its a matter of “when”, not “if”.
I wouldn’t even trust Metamask in the long run. If the wallet doesn’t get exploited, something that interacts with the wallet will.
If crypto ever becomes a bigger market, you’ll eventually have state actors trying to exploit protocols and wallets, and they’ll be more sophisticated than the North Korean hackers.
Yet again, we see that just because you can be your bank , doesn't mean you should. These 'safe', ' audited' programs, protocols, wallets keep failing. The introduction of irrevocable bounties creates a huge incentive to find bugs. The so-called self-funded bug bounty. Never trust a 3rd party to do your crypto.
Well, being audited means only that it is audited. Nobody forces the company/developers to act upon the findings of the audit... but still, technically it is true that they were audited even if the outcome of the audit was "haha, I wouldn't trust my used hanky on this"
It seems, but I might be wrong (others suggested it though) that you need the app to be compromised to do this. A server hack wouldn’t work because you still need your key/seed phrase. The app, with a hack, of course can, next to unlocking your wallets locally, send it to a server (which should never happen) and then the owner of that server can take the funds.
To me this seems the most obvious. Use open source wallets, reproducible builds, hashes and, of course, cold wallets. Also, divide; don’t put your money in one place; I would say that goes for banks too.
Readit News
wow, what a practical way to be able to store and use money!
Are there actually any keyloggers for iOS and Android? Unlike on desktop OSes, there isn’t even an API for that, so you’d need an actual OS exploit.
> fresh linux system with fresh wallet software
And how do you make sure that that doesn’t come with a keylogger (in a world where a significant number of people were to actually do that)?
Thankfully we can be reasonably sure that some compilers at least predate cryptocurrency.
https://www.cnn.com/2023/06/02/investing/payment-apps-safety...
When this happens to crypto, you got nobody to blame but yourself.
Which ones?
I wouldn’t even trust Metamask in the long run. If the wallet doesn’t get exploited, something that interacts with the wallet will.
If crypto ever becomes a bigger market, you’ll eventually have state actors trying to exploit protocols and wallets, and they’ll be more sophisticated than the North Korean hackers.
This strikes me as funny because software engineers are regularly told not to roll their own crypto.
surely they would have some idea
To me this seems the most obvious. Use open source wallets, reproducible builds, hashes and, of course, cold wallets. Also, divide; don’t put your money in one place; I would say that goes for banks too.
Deleted Comment