Mishaboar, a popular Dogecoin (DOGE) developer has warned crypto enthusiasts about utilizing certain kinds of wallets for their crypto custody.
The Dogecoin Developer’s CounselÂ
He took to X to share information that he thought would benefit Dogecoin holders and the broader market. Mishaboar advised against holding huge amounts of digital assets in hot wallets. By all means, he thinks platforms like smartphone wallets, Telegram bots, and wallets should be avoided. Â
Dear #Dogecoin: whatever you are holding or trading, do not keep huge amounts of any crypto into hot wallets (e.g. smartphone wallets) – or, god forbid, telegram bots and wallets.
Store crypto you do not plan to trade in cold wallets, and remember to backup your seed phrase (my…
— Mishaboar (@mishaboar) July 21, 2024
Rather, he encouraged investors or traders to store crypto that they do not plan to trade in cold wallets. In the later part of his post, the Dogecoin developer urged his readers to backup their seed phrase. Mishaboar says one user could use three offline backups, if their living situation allows it.
All these statements are directed towards securing crypto traders and their assets, especially at a time when scammers are exploring different means to siphon assets.Â
Crypto Scams on the Rise
Last week, India’s largest cryptocurrency exchange WazirX lost about $234 million to scammers. There was a security breach on one of the exchange’s multisig wallets and the perpetrator successfully moved $100 million worth of Shiba Inu (SHIB) tokens, $52 million in Ethereum (ETH), $11 million in Polygon’s MATIC, and $6 million in PEPE.
Even Mt.Gox that has been making efforts to repay creditors who were affected by a hack on its platform, was recently tampered with. A few of the defunct exchange’s creditors reported cases of someone trying to log into their Mt.Gox accounts amid the ongoing Bitcoin repayment process.Â
The reports of unauthorized entry forced Mt.Gox to pull down its Claims portal temporarily.
It is obvious that Mishaboar’s advice of backing up seed phrases does not apply to the Dogecoin community alone. Other crypto enthusiasts are encouraged to adopt a viable means of securing their accounts and wallets.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
