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Use a hardware wallet. This is not news, user got phished.

Blackstone4 5y ago
Is it not news?! If crypto is really the future, then surely would not the majority of the non-technical population prefer to keep their assets with a trusted third party like Coinbase? If everyone keeps their savings at home on a device offline, then surely that would lead to a rise in break-ins and burglaries?!
- DennisP 5y ago
  If you give someone access to your bank or brokerage account, you can lose money that way too. That's all that happened here. Stealing a hardware wallet wouldn't help a burglar. They'd get three PIN attempts and then the device wipes itself. It's important to keep the seed words too but those can go in a safe deposit box.
  - Blackstone4 5y ago
    Yes I agree which is why online safety is important. Surely would the need to place items in safe deposit boxes not lead to an increase in break-ins? Hostage situations? Which I why I think online banking will remaing in place. Ability to revert transatctions and safety
    - DennisP 5y ago
      People have been keeping valuables in safe deposit boxes since long before crypto was invented. As for ability to reverse transactions, wire fraud is actually a huge problem. People buying houses get an email with wire instructions, don't verify it, send the money, and it's gone. Fraudsters call up businesses, convince them to send a wire, and the money's gone. It happens a lot, and unless you discover the fraud immediately, there's usually no way to get your money back, it gets forwarded to fake accounts around the world and withdrawn. https://money.com/real-estate-wire-fraud-scam-covid-tips/ https://money.com/real-estate-wire-fraud-scam-covid-tips/ https://www.bankofthepacific.com/customer-support/quick-tips/everything-business-needs-to-know/ https://www.bankofthepacific.com/customer-support/quick-tips... https://www.atg.wa.gov/wire-transfer-scams https://www.atg.wa.gov/wire-transfer-scams

Is it not news?! If crypto is really the future, then surely would not the majority of the non-technical population prefer to keep their assets with a trusted third party like Coinbase? If everyone keeps their savings at home on a device offline, then surely that would lead to a rise in break-ins and burglaries?!

DennisP 5y ago
If you give someone access to your bank or brokerage account, you can lose money that way too. That's all that happened here. Stealing a hardware wallet wouldn't help a burglar. They'd get three PIN attempts and then the device wipes itself. It's important to keep the seed words too but those can go in a safe deposit box.
- Blackstone4 5y ago
  Yes I agree which is why online safety is important. Surely would the need to place items in safe deposit boxes not lead to an increase in break-ins? Hostage situations? Which I why I think online banking will remaing in place. Ability to revert transatctions and safety
  - DennisP 5y ago
    People have been keeping valuables in safe deposit boxes since long before crypto was invented. As for ability to reverse transactions, wire fraud is actually a huge problem. People buying houses get an email with wire instructions, don't verify it, send the money, and it's gone. Fraudsters call up businesses, convince them to send a wire, and the money's gone. It happens a lot, and unless you discover the fraud immediately, there's usually no way to get your money back, it gets forwarded to fake accounts around the world and withdrawn. https://money.com/real-estate-wire-fraud-scam-covid-tips/ https://money.com/real-estate-wire-fraud-scam-covid-tips/ https://www.bankofthepacific.com/customer-support/quick-tips/everything-business-needs-to-know/ https://www.bankofthepacific.com/customer-support/quick-tips... https://www.atg.wa.gov/wire-transfer-scams https://www.atg.wa.gov/wire-transfer-scams