oof.

Not just oof, but BIG OOF. These hacks are coming left and right. Crypto being stolen in every direction. It seems to happen so often now that there's a headline then everyone just goes back to whatever the fuck they were doing before. We've become numb to hacks as a market. That's all fine and dandy - but we have to be careful. Remember - not your keys, not your crypto.

There's been more hacks this year than I care to even try and look up. Most of them are exchanges. Why? Because the hackers know tons of money is stored on exchanges so that users have liquidity to trade. Make perfect sense. If I was a hacker, I'd go after smaller exchanges too. No surprise here. What really blows my mind though is that people continue to trust these centralized exchanged with large amounts of money then cry when they lose it to a hack. Don't get me wrong - have sympathy for anyone that loses money this way. But to some degree, it's your fault and you need to recognize that. You're not dealing with government dollars here. You're dealing with a new asset class that criminals want to steal from you.

Haven't we seen this happen enough to know not to store tons of money on centralized exchanges? Haven't people suffered enough losses? This is a little different than throwing your government dollars in the bank. When you do that, your money is secured by insurance and in the event of a hack (highly unlikely) you will be refunded. With crypto, no one is there to refund you unless that exchange decides to do so. At the end of the day, I feel like they should be held responsible to an extent. The users of these exchanges should be securing their crypto REGARDLESS if the exchange is doing the same. Why put $10000 on the exchange to sit there instead of in a hardware wallet where no one can hack it? Like seriously... Come on, sheeple.

The sum of money lost due to hacks just in the past couple months is staggering. What's even worse than throwing garbage bags full of cash into fire by putting it on a centralized exchange? Throwing it into the incinerator that is sketchy DeFi websites. This ain't new, kids. We see more and more DeFi websites and crypto websites pop up every single day. BadgerDao lost over $120 million in crypto because a team member fucked up and passed an approval to his contract in the website header. Why was this allowed to happen?

What's it going to take for people to store their crypto in safe places? Will they ever? Due to the "inconvenience" of needing another device to store your crypto securely, probably not. What's your security and privacy worth, though? Suck it up and spend the $100 to get yourself a Ledger Nano X. It's fucking wireless! Come on, how much easier can it get? It can store 100 different cryptos so no worry about compatibility.

$120 million not enough to convince you that you need to take responsibility for the security of your crypto? How about $600 million? Is it going to take over $1 billion in losses for people to get their heads out of their asses and take their financial security more seriously? Or are we actually just fucking dumb monkeys throwing money around like it's nothing?

via GIPHY

Not your keys, not your crypto.

Stay safe my frens.

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