⁉️Have you ever assumed that investing in cryptocurrencies through exchanges was a safe move? Think again.
Recent events, like the collapse of FTX, highlight the risks involved. Here are some key takeaways and recommendations:
1. Protecting Your Investments: To safeguard your investments, consider transferring excess funds to a private wallet where you have full control over your keys. This reduces your exposure to potential security threats and gives you greater peace of mind.
2. Importance of Self-Custody: The adage "Not your key, not your coins" underscores the importance of storing your own coins in a private wallet with sole control over the private key.
3. Risk Management: In the volatile crypto market, only invest what you can afford to lose. Before investing, understand the process, and learn how to use self-custody wallets.
Let's stay vigilant and take necessary precautions to protect our investments in the ever-changing crypto landscape.