How Safe is Your Crypto Portfolio? [A Self-Audit]

[ifarmgirl]

NGRAVE has a short and free quiz that anyone can take as a self-audit regarding their crypto security. It's not a recent one but it came to my attention, thanks again to Onealfa who posted his result on threads. His result came out as a Legend!

How is it done?

There's a series of questions from simple and generic ones in the beginning to assessing your level of crypto custody (like how you split your crypto assets over exchanges, hot wallets, and cold wallets; how do you transact, where you store your seed phrases or backup keys etcetera). Your answers to them determine the level of your security profile.

It takes just approximately four minutes to complete and no personal data are asked - except for a few questions related to your country and age bracket.

I took the test and apparently, my security profile turned out to be "Professional." Here's a quote from the result:

Kudos, our dear friend. You can challenge most hackers and come out triumphant with your coins intact. Your research and experience have made you a crypto-security professional. However, you can still aim higher to become a Legend.¹

So it looks like the highest security profile is a "Legend" and it might have something to do with having a backup in metal plates and more.

---

Recommendations

After completing the quiz and submitting the result, they gave me the following advice for me to level up my crypto security:

• ❇️ One of my answers was that I store some funds (about 1% of my portfolio) on 2-3 exchanges for trading purposes. Hence, they suggested keeping an eye on those CEXs and reviewing their security. There's a platform called CER with a list of exchanges
  

• ❇️ Further, when it comes to exchanges, they also recommended using security features like 2FA (and having a backup of them) and whitelisting external addresses to which we occasionally send assets.
  
  

• ❇️ They also suggested that in case I am relying on SMS-based 2FA, I should consider using anti-SIM-swap providers. As far as I know, we don't have that here in the country.
  
  

• ❇️ I often use more than 3 hot wallets (MetaMask, THORWallet, XDEFI, Phantom, and yes, Keychain). They reminded me of the risks associated with them. They added that even exchanges that are said to be secure have been hacked in recent years. Cold wallets are a lot safer, they say.
  
  

• ❇️ Hardware wallets are still safer and they further recommended using high-quality cold wallets and being aware of the pitfalls of those too. "Are there still online attack vectors or phishing?" or "Is the key generation safe enough?"
  
  

• ❇️ They also mentioned using a more air-gapped and secure hardware wallet and considering multi-signature setups.

  I recently learned about air-gapped wallets while watching a hardware wallet review. Accordingly, they are designed to be offline (no internet connectivity, even Bluetooth or any wireless communication). They sign transactions offline and interact via QR Codes or micro-SD cards.

  Multi-sig is a storage setup that requires multiple signatures for one to be able to access funds and process a transaction, using 2 or 3 different hardware devices.²
  
  

• ❇️ Finally, since I answered that my keys and seed phrase backups are on paper, they recommended having one that is more resilient and recoverable even when I lose the backup itself.³

---

Personal Thoughts

I did learn from the short test and the recommendations I've been given. While we do our best to secure our hard-earned digital assets, scammers and bad actors are also leveling up their tactics and strategies. Therefore, we must continue to learn new ways to get ahead of them.

Losing our crypto (no matter the amount) is one thing we don't want to experience. Hence, we shouldn't be complacent, even when we think we have a high level of security in place.

If you are interested in learning about your own profile, go to NGRAVE and find out what measures you may still need to upgrade your crypto security.

_{For infotainment only.}

_{Images are linked directly to their sources. No copyright infringement intended. 19112023/11:00ph}

Posted Using InLeo Alpha

Comments

[owasco]

Oh how I would fail this test. I don't even know what much of this is! But thanks for providing me with a guide to stepping up my game.

[ifarmgirl]

Hehe, means we still need to improve and secure our assets better :)

!LADY

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[bitcoinflood]

Some of my wallets (from back in the day and random weird ones I've used) as so secure even I can't get in them 🤪

[ifarmgirl]

Haha, more like me forgetting where I saved or placed my keys 😂

[intishar]

I also saw that test but I have given them some wrong information 🤣🤣. I played it as a game 🤣.
Hmm. But I liked the suggestion which given at the end.
!PIZZA

[ifarmgirl]

Haha, you're wicked! Yes, I suppose one can play with it. Although I did it seriously because I was curious as to how I am doing, hehe

[intishar]

After buying a ledger cold walllet I will be serious like you🤣🤣.

[ifarmgirl]

Great plan, !LOLZ

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[les90]

I didn't see this quiz but it seems more interesting and fun to do this quiz 😁

[ifarmgirl]

You can try it too :) See how you are doing when it comes to securing your crypto hehe.

!LUV

[amiegeoffrey]

These are great suggestion given to know how safe our cryoto folio is, Cyber security is very important. Thanks for sharing.

[ifarmgirl]

That is true, Amie. We can never be too paranoid when it comes to securing our hard-earned assets

!LADY

[ladytoken]

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[rafzat]

I always make sure that I secure my crypto wallet to the fullest and that was why I was able to gain access to my Ecency account even after being robbed

[ifarmgirl]

Sorry to hear about your account being robbed but it's great that you knew what to do.

!LADY

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[ifarmgirl]

Thanks again :)

[mfontom]

Thank you for enlightening us on it. The fear of losing my crypto has crippled me in making more decisions concerning the few stuffs I have.

[the-lead]

Wao! This is good, one won't know things like this exist until we see it or told by someone

[ifarmgirl]

We learn things everyday :) Thanks to this space for allowing us to do that.

[the-lead]

Yeah right. This is in fact the best I have seen where you can learn alot of thing from anywhere around the world and also make new friends

[b-hive]

Oo nga. Medyo nakakatakot mga hacking sa exchanges.

[ifarmgirl]

True. D ko pa rin nawithdraw yung sa Binance haha. Parang mas madali kasi magtrade don. Pero need talaga. Mag iwan na lang siguro ng mga $500 pangtrading

[tahirmuneer]

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[lee1938]

#hive #posh

[lovinggirl]

[tahirmuneer]

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[djbravo]

We should not keep our money inside the exchanges at all because it can get hacked, it is better to keep our crypto inside the vaults where the chances are less.

[ifarmgirl]

That's very true. The golden rule still applies, not your keys, not your crypto :)

[djbravo]

Yeah you are right.

[junaidfazal]

[biyimi]

It is necessary with the way exchange is hacked, there is a need to secure our portfolio

[ifarmgirl]

Yes. We need to do our best to safeguard our assets.