Trust in crypto has been badly rattled by FTX’s demise, but there are more ways than one to safeguard your assets
With the collapse of FTX, crypto is again in the spotlight as clients wonder if they’ll be able to get their crypto coins back. The issues are many and the facts will emerge in time, but it is yet another blow to the crypto landscape.
But if you’ve just lost your crypto coins due to a crypto brokerage going bust, your personal trust is likely to be badly shaken. You can back up your crypto coins onto a software wallet that would sit on your computer, but this still carries risk. What if your computer is stolen or hacked? Yes, your wallet would be password-protected and you would have backed up the software wallet into another device, ideally in the cloud.
I’ve been using the Ledger Nano S for the past couple of years and there is now a Plus version. The process of moving your coins off exchange and into the wallet is simple enough, with many YouTube videos offering help and guidance. There are, of course, many other wallets and you don’t really need anything fancy, just secure.
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