A video surfaced on Twitter that should thrill self-custody adherents and inspire them to take better precautions in protecting their seeds. In the footage, recorded by the police body cam, Nevada cops are searching a suspect's car. One of the officers going through the driver's notes has trouble making sense of the scribblings. Then another one provides him with assistance. "Oh, this is that crypto shit. This is a… This is a crypto… ehm… phrase," he says. You can watch the whole scene in the video below.
Unsurprisingly, the video has gone viral. LOL factor aside, the recording serves as a grave reminder of how easily and unexpectedly you can compromise your crypto assets if you feel too secure with self-custody methods and ignore basic safeguards.
FTX failure and other disturbances in the crypto market prompted many users to ditch platforms and move their assets to cold storage. Trezor and Ledger, the biggest hard wallet providers, recently reported spikes in sales. At the same time, major crypto exchanges saw a decline in their cryptocurrency balance.
Self-custody has substantial advantages because it makes you the only person with access to your digital money. Unless, voluntarily or not, you provide that access to someone else. There are many ways you can keep your seed safe. One of them is splitting the phrase into a few parts and storing them in different locations. Another one is storing a private key, which grants access to a single address, rather than a seed phrase, which enables to access the entire crypto wallet.
The Nevada viral caught the attention of Changpeng Zhao, Binance CEO. CZ posted a tweet – or actually retweeted another tweet – advising how to keep your crypto assets safe and secure offline.
