It’s no secret that cryptocurrency exchanges have been hacked in the past. In fact, it’s estimated that over $1 billion worth of cryptocurrency has been stolen from exchanges since 2011. This has led many to ask the question, “is it safe to keep my crypto on an exchange?”
The short answer is no. If you want to keep your crypto safe, you need to store it in a cold storage wallet.
Cold storage wallets are offline wallets that are not connected to the internet. This makes them much more difficult to hack.
However, there are some risks associated with cold storage wallets. For example, if you lose your cold storage wallet, you will lose access to your crypto.
Additionally, if you don’t have a backup of your cold storage wallet, you could also lose your crypto if something happens to the wallet itself (e.g., it breaks or is lost).
Overall, the best way to keep your crypto safe is to store it in a cold storage wallet. However, there are some risks associated with this method.
If you decide to use a cold storage wallet, make sure you have a backup and be careful not to lose it.