Essential guide ·

Crypto security: how to protect your cryptocurrency.

In crypto, security is your responsibility. There's no bank to reverse a transaction, no customer support to recover your funds if you get scammed. This guide covers the security fundamentals every holder must know.

Rule number one

"Not your keys, not your coins." If you don't control your private keys, you don't control your crypto. When your funds sit on an exchange, the exchange holds your keys. The FTX collapse in 2022 brutally reminded everyone of this reality.

Private keys and recovery phrases

Your private key proves ownership. Your recovery phrase (seed phrase) is a series of 12 or 24 words that regenerates all your keys.

NEVER share your recovery phrase

No legitimate service will ever ask for your recovery phrase. If someone asks, it's a scam. If you lose it, you permanently lose access to your funds.

Best practices for your recovery phrase

Write it on paper (not digitally). Store it somewhere safe (vault, secure location). Make multiple copies in different places. Never photograph it. Never store it in a file, email, or cloud.

Types of wallets

Hot wallets (connected to internet)

Hot wallets (MetaMask, Trust Wallet, Phantom) are apps on your phone or browser. Convenient for daily transactions but more vulnerable as they're permanently connected.

Cold wallets / Hardware wallets

Hardware wallets (Ledger, Trezor) store your keys on a physical device disconnected from the internet. The most secure method for significant amounts.

Most common threats

Phishing, Fake sites or emails mimicking legitimate platforms to steal your credentials
Fake airdrops and giveaways, "Send us 0.1 ETH and receive 1 ETH back" is always a scam
Malware and keyloggers, Software recording your keystrokes or copying your clipboard
SIM swapping, Attackers taking control of your phone number to bypass SMS verification
Social engineering, Scams exploiting trust, urgency, or greed

FAQ

What is a private key?

A private key is a secret code proving you own your cryptocurrency. If you lose it, there's no way to recover it. Anyone with your private key controls your funds.

Hardware wallet or exchange?

A hardware wallet is more secure because your private keys are never exposed to the internet. An exchange is more convenient but means trusting a third party with your keys.

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Mentova Academy is an educational platform. This guide is informational and does not constitute professional security advice.