MultiversX Tracker is Live!

Don't waste money on a hardware wallet that shares your seed phrase. Create your own "unhackable" vault. You already have everything you need.

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by COINS NEWS 98 Views

Nothing is unhackable, but this is pretty close.

I was listening to random Twitter spaces the other day, and this dude on Twitter, @M4573RCH was saying the best technique was to set up a multisig with 7 wallets which you own. It's a super pain in the butt, and it's going to take me like three hours today but I think it's worth it for the security and peace of mind.

First, type websites yourself. Don't click any links when dealing with your wallets. Don't even click the ones I'm putting in this message. You don't know me. Don't trust random Internet strangers trying to help others and get some them moons. Just don't. Also, actually DYOR and don't just take my word for it.

Guide:

Make sure to use the paper wallet process to create those. Those is just the first YouTube video that came up when I searched. https://youtu.be/MlqfxfrNERk

Myetherwallet.com is the site the video suggested to use to create a paper eth wallet.

Now do that six more times.

Put all 7 on a multisig, like a gnosis safe or equivalent, with 2 being required for signature.

Hide all the seed phrases in separate spots. This is your long term storage so don't keep those seed phrases together. Bank deposit box, hidden spot in house, other spots etc. Don't keep them all in the same building. This part is difficult yes, and not 100% realistic for everyone. But you get the idea, do do your best. If you had unlimited money, one seed phrase hidden in a bank vault, in an ancient unmapped underground city, guarded by Data from the Goonies style booty traps, each located on a different continent. So yes, just do your best.

Because of those signatures being needed, nothing can leave that multisig unless you really mean it.

Don't put these wallets on more than one device, ever. For example wallet A is on your computer, wallet B is on your phone. Wallets C - G are stored away never being in either of these devices. This is so someone couldn't access the vault by just having your phone and two wallets being on the phone. They need both things and if you want you can get a burner phone or device and require three sigs.

There is a caveat, certain wallets and vaults might have problems with staking, or other contract functions so you def need to ask the contract owner if they wrote it to interact with a gnosis safe. Not all do but it's starting to get incorporated into more contracts.

Stay safe everyone! LFG

submitted by /u/hg77
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