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Author Topic: Be careful of mobile wallets that holds private keys  (Read 40456 times)

Offline Freewallet

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Re: Be careful of mobile wallets that holds private keys
« Reply #15 on: September 20, 2019, 12:40:16 PM »

Quote
The point is you have complete control over other people's funds and that you can withhold them at anytime. The only way users can gain access again is by undergoing KYC procedure. That's something crypto exchanges do and not wallets.

It's not true that funds are being withheld and that this is done arbitrarily. In fact, the activity on a certain account is temporarily put on hold until we complete a fully AML-compliant procedure.
As per our Rules and Terms and a wallet service provider, we are entitled to conducting KYC and AML procedure.
« Last Edit: September 20, 2019, 01:49:12 PM by Freewallet »

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Re: Be careful of mobile wallets that holds private keys
« Reply #15 on: September 20, 2019, 12:40:16 PM »

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Offline Hobby1667

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Re: Be careful of mobile wallets that holds private keys
« Reply #16 on: September 20, 2019, 01:20:35 PM »
The point is you have complete control over other people's funds and that you can withhold them at anytime. The only way users can gain access again is by undergoing KYC procedure. That's something crypto exchanges do and not wallets.
And that's the fact, some asset storage services don't notify at the beginning (at least on the homepage of their site/app or notification popup when opening the app for the first time) that they will enforce KYC for asset withdrawals later. They even prefer to represent their features such as easy registration and deposit with attractive bonus offers rather than requirements that must pass by their users along with the consequences. I think it's a bit of a trap. However, the user's assets are the user's full rights.
Yea, no checks, no identification, only captcha. I don’t know, of course, I can’t vouch, but on normal resources, they take protection from bots, Spam, etc. very seriously.

Offline PurpleImp

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Re: Be careful of mobile wallets that holds private keys
« Reply #17 on: October 06, 2019, 01:31:29 AM »
Another thing to be careful is staking clouds. The same as you have just said with mobile wallets. If you do not control the keys you do not control the wallet and thus the coins within.
This is why I would rather save up for the master node myself or sometimes stake in a stake pool only for a short time till I have the needed coins.

Offline Fionn

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Re: Be careful of mobile wallets that holds private keys
« Reply #18 on: October 07, 2019, 10:16:14 AM »
most newbies are unaware of the fact, and share their private keys. threads like these should be maintained regularly for awareness.

Offline Hobby1667

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Re: Be careful of mobile wallets that holds private keys
« Reply #19 on: October 07, 2019, 05:14:02 PM »
Thank you for the information, it's helpful atleast Now I will know and where to operate a wallet.

Just imagine yourself giving a key to your room, where you store your valuable stuffs like cash, computers, etc., to someone else or a stranger. Can you imagine how dangerous that is? That is similar to wallets and exchanges having control of your private keys.
Yes, I am familiar with the case when my friend’s wallet data was hacked, knowing only his phone number. Fortunately, I managed to contact technical support and restore everything. But for him it was very scary ...
It’s good that you at least had time, many only get in touch, but there are no more funds ...

Offline Sue

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Re: Be careful of mobile wallets that holds private keys
« Reply #20 on: October 08, 2019, 08:28:52 PM »
It is always important to read carefully the use instruction before using, espcially download and using a mobile wallet. Before deposit coin/token, we need to know exactly and totally how to withdraw them.
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Offline SonyChristopher

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Re: Be careful of mobile wallets that holds private keys
« Reply #21 on: October 16, 2019, 01:43:03 PM »
For bounty hunters and airdrop mobile wallet hunters are not suitable because they are limited to using existing features. Better web wallets like Myetherwallet, can be accessed in many ways. But for the safest trader using a wallet exchager whose security is guaranteed like binance

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Re: Be careful of mobile wallets that holds private keys
« Reply #21 on: October 16, 2019, 01:43:03 PM »


Offline braincoin555

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Re: Be careful of mobile wallets that holds private keys
« Reply #22 on: October 17, 2019, 12:43:53 PM »
a very logical warning, are there really a lot of those who store differently? except with a private key.

Offline Kim A.

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Re: Be careful of mobile wallets that holds private keys
« Reply #23 on: October 18, 2019, 05:16:02 PM »
I still remember the hack of EtherDelta, an exchange requesting private key to support the transaction. Private key is ours and we don't need to give it to anyone else, especially on vulnerable mobile devices when accessing public wifi automatically. Keep private key in the safest place, because that is the key to our property.

Thank you for sharing useful information, in order to be conscious. ;) ;) It is really important.

Offline Altcoin1998$

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Re: Be careful of mobile wallets that holds private keys
« Reply #24 on: October 22, 2019, 03:58:45 PM »
Yes brother my Ethereum Wallet address already hacked due to the private key...
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Offline WhiskeyHoney

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Re: Be careful of mobile wallets that holds private keys
« Reply #25 on: October 24, 2019, 03:22:04 PM »
Thank you! Do you think it's better when a wallet is incorporated into exchange?

Offline FOPL

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Re: Be careful of mobile wallets that holds private keys
« Reply #26 on: December 10, 2019, 11:44:38 AM »
Right, When you are not ready to trade the best move is to move your funds to a non-custodial wallets. With these kind of wallet you control your private keys and you can easily switch wallets at anytime. So far, the best I have used is Atomic Wallet. It very safe, user friendly and have useful features like an inbuilt exchange, you also have the ability to buy BTC, ETH, BCH etc with your bank cards. it available on most Operating systems.

Offline bright4mech

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Re: Be careful of mobile wallets that holds private keys
« Reply #27 on: December 20, 2019, 12:09:25 PM »
I don't like using a mobile wallet, Since i have been hacked and i was newbie in the crypto platform, since then i learn my lesson and also went for more knowledge how to create a wallet that i can control the private key at any time i want to make a transaction without stress. 

Offline babu10

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Re: Be careful of mobile wallets that holds private keys
« Reply #28 on: January 02, 2020, 05:26:22 PM »
Yes if anyone wants to keep storage his wealth in a wallet, please keep stored it in which you have private keys. its your security that your wealth will not be stolen. There are some mobile wallet which has no private keys and you should avoid those must.

best of luck.

Online Zed0X

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Re: Be careful of mobile wallets that holds private keys
« Reply #29 on: January 11, 2020, 01:09:50 PM »
I don't like using a mobile wallet, Since i have been hacked and i was newbie in the crypto platform, since then i learn my lesson and also went for more knowledge how to create a wallet that i can control the private key at any time i want to make a transaction without stress.
So did you create your own wallet? There are actually plenty of existing non-custodial and open source mobile wallets that are good such as Electrum, Mycelium, and Samourai. The reason for your hack was probably an error on your side. It's unfortunate that some newbies lose funds out of inexperience but that shouldn't be a reason to pattronize or use custodial wallets that holds your PKs.

 

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