How to recover stolen cryptocurrency

  • Leaving it on an exchange: Your risk here is defined by the probability that this exchange will be hacked or be subject to new regulation. If you decide to go down this path, there are certainly better options than others. I know that the Coinbase team is doing a terrific job at keeping their assets secure. This does come with the drawback of users not being able to participate in certain airdrops, or not having access to new currencies from forks immediately, but I won’t delve into that topic here.
  • Being the custodian: Your risk here is defined by the likelihood of your seed phrase been stolen, or all replicas of it being permanently damaged/irrecoverable. Someone could also get the password for your given wallet and steal the hardware from you, in which case, unless you immediately get a new wallet, recover your keys from the passphrase, and transfer all of your assets out, they’ll all be soon gone. You could also lose your passphrase, as well as the password as it infamously happened to Wired writer Mark Frauenfelder in his epic tale of hacking his own wallet.

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