Cybersecurity for Crypto Assets

Self-Custody Best Practices for Safeguarding Your Crypto Assets from Online Scams

Self-custody is great, but only with your responsibility. Otherwise, it will be the worst!

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Imagine you just lost $1 million worth of crypto assets because of a mistake you made! What are your feelings?

With recent events like the Bybit security incident of the $1.4B hack, it’s more important than ever to understand how to keep your crypto safe!

After reading this article, you will learn best practices for self-custody so that hackers will never be able to steal your valuable crypto assets.

Let’s get started!

What is self-custody in crypto?

Self-custody, in the context of cryptocurrency, has two meanings.

1. Self-custody means ‘true ownership’ of your crypto assets. You ‘truly’ own and manage the private keys of your crypto assets.
2. Self-custody also implies ‘responsibility’. You should be responsible for securing your private keys and the seed phrase.

To explain self-custody in a single sentence, I have the following definition.