Ripple CTO dey warn about hardware wallet phishing, $1.7B don chop
Ripple CTO David Schwartz dey warn say hardware wallet phishing don rise as bad guys dey send fake firmware updates plus urgent verification emails to steal seed phrases. Chainalysis data show say hardware wallet phishing make up over 80% of crypto theft for 2024, with worldwide loss pass $1.7 billion. As crypto market dey fall, investors dey move their assets go cold-storage stablecoins. Wallet makers Ledger and Trezor talk say dem no dey ask for seed phrases through email. Traders suppose verify all security alerts through official channels and no suppose enter seed phrases outside hardware device. Staying alert against hardware wallet phishing na the best way to protect yourself.
Bearish
Di increase for hardware wallet phishing dey, wey loss don pass $1.7 billion, don heighten security palava for crypto sector. Traders fit fall back from riskier assets, move fund inside stablecoins and cold storage. Dis defensive step fit reduce market liquidity and trading volumes, put short-term downward pressure on prices. For long term, if security wahala continue, e fit kill investor confidence and slow down adoption, make bearish feeling strong.