Self-Custody
For the highest level of security, we recommend self-custody of your digital assets with a hardware wallet.
Even if you decide to use a hot wallet, it is best to order a cold wallet and move your Smart Claim and/or crypto there for long-term storage.
Hardware Wallets
Self-custody of blockchain assets refers to personally managing and securing your digital assets with a hardware wallet--also called a cold wallet--such as cryptocurrencies or tokens, rather than relying on third-party services like exchanges. This approach gives you full control over your assets but also requires careful handling to minimize the risk of loss or theft. Here are some best practices for self-custody of blockchain assets:
Use a hardware wallet: A hardware wallet is a dedicated device that stores your private keys offline, reducing the risk of hacking or theft. Examples include Ledger, Trezor, and KeepKey. Always buy hardware wallets directly from the manufacturer to avoid tampered devices.
Keep backups: Create multiple backups of your private keys and recovery phrases. Store them in different secure locations, such as a safe deposit box, fireproof safe, or with trusted family members.
Secure your recovery phrase: Write down the recovery phrase or seed words associated with your wallet and store it safely. This phrase allows you to restore your wallet if the hardware wallet is lost or damaged. Never store this phrase digitally or share it with anyone.
Use strong, unique passwords: Use a strong and unique password for your hardware wallet and any associated accounts. Consider using a password manager to generate and store complex passwords.
Enable multi-factor authentication (MFA): Use MFA, such as biometrics, SMS, or an authentication app like Google Authenticator, to protect your accounts further.
Regularly update software and firmware: Keep your hardware wallet firmware and associated software updated to protect against vulnerabilities.
Separate assets: Consider using multiple wallets to diversify the risk of loss. For example, you might use a hardware wallet for long-term holdings and a mobile or desktop wallet for daily transactions. We recommend using a newly created, dedicated wallet for your Smart Claim(s).
Be cautious of phishing and scams: Be vigilant about potential scams or phishing attempts. Double-check URLs, emails, and addresses, and never share your private keys or recovery phrases with anyone.
Limit exposure: Don't publicize your blockchain asset holdings, as this can make you a target for theft.
Educate yourself: Continuously learn about blockchain and digital asset security to stay informed and aware of new threats and best practices.
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