The Importance of Safety When Using Self-Custody Platforms

Safety is one of the most important topics of the crypto sphere, and with good reason. Even the most significant self-custody platforms, such as OpenSea, are vulnerable to malicious behavior and attacks. Read on to find out why security should be your number one priority, and learn from a recent, serious phishing attempt on OpenSea. What does self-custody mean? Essentially, self-custody in crypto refers to holders’ sole responsibility to handle and store their information data such as private keys. Consequently, a self-custody platform does not keep any kind of record of private keys, and thus delegates the task of safeguarding them to key owners. About the OpenSea phishing attack Phishing is a type of malicious activity that manipulates the victim into sharing confidential credentials or information, mostly by fake communication. Phishing is a serious threat even today, and it’s also one of the hardest attacks to discover, as it’s disguised as ordinary messaging. To demonstrate how real this issue is, here’s the recent case of OpenSea, one of the most important Non-Fungible Token (NFT) marketplaces of its time. According to official sources, the phishing attack influenced 32 platform users, who actually suffered damages to their holdings because of the event. The company’s CEO, David Finzer, highlighted that the attack is likely not directly connected to OpenSea’s platform, and users signed the malicious action elements somew...