Crypto Expert Teng Urges Self-Custody Amid Rising Security Threats

Richard Teng, a prominent figure in the cryptocurrency industry, has emphasized the importance of self-custody and vigilance in ensuring the safety of digital assets. In a rapidly evolving industry plagued by hacks, phishing schemes, and exchange collapses, Teng underscores that trusting third-party services with one's digital wealth is increasingly risky. The decentralized nature of cryptocurrency empowers individuals to own and control their money, but this power comes with the responsibility of securing one's assets.

Teng highlights that self-custody in crypto means assuming sole ownership and control over private keys. When using centralized exchanges, users relinquish control of their assets to the exchange, making them vulnerable to breaches and collapses. Self-custodial wallets, whether hardware or software-based, allow users to hold and control their private keys, ensuring that no intermediary can access or lose their assets. However, this also means that users are solely responsible for the security of their assets.

Most security breaches in the crypto space originate from human error, such as clicking on fake links, sharing seed phrases, and falling for social engineering scams. Teng advises users to always verify links before clicking, double-check the authenticity of messages and platforms, and never share their seed phrase with anyone. These practices are crucial for maintaining the security of one's digital assets.

Teng also emphasizes the importance of using secure tools for storing private keys. Hardware wallets like Ledger or Trezor offer robust security by keeping keys offline. Multi-factor authentication and secure storage of seed phrases are additional measures that enhance wallet security. For mobile wallets, ensuring the phone is free from malware and keeping apps updated is essential. When interacting with decentralized apps (dApps), users should review permissions before confirming transactions.

As the cryptocurrency ecosystem matures, new tools are emerging to simplify self-custody without compromising safety. Social recovery wallets, smart contract-based multi-sig wallets, and biometric authentication are among the advancements in this area. However, user education remains the most powerful weapon against scams. Understanding how to protect one's assets is crucial, as human error can bypass even the most secure technology.

Teng concludes that there is no shortcut to security in the crypto space. True ownership of assets comes with the responsibility of securing them. Self-custody is not just a best practice but a necessity. By double-checking links, protecting seed phrases, and staying vigilant, users can build a solid foundation of crypto wallet security. The future of financial independence in the crypto space depends on how well individuals choose to protect their assets.