Thread by @OnrampBitcoin

Poor custody has resulted in ~$120B in crypto losses.

A thread on what to watch out for & how to keep your assets safe...

DeFi (decentralized finance) is the broad category of crypto projects and protocols aiming to replicate traditional finance functions through exotic blockchain applications.

But safety is lacking, with $5B in assets hacked in just 3 years of history

Exchange hacks have been a consistent part of the digital asset landscape since the beginning.

Mt. Gox was hacked in early 2014, losing ~800k bitcoin (then worth $480M, now would be worth ~$24B)

Crushing for customers with BTC stored on the exchange

On top of hacks, there are malicious Ponzi schemes & frauds. Most are designed to entice people to deposit their #bitcoin in promise of greater returns.

Investors lost $3.5B in Bitconnect, $3B in Plustoken, and $5.8B in Onetoken.

Recently, FTX defrauded users of $8B.

Bitcoin-only & self-custody in an onchain address safeguards against all of the above threats.

But many take on self-custody before they're ready.

3M #bitcoin, currently worth ~$90B, have been lost forever.

Make sure you (and your loved ones) don't end up a cautionary tale

Understand what group you're in:

1. Don't care if it gets hacked (leave on exchange)
2. Ready to secure cryptographic materials (self-custody)
3. Want best-in-class security, not ready for self-custody yet

We built Onramp for group #3.

Learn more about whether Onramp Bitcoin Trust could be the right fit for you or your network: onrampbitcoin.com

And be sure to sign up for our free Newsletter for weekly Bitcoin and market updates from @Croesus_BTC and @DylanLeClair_ onrampbitcoin.com/newsletter