Hacks are becoming more common; diversity is essential!

One thing appears to be true despite the constantly changing crypto environment: diversification is our best defense. Confidence is a scarce resource; money is eroded by inflation, centralized exchanges (CEXs) are riddled with flaws, and hardware wallets are vulnerable to cyberattacks.

Shielding oneself starts with ditching questionable projects. Establishing fortress-like defenses involves crafting complex, regularly updated passwords and implementing two-factor authentication (2FA). Relying on verified and trusted services forms yet another layer of defense.

Personally, I find solace in using Metamask and Trust, steering clear of wallets with questionable names like BROTOLDMETHISISTHEBESTWALLET.YO – because, let’s face it, that screams “red flag.”

Now, a suspected hack has ruffled feathers, affecting me personally as the related token plummeted by 90%. My holdings nosedived from $0.63 to $0.07. Sure, losing $0.50 may seem inconsequential, but the impact on GoodDollar stirs mixed emotions.

The sadness isn’t just about the pocket change; it runs deeper. I know people working at GoodDollar, especially one from our shared history in a different project. Moreover, the concept of crypto-based Universal Basic Income (UBI) that GoodDollar champions strikes a chord with me.

As of now, GoodDollar remains tight-lipped about the suspected hack. However, ominous signs loom large – the GoodDollar wallet echoes an unmistakable message: “there’s been a security breach, the app will be disabled until further notice.”

Security Breach

The value of G$ plummeted by 90%, hinting at a tumultuous event between 2:40 AM and 3:50 AM, deduced from a spike in blockchain activity.

Hopes for GoodDollar’s recovery persist, and I also hope more projects emerge with robust use cases for crypto-based UBIs.

In the meantime, my only recourse is to fortify my defenses through further diversification. How, you ask? I’m stocking up on more beer.

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