A friend‘s Coinbase account was hacked yesterday. Hopefully they will get their money back.

00:02 hey everyone a friend reached out to me 00:03 yesterday because their coinbase account 00:05 had just been hacked uh they did 00:07 everything right is as well as uh I can 00:10 understand it and they can understand it 00:11 they walked me through their security 00:13 protocol they had two-factor 00:14 authentication set up but somehow 00:17 someway hackers either got access to 00:20 their password manager or they got 00:22 access to their uh you know got 00:26 something plugged in to the ecosystem 00:28 that would allow them to get text 00:29 messages with the two-factor 00:30 authentication code we don't know I 00:32 don't know they don't know um anyway but 00:36 hopefully they will get their money back 00:38 uh coinbase uh tried to uh to stop the 00:42 withdrawals and it looks like they did 00:44 so hopefully you know fingers cross say 00:47 a prayer you know that they will get 00:49 their funds back I think there's a you 00:51 know good very good chance they will get 00:53 their funds back so that's very good and 00:54 coinbase said they caught it in time 00:56 that they should be able to return those 00:58 funds so I think there's a you know 00:60 close 100% chance they will get their 01:01 funds back but that whole L deal is not 01:04 something anyone wants to go through you 01:06 do not want to wake up in the morning 01:08 reach over grab your phone and realize 01:11 that you have an email one email that's 01:13 saying says you just sold all your 01:15 Bitcoin to US dollar a second email 01:17 saying you just added a bank account 01:20 that you don't recognize to your 01:21 coinbase account a third email saying 01:23 you just added a second bank account you 01:25 don't recognize to your coinbase account 01:28 a fourth email saying you have with 01:30 withdrawn all of your funds to these two 01:32 bank accounts and all those email alerts 01:35 uh coming from coinbase because the 01:37 account got hacked um and then you log 01:39 in and yep right there it is like you 01:42 know the Bitcoin was Li liquidated and 01:44 the withdrawals have started now again 01:46 coinbase looks like they were able to to 01:48 stop it in time to to block the 01:50 withdrawals before they actually 01:52 processed but that's just not something 01:54 anybody wants to have to deal with so 01:56 what is the answer to all that well glad 01:58 you asked that is why bitkey exists bit 02:02 keyworld bit keyworld the link is in you 02:06 know the video description so bitkey 02:08 helps you secure your Bitcoin and it 02:10 does that in two ways uh one it keeps H 02:13 hackers and scammers from getting a hold 02:14 of it but also and very importantly it 02:18 also puts your Bitcoin 100% in your own 02:21 control which means nobody can block you 02:24 from sending transactions not only can 02:26 your Bitcoin not be taken away by Hammer 02:29 uh scammers and hackers also it cannot 02:33 be taken away by you know people who 02:36 accuse you of wrongdoing when you didn't 02:38 do it or you know you can't have your 02:40 account Frozen or you can't have you 02:42 know your account shut down arbitrarily 02:44 so it just it just lets you be your own 02:48 bank and it's just super important that 02:50 if you have Bitcoin and you have a 02:52 decent amount of Bitcoin it is 02:54 absolutely vital in my opinion that you 02:57 have that Bitcoin in your control if 02:59 somebody calls me and says something bad 03:01 happened if it was on if their Bitcoin 03:03 was on bit key I know we're good there's 03:06 just there's no way a hacker or a 03:07 scammer is going to get your Bitcoin on 03:09 bitkey unless they sweet talk you into 03:12 sending it to them which is obviously 03:14 very difficult to do it is much more 03:16 difficult to sweet talk someone into 03:18 sending their Bitcoin to a scammer than 03:20 it is to compromise an account or to 03:23 trick somebody into giving access their 03:25 to their account so with bitkey it's 03:27 very clear if you're sending the Bitcoin 03:29 somewhere else it's very clear that's 03:31 what you're doing um additionally I get 03:33 questions uh now and then give me one 03:35 second 03:39 here about where to store a bit key 03:42 device so if you have enough Bitcoin 03:45 that sort of it really matters and you 03:47 want to sort of make it harder for 03:48 somebody to get to it I recommend you 03:50 store it somewhere safe and secure like 03:53 the safe a safe deposit box at a bank 03:55 most banks will give you a safe deposit 03:57 box for something like $30 a year that's 04:00 like $2 maybe $3 a month to have a safe 04:03 deposit box and the benefit of a safe 04:06 deposit box is your bit key is not with 04:08 you now you can set up a transfer limit 04:10 that you can uh transfer without your 04:12 bit key so for example you can say look 04:15 you know Le let's use a random number 04:17 let's say you have $110,000 a Bitcoin 04:20 and let's say that the most you would 04:21 ever want to transfer at one time is 04:25 maybe $500 or $1,000 well you can 04:28 actually set up your bit key with a $500 04:30 daily transfer limit that you know where 04:33 you don't where you can transfer that 04:34 without having the bit key device that 04:36 way even though bit key is essentially 04:39 impossible for scammers or hackers to 04:41 get a hold of if somehow something bad 04:43 happens the most you would ever lose 04:45 like let's say somebody holds you up at 04:47 a gas station and says send me Bitcoin 04:49 and hand me your wallet and I'm going to 04:51 take your money or whatever well the 04:52 most you can possibly send them with 04:55 your phone is 04:56 $500 and if you need to move more than 04:59 $500 you can either go get your bit key 05:02 from a safe deposit box at a bank or 05:04 from a friend's house in a gun safe or 05:08 somewhere else that's super secure 05:09 that's just not where you are um that 05:12 helps for a couple reasons one if 05:14 somebody calls you out of the blue and 05:15 tries to sweet talk you claiming your 05:17 accounts been hacked and you need to 05:19 move your funds over to a secure account 05:21 or they claim they're from coinbase and 05:23 they want you to move your funds quote 05:26 back to coinbase which of course just 05:28 means they're scamming or in you you 05:31 have the ability in that situation to 05:32 say well I can't do that the most of my 05:34 $110,000 I can move is 05:36 $500 and uh otherwise you have to go to 05:39 the bank and get your bit key and all 05:40 that and in the process of doing that 05:42 you're probably going to have the bright 05:43 idea wait a second I might be talking to 05:45 a scammer like this is crazy or if it's 05:48 a night or a weekend which is when uh 05:50 scammers typically call people um it's 05:53 like well I can't even go get my bit key 05:55 because it's at a safe deposit box and 05:57 the bank is closed so there's a lot of 05:59 ways to secure your wealth bit key is by 06:03 far the best way to do it and especially 06:05 if you keep your bit key in a safe 06:07 deposit box at a bank or at a friend's 06:09 house or something like that then it's 06:11 just one extra layer of security because 06:14 even you can't get a hold of your 06:16 Bitcoin immediately it requires you to 06:19 travel somewhere now in my case I have 06:22 an extremely elaborate setup that 06:24 involves dogs and armed guards and a 06:26 bunch of crazy stuff that uh I'm not 06:28 going to go into so you can go crazy 06:31 with your setup uh with you know just 06:33 making it very very very difficult for 06:36 you yourself to get access to your own 06:38 bit key and forcing someone who wants it 06:40 to uh run a gauntlet of you know 06:44 everything from armed concealed carry to 06:46 armed guards to dogs to you know 06:49 biometric identification like you can 06:51 really sort of get carried away with it 06:53 but uh for the average person you know 06:55 that is just trying to secure their bit 06:57 their Bitcoin it's super simple here's 06:59 the bit key device 07:00 if you keep it at your house it's safe 07:02 from scammers and hackers if you keep it 07:04 somewhere other than your house it's 07:06 even safe for people who break in while 07:08 you're at home and if they break in 07:10 while you're not at home it doesn't 07:11 matter because the bit the bit key 07:12 device has a fingerprint reader on it 07:14 anyway so they can't do anything with it 07:16 so uh scammers and hackers are 07:18 everywhere way more prevalent you have 07:21 to worry about scammers and hackers way 07:23 way way more than you have to worry 07:24 about anything else with your Bitcoin um 07:28 I would say scammers and hackers are by 07:30 far the number one threat to bitcoin 07:32 right now way way way way way way way 07:35 down the list is that you might get your 07:37 account Frozen if you're storing your 07:39 Bitcoin at coinbase or gemini or Kraken 07:42 or any of the other exchanges and then 07:45 way way way way way way way down the 07:47 list below that is that there's any sort 07:49 of a a threat of a physical attack or 07:51 somebody holds you up at a gas station 07:53 or you know whatever it is that people 07:55 do to steal wallets these days in the 07:57 real world um but bit keyth thought of 07:59 all that you can set that daily spending 08:01 limit where you say look if I need if 08:03 you got $10,000 Bitcoin you can move you 08:05 can set it say I can move $500 a day if 08:08 you don't ever want to go to the bank 08:10 you can move your entire $10,000 over 08:12 the course of 20 days but if somehow 08:15 something bad happens and you get again 08:17 held up at a gas station even though 08:18 that's not going to happen to you then 08:20 the most you can possibly transfer is 08:22 $500 so the vast majority of your 08:25 Bitcoin is safe because you can only do 08:27 that much a day and let's say you have a 08:29 car repair and you need to liquidate 08:30 $1,000 of Bitcoin to do it great it only 08:33 takes you two days to do that you 08:35 transfer $500 a Bitcoin and then you 08:37 wait 24 hours and as soon as you pass 08:39 one minute past 24 hours you can 08:42 transfer another $500 so bit key is a 08:45 very brilliant way of making it your 08:47 Bitcoin very secure making it easy to 08:50 get to whatever amount you want to be 08:52 able to get to um you know on a daily 08:55 limit basis but requiring you to have 08:58 physical access to touch the device to 09:00 move a lot of Bitcoin again it's just a 09:02 brilliant way of securing your Bitcoin 09:04 from scammers and hackers and as long as 09:08 your Bitcoin is not your bit key is not 09:10 with you and obviously you should not 09:11 carry it with you on your person because 09:13 the whole point is you don't do that so 09:15 it should not be in your car it should 09:16 not be on your person so that protects 09:18 you from when you're out and about 09:20 because you literally don't even have it 09:21 with you and if you're worried if you 09:23 live in a you know bad part of town and 09:25 you're worried about getting held up at 09:26 home great then just keep your bit key 09:29 not at home keep it in at a you know at 09:31 a friend's house or at a you know if one 09:33 of your friends is super into the Second 09:35 Amendment and would love the chance to 09:37 uh to intercede on your behalf with a 09:39 bad guy if they got a gun safe keep it 09:42 there or keep it just somewhere a safe 09:45 deposit box at a bank is a great 09:46 opportunity or a great option because 09:49 safe deposits at a bank require you to 09:51 come in show ID and uh obviously banks 09:54 have armed security cameras and all that 09:56 sort of thing so please secure your 09:58 Bitcoin with bit ke it is worth it it's 10:01 only 10:01 $150 and it absolutely POS positively 10:04 guarantees that your Bitcoin is not 10:07 going to get scammed and it's not going 10:08 to get hacked and it's just all around 10:10 way better to do that so happy Bitcoin 10:13 everyone and if you need help you know 10:15 with any of this please let me know I am 10:17 here to help and everything I do is 10:19 always free have a great day everyone 10:20 thanks