Doge Team Alerts DOGE Army to Safeguard Their Cryptocurrencies
The Dogecoin team issued a warning to the Dogecoin community, emphasizing the importance of self-custody, advising users to store their cryptocurrency in wallets not linked to exchanges or third-party platforms.
- Dogecoin officials emphasize the importance of self-custody in crypto storage.
- Rising “questionable activities” on centralized and DeFi platforms trigger warning.
- “Not your keys, not your coins” concept reiterated amidst an “extended crypto winter.”
- A list of secure wallets and decentralized exchanges (DEXes) is shared with the community.
In a crucial alert to the Dogecoin community, or “DOGE Army,” the Dogecoin team has issued a potent warning regarding the storage of cryptocurrency on X social network, accentuating the imperative of self-custody—retaining crypto in personal wallets not connected to exchanges or other third-party platforms. The timely reminder, draped in the often-recited phrase “Not Your Keys, Not Your Coins,” underscores a notable concern amidst what the DOGE team delineates as “this extended crypto winter.”
Pointedly, the Dogecoin X account casts light on a heightened level of “questionable activities” emanating from various centralized exchanges and DeFi platforms. Such platforms, showcasing “shady behavior,” inadvertently expose average users to the unwanted risk of “funding illicit and controversial sociopolitical or criminal schemes.” Dogecoin, which emblematically stands for “having fun, memes, doing good, community, and ubiquitous access,” has reiterated the pressing need for the community to “keep watch and keep custody over their assets whenever they can,” as the ownership of keys (or phrases) is pivotal to asserting ownership of the coins.
The announcement doesn’t halt at warnings but proceeds to share a list of crypto wallets deemed secure for Shibes to guard their digital assets, including Dogecoin Core, MyDoge, Coinbase self-custody wallet, and Trezor. Also, a curated list of decentralized exchanges (DEXes) adept for safe crypto holding is disclosed, though Shibes are encouraged to execute their own research into additional wallets and DEXes.
— U.Today (@Utoday_en) October 11, 2023
The burgeoning realm of cryptocurrencies has, on numerous occasions, been blemished by the malignant activities of certain platforms, sometimes bleeding into the realm of user asset security. The emphasis by the Dogecoin team on self-custody doesn’t just stand as a mere warning but, more broadly, as an advisement for crypto users across different currencies to stay vigilant. Amidst the technological advantages that blockchain brings, it is pivotal that users do not lose sight of the intrinsic value and the necessity of ownership veracity in the digital space. The “Not Your Keys, Not Your Coins” mantra doesn’t just serve as a guideline but should be imbibed as a fundamental principle in the navigation of the crypto universe, especially in eras where vulnerabilities might be heightened, such as the current extended crypto winter.