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ChatGPT on Safeguarding Cryptocurrencies

January 6, 2023 - Web3rekt inquires ChatGPT about the best practices for safeguarding cryptocurrencies from losses. Some of the answers below may surprise you.

We submitted a chat inquiry of 'what are the best practices to safeguard cryptocurrencies from losses'. The AI provided a list of responses as follows:

  1. Use a hardware wallet: Hardware wallets are physical devices that store your cryptocurrency offline, which makes them less vulnerable to hacking.

  2. Enable two-factor authentication: This adds an extra layer of security to your account by requiring you to enter a code sent to your phone or email in addition to your password.

  3. Use strong, unique passwords: Avoid using the same password for multiple accounts, and make sure to use long, random passwords that are difficult to guess.

  4. Use a password manager: A password manager can help you generate and store strong, unique passwords for all of your accounts.

  5. Be cautious when clicking on links or downloading files: Be wary of phishing attacks, which are designed to trick you into giving away your login credentials or installing malware on your device.

  6. Keep your software up to date: Regularly updating your operating system and antivirus software can help protect your computer from security vulnerabilities.

  7. Keep your recovery phrases and private keys safe: Make sure to store your recovery phrases and private keys in a safe place, and don't share them with anyone.

  8. Use a trusted exchange: Do your research and choose a reputable exchange to buy and sell your cryptocurrencies on

We analyzed the results and color the responses green if the response is consistent with current practices since ChatGPT is 'fine-tuned from a model in the GPT-3.5 series, which finished training in early 2022.'

Item #4 is not recommended because you are likely to increase the attack surface for the threat actor into solutions that you do not have control over. We have seen this recently with the compromise of LastPass Password Manager. There are many dependencies in software modern development and they can also increase the attack surface beyond the control of the primary solution provider.

Item #8 is quite interesting considering of the failures of centralized and decentralized exchanges like FTX, Voyager, Celsius and others. Curious about what the 2022 Crypto Graveyard for centralized exchanges look like? Here is the list courtesy of

Our prediction is that Item #8 will be untrained from the response in the future as a best practice as more data are inputted for finer-tuning of ChatAPT.

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