Crypto Safety

The past week has been brutal for almost everyone in the crypto/Web3/NFT space. We are sure many are quite surprised at the recent turn of events and find themselves wondering “Well what happens now?”  We wanted to take some time to write up some thoughts on how to handle the market and what we are personally doing to prepare for what is to come.

The FTX Chaos

First of all, if any of you were impacted by the FTX situation or know someone who was, our hearts and prayers are with you.  This is another harsh reminder to fully disconnect from FTX and delete any apps, etc.

If you, unfortunately, were impacted by the FTX situation we want to get one thing out there, the "I need to make it back" mindset will kill your entire portfolio or whatever is left of it. It is a harsh reality and although it may seem bleak just remember it will be okay, the best thing to do is to rebuild slowly and get yourself into a comfortable position. Take a step back, wait for the market to settle a bit, and find a nice time to re-enter.  The FTX situation will have some ripple effects, dust still needs to settle on the situation, and rushing to make back lost investments carries an extremely high risk of digging a further hole.

That being said, this will pass. It might take weeks, months, or a year. NO one knows how long it will take. If you are extremely over-invested, consider rotating some of your holdings into a safe place to store your assets. As the saying goes not your keys not your coins. More on this below.

Do not rush any trades, don't do anything stupid. Take some time off. Go see family, loved ones, friends. Do anything that will increase your mental health and pass a little time.

Crypto Wallets

If there is one takeaway from this FTX situation you should remember “Not your keys, not your crypto.” And what we mean by this is to HAVE CONTROL OF YOUR ASSETS AND INVEST IN A COLD WALLET. If you have your money on any exchanges, we cannot recommend it enough that you look into getting a cold wallet, popular choices for this include Ledger, and Trezor.  Remember to ONLY get this from their official websites. Keep your valuables in a cold wallet while minting from “hot wallets” (metamask, etc). IT IS KEY TO HAVE CONTROL OF YOUR ASSETS.

What is a hot wallet? Hot wallets are web-based wallets, mobile wallets, and desktop wallets.  In hot wallets, private keys are stored and encrypted on the app itself, which is kept online. Using a hot wallet can be risky because computer networks have hidden vulnerabilities that can be targeted by hackers or malware programs to break into the system. Keeping large amounts of cryptocurrency in a hot wallet is a fundamentally poor security practice, but the risks can be mitigated by using a hot wallet with stronger encryption, or by using devices that store private keys in a secure enclave.  These wallets will be your HIGH RISK/MINTING/DEGEN wallets. Use these designated wallets to mint from and only fund them appropriate gas fees from your cold wallet or LOWER RISK wallet.

What is a cold wallet? Cold wallets are hardware wallets such as Ledger, Trezor, etc.  A hardware wallet is an external device (usually a USB or Bluetooth device) that stores your keys. You can only sign a transaction by pushing a physical button on the device, which malicious actors cannot control. For any cryptocurrency assets that you do not need instant access to, the best practice is to store them offline in a cold wallet. However, you should note that this also means that securing your assets is entirely your own responsibility. So it’s up to you to make sure that you don’t lose it or have it stolen!  These wallets will be your low risk/long term holds and should hold your most valuable assets and or 99% of your crypto assets.

Zunkz Classroom

If you are interested in learning more about Crypto safety, NFT trading, and the overall market, Zunkz hosts a weekly classroom on Wednesdays @ 7pm EST in Discord that is open to the public. During these classroom sessions, we go over different topics like, market conditions, trending topics, trading tools, crypto safety, and any questions that the attendees may have.  Whether you are brand new to the Web3/NFTs or an experienced trader, these classrooms are a great way to share knowledge and learn from others who have great experience in the space.

Was the Zunkz project impacted?

As for the Zunkz, we will continue to build, and continue to do what we think is best for the community. We would also like to take this chance to be transparent with the community and assure you that the Zunkz were not affected by the FTX situation in any form and remain in a very comfortable position. We are excited to move forward and build within the bear, we cannot wait to show you what's to come.

Crypto Safety

The past week has been brutal for almost everyone in the crypto/Web3/NFT space. We are sure many are quite surprised at the recent turn of events and find themselves wondering “Well what happens now?”  We wanted to take some time to write up some thoughts on how to handle the market and what we are personally doing to prepare for what is to come.

The FTX Chaos

First of all, if any of you were impacted by the FTX situation or know someone who was, our hearts and prayers are with you.  This is another harsh reminder to fully disconnect from FTX and delete any apps, etc.

If you, unfortunately, were impacted by the FTX situation we want to get one thing out there, the "I need to make it back" mindset will kill your entire portfolio or whatever is left of it. It is a harsh reality and although it may seem bleak just remember it will be okay, the best thing to do is to rebuild slowly and get yourself into a comfortable position. Take a step back, wait for the market to settle a bit, and find a nice time to re-enter.  The FTX situation will have some ripple effects, dust still needs to settle on the situation, and rushing to make back lost investments carries an extremely high risk of digging a further hole.

That being said, this will pass. It might take weeks, months, or a year. NO one knows how long it will take. If you are extremely over-invested, consider rotating some of your holdings into a safe place to store your assets. As the saying goes not your keys not your coins. More on this below.

Do not rush any trades, don't do anything stupid. Take some time off. Go see family, loved ones, friends. Do anything that will increase your mental health and pass a little time.

Crypto Wallets

If there is one takeaway from this FTX situation you should remember “Not your keys, not your crypto.” And what we mean by this is to HAVE CONTROL OF YOUR ASSETS AND INVEST IN A COLD WALLET. If you have your money on any exchanges, we cannot recommend it enough that you look into getting a cold wallet, popular choices for this include Ledger, and Trezor.  Remember to ONLY get this from their official websites. Keep your valuables in a cold wallet while minting from “hot wallets” (metamask, etc). IT IS KEY TO HAVE CONTROL OF YOUR ASSETS.

What is a hot wallet? Hot wallets are web-based wallets, mobile wallets, and desktop wallets.  In hot wallets, private keys are stored and encrypted on the app itself, which is kept online. Using a hot wallet can be risky because computer networks have hidden vulnerabilities that can be targeted by hackers or malware programs to break into the system. Keeping large amounts of cryptocurrency in a hot wallet is a fundamentally poor security practice, but the risks can be mitigated by using a hot wallet with stronger encryption, or by using devices that store private keys in a secure enclave.  These wallets will be your HIGH RISK/MINTING/DEGEN wallets. Use these designated wallets to mint from and only fund them appropriate gas fees from your cold wallet or LOWER RISK wallet.

What is a cold wallet? Cold wallets are hardware wallets such as Ledger, Trezor, etc.  A hardware wallet is an external device (usually a USB or Bluetooth device) that stores your keys. You can only sign a transaction by pushing a physical button on the device, which malicious actors cannot control. For any cryptocurrency assets that you do not need instant access to, the best practice is to store them offline in a cold wallet. However, you should note that this also means that securing your assets is entirely your own responsibility. So it’s up to you to make sure that you don’t lose it or have it stolen!  These wallets will be your low risk/long term holds and should hold your most valuable assets and or 99% of your crypto assets.

Zunkz Classroom

If you are interested in learning more about Crypto safety, NFT trading, and the overall market, Zunkz hosts a weekly classroom on Wednesdays @ 7pm EST in Discord that is open to the public. During these classroom sessions, we go over different topics like, market conditions, trending topics, trading tools, crypto safety, and any questions that the attendees may have.  Whether you are brand new to the Web3/NFTs or an experienced trader, these classrooms are a great way to share knowledge and learn from others who have great experience in the space.

Was the Zunkz project impacted?

As for the Zunkz, we will continue to build, and continue to do what we think is best for the community. We would also like to take this chance to be transparent with the community and assure you that the Zunkz were not affected by the FTX situation in any form and remain in a very comfortable position. We are excited to move forward and build within the bear, we cannot wait to show you what's to come.