What is the role of the seed phrase in a self-custody wallet?

It serves as a public address for transactions.

It is the secret password that grants full access to your assets.

It is a secondary backup key for your account.

It verifies blockchain transactions.

Why are cold wallets better suited for long-term storage?

They are more convenient to use.

They are stored offline, reducing exposure to hacking.

They use QR codes for faster transactions.

They are automatically backed up online.

What type of wallet is more vulnerable to hacking?

Hot wallet

Cold wallet

Gucci wallet

Leather wallet

Which is a feature unique to cold wallets compared to hot wallets?

They allow real-time transactions.

They require a physical device for access.

They are much faster.

They connect directly to the blockchain online.

What should you avoid doing with your seed phrase?

Writing it down in a notebook and storing it securely.

Saving it in an online document for easy access.

Keeping it in a physical safe.

Memorizing it as an additional safety measure.

What is one benefit of using hot wallets like OKX Wallet or Trust Wallet?

They are better for long-term storage.

They are easy to access and beginner-friendly.

They are immune to hacking attempts.

They do not require an internet connection.

What is one downside of using a cold wallet?

They are vulnerable to online phishing scams.

They are difficult to set up for long-term storage.

They allow access from multiple locations.

They are expensive to buy.

Which is NOT a recommended best practice for securing self-custody wallets?

Using strong passwords and 2FA for online accounts.

Purchasing hardware wallets from unofficial sellers.

Staying informed about the latest crypto scams.

Disconnecting wallets from shared devices.

Vitalik recently set up an OKX Wallet. He gets an email from "Wallet Support" asking for his private key to resolve an issue. What should Vitalik do?

Reply to the email with his private key to solve the problem.

Click on the link in the email to verify his wallet.

Share the email with his friends to see if they have experienced similar issues.

Ignore the email and verify his account only through the OKX Wallet app.

CZ bought a new Ledger hardware wallet from an online seller. Upon setting it up, he finds it preloaded with a seed phrase. What should CZ do?

Use the wallet and seed phrase as provided.

Stop using the wallet and contact Ledger’s official support.

Set a new password to secure the preloaded wallet.

Transfer all his assets into the wallet immediately.

Self-Custody Solutions

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