Recovery Seed Backup Devices

Magnum Wallet Suspended and Offline

I am still looking for a hardware wallet to work well with Pancake Swap.  I have a bunch of Trezors and Ledgers so I wanted to see if I could get a Ledger working with it.  I went to the Ledger website and it mentioned Magnum software wallet.  I hadn't heard of it so I went to the website to check it out.  The software is shut down.  It says that you can use a different wallet to access your funds.  It is a good think the Magnum wallet didn't use proprietary code and used a code that lets you pull the funds with another open source wallet.  What if that wasn't the case.  I have already been subject to two scams in the crypto world.  I narrowly missed losing money in the Pancake Bunny flash loan attack and now I realize that my wallet can go out of business at any time.

Unless you really know what you are doing, it is always safer to stick to Centralized exchanges like Coinbase, Kraken, and Binance.  If you lose a password with Coinbase, they can reset it for you and reverify you.  If you lose your wallet, you are screwed.  If you die and don't tell anyone your passwords, your money dies with you.  If you have a bank account, there is a procedure to make sure your next of kin get access to your account.

Crypto is for the brave.

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