According to Milk Road, traders are advised to hold major cryptocurrencies and store them securely in cold wallets like Ledger to mitigate risks associated with complex trading strategies.

According to ZachXBT, an individual with cryptocurrency funds stored on a Ledger device was scammed over the phone. This incident highlights the vulnerability of crypto investors to social engineering attacks, even when using secure hardware wallets. Traders should be vigilant about phone scams and ensure they do not share sensitive information with unverified callers.