Recently there are many posts about stolen Readcash funds in their Readcash wallets. I feel pity those who lose their funds because I know the efforts you have to put in to have rewards. It is never as easy as it may sound especially to some people. So I have decided to write an article about my thoughts about the Readcash wallet and some tips I personally use to prevent loss of funds.
You need to take very good care of where you stole your seed phrase. This seed phrase protects your fund. When your password got stolen and they try to log in your account to a different device, they need your seed phrase before they can have access to your wallet. So stealing your password alone is somewhat nonsense for them if they want to steal your fund. The only time they can have access to your account is if they know your seed phrase. Even you need to out your seed phrase when you decide to use another device. That's how secure your fund is unless, again, if you seed phrase is stolen.
How can they steal your seed phrase? Where can they find them?
One way to steal your seed phrase is when they have access in your account IN THE DEVICE YOU CURRENTLY USE. Meaning, when they borrowed your phone or laptop or tablet and you are logged into Readcash, they can easily steal your seed phrase. They'll just click on the "backup my account" and they will be redirected to your seed phrase. They'll write it down or take a screenshot and send it to their phone. But then again, they still have to know your password to log it into their device. In other words, they steal your seed phrase but they need your password. They can also just immediately withdraw the funds if they borrowed your device without needing your seed phrase given the fact that you're already logged in and that it's the device you use.
Another way is using a phishing scam. They will send you a link that's a replica of Readcash and you sign in and put your seed phrase when asked and boom they have your password and seed phrase. When I say replica it means, it looks exactly like Readcash but when you look at the website address it is completely different. So be careful when you log in. Always look at the URL address. It can also be through an app. Some apps can get pieces of information on your phone. So if you think that an app is suspicious, never download and sign in. It jeopardizes the security of your account.
What I'm trying to point out here is that you should always be careful in securing your account. You are responsible for that. You need to be cautious. Rewards are not just points you gain. They are converted into real money. And you worked hard for it. Be as careful as to how you secure your physical wallet. Your purse.
In other words, you need to take good care of your password as well as your seed phrase. Your password is your access to the website, your seed phrase is your access to your wallet in a different device.
You can read these articles to find out more about how you secure your funds:
https://read.cash/@Read.Cash/stolen-money-multiple-devices-etc-88bdeb06
REadcash also stated that if you believe your seed phrase was stolen, get in touch with them, they will assist you on how you can create a new one. But mind that if you create a new one, your old wallet will be lost. Better to have a new wallet so you are sure you're the only one in-charge. Just be careful this time.
Again, I feel sorry for those who lost their funds. I hope it won't happen to you again.
Hmm... maybe this is what happened to my funds but it could be a bug too