Avoid Buying Crypto Wallets and Seed Storage Devices from eBay

Reading Time: 2 minutes
  • Crypto hodlers are at risk when they buy wallets and seed phrase storage devices from marketplaces
  • It’s safer for crypto hodlers to buy directly from merchants
  • Scammers will do anything to get their hands on your crypto – don’t make it easy for them

People are always on the lookout for a bargain or something cool for their crypto. Whether it’s a new case to store their hardware wallet in, a custom engraved seed phrase storage device or a cheap hardware wallet, buying these items online can be a risky affair.

Only buy hardware wallets and seed phrase storage devices directly from manufacturers such as Ledger or Trezor. If you buy from third-party marketplaces like eBay, you are opening yourself up to a whole world of trouble that you don’t want to do.

You Could Get a Fake

The worst-case scenario is that you get sent a fake. Imagine being a cheapskate and saving $20 on a Ledger Nano S by buying it from eBay, only to find it’s a fake or has been loaded with malware from a scammer. In this case, as soon as you load it up with your coins, there’s a good chance that they could soon be on the move again to a scammer who sold you the device. Don’t take any chances when it comes to storing your crypto and just pay the full price directly from the manufacturer.

You Could Become a Target

Sellers on platforms such as eBay have access to a whole bunch of information about you as a buyer. Ranging from your PayPal email address, your home address, your contact number and your full name, this is information that hackers and scammers can use to take all your money. Let’s say you buy a funky looking box to store your hardware wallet in, the seller knows that you’re interested in crypto, or at least you know someone that is. From there, they can spoof emails from PayPal filled with ransomware that could lock up your computer, or send you to a site that looks just like PayPal, waiting for your password.

Most people these days also have Netflix, Spotify, Hulu and other services. These scammers will also try to spoof emails from these companies to try and get you to click the link or download a file. In short, buying crypto related products from these public marketplaces puts a big sign above your head that says “I have crypto” and that’s something you don’t want, especially if you’re not great at spotting scams.

Already Done This? Just Be Smart

To make it clear, not every single seller on eBay is out to get you and not every hardware wallet on these platforms is a fake, loaded up with scripts to steal your crypto. But, why would you even want to take the risk?

If you’ve already done one of these two things at an online marketplace, then exercise caution. Don’t click suspicious links, don’t download anything from emails unless you know the sender in real life, and just be smart. Scammers try their hardest to scam people in the crypto world, and now you’re a target. Be safe out there and don’t risk your crypto!