Part 4/8:
A key takeaway from this situation is the urgency of utilizing self-custody wallets instead of relying on centralized exchanges. The recommendation here is to use wallets that offer a non-custodial solution—namely, Cake Wallet. Cake Wallet is open-source and has garnered a loyal user following, including the author of this article, who has maintained a relationship with the development team over the years.
Setting up Cake Wallet is relatively straightforward, mirroring the process of establishing other crypto wallets. Users will receive a seed phrase, which must be securely saved, before they can begin to transact securely with Monero.