5 Strategies to Avoid Being Scammed in the Crypto World
The emphasis on security is one of the pillars of blockchain technology. After all, cryptography is the origin of cryptography. But there is one security layer that blockchain technology is struggling to safeguard just as much as any other technology: the human aspect.
Now it's time for the 111PG team to speak a little bit about this subject. Here are five popular scam strategies to be aware of and avoid in order to contribute to the safety of your possessions.
1. Protect Your Seeds
Early on, blockchain developers understood that a randomly generated phrase of 12 syllables (often 24 or another number) is considerably more secure and easier to remember than your best pA$$wRd attempt.
You may use your seed phrase to unlock MetaMask or retrieve money from a lost Ledger device, for example. So you should absolutely write it down somewhere (or three), because there will be no other method to restore your data/assets in many circumstances. But, being human, we prefer to store passwords in electronic formats such as Word, Google Docs, or email – all of which hackers love to discover methods to access in order to steal your seed phrase.
➔ Multiple copies of your seed phrases should be recorded in least hackable forms.
2. You Lost everything
A week (or even a day) without getting a direct message saying that "you won" some free cryptocurrency or that some incredibly hot project decided to execute a free token drop is rare for anyone with a Discord account and membership to at least a few crypto servers. What a wonderful world we live in when so many complete strangers compete for your opportunity to receive free ETH and bored apes. NOT. These messages are all scams.
even if it appears to be coming from the Uniswap account. whether if it comes from Elon Musk, Vitalik, or your closest buddy. It is possible to fake Discord and other handles. Avoid being naïve.
Scammers might add you to scam groups on Telegram without your knowledge, which would be much worse. The fact that they will add you to groups that appear to be exact replicas of the ones you currently belong to and that contain scams for "free airdrops" that appear to originate from your actual group administrators or even friends makes it particularly wicked. Do the following in Telegram to prevent getting conned:
● In Telegram, choose Settings.
● Locate Privacy and Security, then click it.
● To restrict who may add you to a group or channel to only your current contacts, locate "Groups and channels" and change the setting to "My contacts."
● Additionally, locate "Calls" and modify it to either Contacts or Nobody as an extra security safeguard.
Your Telegram account now has less risk (and spam).
➔ Never, ever believe communications promising access to anything too wonderful to be true.
When it comes to suspicious scam communications, don't open an email until you're certain it's from whoever it purports to be. What about Coinbase in the sender field? Hover over it to see what the actual sender domain is. If you did not just engage with a website, be wary of any email you get from it. Whether you believe it is legitimate, disregard the email and go to the site on your own to see if there is a problem. And, for Satoshi's sake, don't open attachments. Do. Not.
➔ Think twice before reading emails and avoid opening attachments unless you are absolutely certain the communication is trustworthy.
4. It's Not Your Wallet, It's Not Your Money:
This is one of the major tenets of DeFi, as veteran users repeatedly tell novices. It's simple and handy to keep all of your crypto on Huobi, Binance, and other exchanges and trade from there. And, since large exchanges have certainly spent a lot of money on security, your assets should be safe, right?
Wrong. Centralized exchanges (CEXs) have been and will continue to be hacked much too frequently. Even if not hacked, an exchange may shut you out of what you believe is "your" account for a variety of reasons, including political, legal, or simply a hoax. In practise, they are simply granting you access to one of their accounts containing your funds.
If you wish to keep the money under your own control, store it in your browser or even a cold wallet. You may absolutely maintain a little amount for daily trading, but it's worth the effort and modest expense of moving assets from/to a Ledger to have genuine ownership of it.
➔ Keeping a large number of assets on a CEX is asking for trouble; instead, utilise a cold wallet.
5. Avoid Touching Unexpected Drops:
Scammers have grown smarter: instead of providing you free phoney drops, some are just depositing tokens or NFTs into your wallet for free. There is, of course, a catch. When you spend these tokens, you are granting their smart contract permission to interact with the assets in your wallet, which you can bet the hackers will exploit to deplete your wallet of all assets with true worth. So, if you encounter a coin or NFT that seems suspiciously foreign, don't touch it.
➔ Don't handle anything that appears in your wallet from someone you don't know.
Scammers will continue to invent new ways to defraud, but you may be alert enough to recognise odd trends. When your initial inclination is to ponder rather than click, you will keep your crypto assets far safer.
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