Top 10 essential recommendations to securing your Cryptocurrencies.
It is crucial to regularly refresh our understanding of the basics of cryptocurrency security. In this article, we will explore the top ten recommendations for safeguarding your assets and avoiding fraudulent activities.
NEVER give your wallet’s seed phrase, password or private keys to anyone. Any reputable project or legitimate business would never ask for such sensitive information. Similar to your personal bank card’s PIN number, these details should be kept strictly confidential and only accessible to you.
Ensure the security of your seed phrase. When setting up a DeFi wallet, it is crucial to write down your seed phrase and avoid storing it digitally as plain text or screenshots. Instead, choose a safe location where only you have access to it and store the written seed phrase there.
Protect your cryptocurrencies by using a cold wallet like Ledger or similar offline storage devices. These devices keep your assets secure by ensuring they are not connected to the internet, minimizing the risk of unauthorized access or online attacks.
Always remember to disconnect your wallet after using it on Defi exchanges, NFT marketplaces, or other web3 injected sites. Leaving your wallet connected can expose you to potential vulnerabilities within the site. Stay secure by manually disconnecting your wallet when you’re done.
Fake Tech Support. Never trust anyone posing as tech support online. Fake accounts often target crypto holders seeking technical help. For assistance, directly contact the service provider using official website contact information. Stay safe and avoid scams.
Clone Exchanges. Beware of clone exchanges that closely resemble legitimate ones. Prior to connecting to an exchange or web3 site, verify the correct URL. Clone exchanges may have URLs that differ by just one character from the original. Connecting to a clone exchange puts your wallet funds at risk as scammers can gain unauthorized access. Stay vigilant and ensure you are accessing the genuine platform.
Dusting attacks. It is not uncommon to discover unfamiliar cryptocurrencies in your wallet, but it is important to note that they are not friendly gifts. Scammers often airdrop worthless tokens to victims’ wallets, hoping to provoke interaction. Interacting with these tokens can provide scammers with valuable information about your wallet, making you more vulnerable to scams. Therefore, if you encounter a cryptocurrency in your wallet that you do not recognize, it is best to ignore it and refrain from engaging with it.
Clone social media accounts. Be cautious of social media accounts impersonating legitimate projects. These imposter accounts can be challenging to identify and may even have a larger following than the genuine pages. They frequently run fake competitions, often with enticing prizes, to deceive users and steal their cryptocurrency. To ensure you are following the official social media page of a project, rely on links provided by the project’s page on CoinMarketCap.com. This helps minimize the risk of falling victim to scams and fraudulent activities.
Remain anonymous. It is crucial to maintain privacy regarding the details of your crypto portfolio. Avoid disclosing the amount of cryptocurrency you hold to others, whether online or in person. Revealing this information increases the risk of becoming a target for criminals who aim to steal your valuable assets. Protect your hard-earned gains by keeping your identity and wallet holdings confidential.
Secure device, secure internet connection. Take necessary precautions to secure your device with a password and keep it updated with the latest anti-virus software. Use a secure internet connection while accessing your wallet for browsing websites or conducting transactions. Avoid using public Wi-Fi networks whenever possible.
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