How to protect your web3 assets
Crypto and NFT investment can be very rewarding but comes with high-level risks. You can not control your assets’ performance, but you can certainly maintain the security of your assets.
- You should never give your wallet information to anyone – or leave it on your computer. Your recovery seed is only to be used if it’s essential. Before you use the seed, triple-check that you are on the right platform (as there are many scam sites to trick you).
- If you are investing a new token in DEX, first, you should select the right exchange pool by pasting the correct chain address of the project. You can access this information from CoinGecko or Coin Market Capto by copying i.e. the ‘MetaMask’ address on the Ethereum-based project page (the same process applies for other chains as well). A common mistake is when people just input the crypto ID name to DEX and search without knowing the facts – there could be fake pools for that token in the DEX. But scammers can’t copy the actual chain address.
- Register a new Gmail or another cloud-based email account for your crypto and NFT usage purposes, as you may need to create multiple new accounts and join subscriptions in various places. The main reason is to keep your real identity away from the crypto world, and this approach minimises your chance of being exposed to hackers or social engineering tactics.
- Keep all sensitive information on paper and in a secure place!
- Regularly educate yourself by following the crypto & NFT topics on Youtube, Twitter and Telegram. Don’t simply listen to other people’s tips – as the project may sponsor them. Always do your own research.
- Scammers like new projects (ICOs / IDOs for crypto and new mints for NFTs) can quickly create fake websites and social media accounts to trick people into investing. Therefore, be very vigilant when you are investing in new projects.
- If you are doing well with your investment, do not brag about your success stories. You could be the victim of intruders who know you have your digital wallet with you.
- And finally, don’t do FOMO (fear of missing out) buying without doing your own research. Impulsive buys are your worst enemy in any investment!