Crypto security 101

Level up your knowledge

One of the biggest reasons people get scammed in crypto generally is a lack of understanding.

For example, if you don't understand that the Ethereum network is decentralized and owned by no one, then it's easy to fall prey to someone pretending to be a customer service agent that promises to return your lost ETH in exchange for your private keys.

Educating yourself on how Ethereum works is a worthwhile investment.

• What is Ethereum?

• What is ether?

Wallet security

Never, for any reason, share your private keys!

The private key to your wallet acts as a password to your Ethereum wallet. It is the only thing stopping someone who knows your wallet address from draining your account of all of its assets!

Don't take screenshots of your seed phrases/private keys

By screenshotting your seed phrases or private keys, you risk syncing them to the cloud and potentially making them accessible to hackers. Obtaining private keys from the cloud is a common attack vector for hackers.

Use a hardware wallet

A hardware wallet provides offline storage for private keys. They are considered the most secure wallet option for storing your private keys.

Keeping private keys offline massively reduces the risk of being hacked, even if a hacker gets control of your computer.

• Ledger

• Trezor

Double-check transactions before sending

Accidentally sending crypto to the wrong wallet address is a common mistake.

A transaction sent on Ethereum is irreversible.

Unless you know the address owner and can convince them to send you your fund back, there will be no way for you to retrieve your funds.

Always make sure the address you are sending to exactly matches the desired recipient's address before sending a transaction. It is also recommended when interacting with a smart contract to read the transaction message before signing.

Set smart contract spend limits

When interacting with smart contracts, do not allow unlimited spend limits. An unlimited spend could enable the smart contract to drain your wallet. Instead, set spending limits to only the amount necessary for the transaction.

Many Ethereum wallets offer limits protection to safeguard against accounts being drained.