The R Roundup Presents: Crypto Security & Staying Safe In Blockchain
Recently this week it occurred to me that after the Opensea exploits, there’s a lot that we are oblivious to when it comes to crypto security and staying safe in the blockchain. The Opensea exploit despite being touted as more sophisticated was simply due to a lot of users not having an instinct when it comes to cyber security as a whole, which led to hundreds of lost JPEGs.
There needs to be a collective effort to make clear the importance of securing your crypto assets as there seems to be negative connotations towards staying safe but it is not “Degen” to get hacked.
But Why Is Crypto Security Important?📉
As you may or may not know, crypto is known for its lack of regulatory bodies and therefore there is no FCA you can turn to when you lose all your money especially if the transactions are off-chain, therefore, the responsibility lies within the individual to ensure to the protection of their funds.
No one will warn you that you are about to be hacked or scammed, so all of this just heightens the responsibility within us to ensure our cyber protection.
What type of exploitations you can be aware of?⚠️
As with every aspect of the market, the majority of exploitations are transferable across general cyber security which makes it slightly easier to spot opportunists.
- DISCORD FAKE MINT LINKS → This one that I have noticed gaining momentum as the world of NFT communities are built on discord which allows people to impose fake mint links targeted at compromising your wallet.
- FAKE WEBSITES → Many different projects have websites and you can access their products, docs and many more important pieces of information however, sometimes people may create fake websites which are usually a duplication of the original site.
- TWITTER LISTS → Recently while being on Twitter I have noticed fake scam accounts have been adding people to “$1000 giveaway” lists which essentially promote fake giveaways once again with malicious intent.
- PHISHING EMAILS → This one isn’t something we should be oblivious to however in crypto, emails may be sent to you acting as support, exchanges and as we have seen this week even acting as OpenSea. Fake emails are difficult to spot however if you are in doubt, kick it out and IGNORE.
Warnings: Stay Diligent To Stay Safe ⛑
As difficult as it is, identifying scams is the first step. Staying safe from them is a completely different discourse and some efficient steps enhance the overall security of your assets.
BUY A LEDGER.
I can’t stress enough how important it is and I know on many occasions you have been told to buy a ledger and have ignored it but...BUY A LEDGER.
On many occasions, we have been proven, not your keys, not your coins.
Avoid Public WiFi
Public wifi as tempting as it is is a major risk to your cyber security as you automatically open yourself up to the possibility to be on the receiving end of some of the hacks mentioned earlier.
Pin Official Links
This is a simple but effective way to avoid exposing yourself to fake websites. Find the official one and pin it instead of using a search engine to look for site X.
Conclusion 🧠
As important as getting your hands dirty and exploring the world of crypto can benefit you, the importance of cyber security does not get a MACRO focus.
We are always told, to protect your seed phrase and all the obvious stuff but opportunists are always looking for new and innovative ways to compromise whoever isn’t diligent enough in terms of securing their assets and you do not want that to be you.
As a reminder this is not a trading signal, it is an opinion and each trader/investor should know and understand the risks attached with trading. At no point should this be regarded as financial advice
Additional links:
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Russian DeFi : https://twitter.com/RussianDefi
NFA DISCLAIMER : https://docs.google.com/document/d/1AoWc3qanyzmzSiZFCGUaG1oiKRHmxvGj02JY3ibnIqg/edit
