$4 billion was stolen by scammers in crypto in 2023.
Almost everyone has been drained at least once. Not yet you? You could be next... Here's an article on how to protect yourself from all types of scams in crypto 🧵👇
Before I begin, I have a favor to ask... I spent a lot of time writing this thread, trying to make it genuinely useful for you, so if it's not too much trouble, please bookmark it, leave a comment, or simply hit like .
We are probably in the biggest bull run in history right now. But there are two sides to the coin:
• More opportunities, and millions in profit
• An increased number of scam attempts
So here's our playbook to protect urself and don't end this bull run with $0:
What we gonna cover in this thread:
- Basic 6 Rules
- Hardware Wallet
- What Mindset you should have
- Examples
Now let's dive into each one separately
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1/âž® Let's start with some basics: Seed Phrase
✧ As soon as you create your wallet, you will be given a seed phrase.
✧ You must write down this seed phrase and under no circumstances give it to anyone.
Otherwise, all your funds will be lost.
2/âž® Also, do not store seed phrases in the digital world.
✧ Why?
- It can leak and become compromised / your PC can be hacked.
✧ Write them down on 2-3 pieces of paper and keep them safe
✧ Make sure to not lose them cause you lose seed phrase = lose wallet
3/âž® Main things that u don't need to do with ur wallet:
✧ Do not connect to random sites if you are not sure about them, and always check what tx do u sign, otherwise u could be drained
✧ Never change any wallet settings at someone's request
4/âž® Secure your Accounts with 2FA
✧ Always and everywhere use 2FA and use only Google's Authenticator app
✧ Nobody will be able to hack your Google Authenticator app, so your account will remain secure
5/âž® Test TXs
✧ Wherever you are sending money, always make a test transaction.
✧ Send a small amount to the required address and check that everything has arrived where it needs to, and then send the rest.
✧ I have already avoided losing my funds this way more than once.
6/âž® Never keep all funds in one exchange/wallet, etc.
✧ A wallet can be lost or drained.
✧ An exchange might just freeze your funds/be FTX
✧ So, Distribute your money to different places,
Here is the best way to keep them safe
7/âž® Hardware wallet
✧ Once you start to earn good money, you must have a Hardware wallet
✧ These are physical devices that hold your private keys (Ledger/Safepal/Trezor)
✧ You can't do any TX without confirming it with such a wallet
Thus, no one who doesn't know the PIN code of your cold wallet can make TX.
I believe it's a must-have for everyone, please do not neglect this.
However, it's not a cure-all, as you still need to watch over your seed phrase and be mindful of what you're signing.
8/âž® For better understanding, crypto is not stored there, u can import it to mm or whatever, but a hardware wallet is like a key to make TXs from it.
✧ Imo, the best choices are: @Ledger or @iSafePal
✧ Buy them only on official websites
✧ A convenient and safe thing, so it's a must-have.
9/âž® Mindset
✧ You must understand the following things:
• Nobody will give you money for free (90% chance that it's a scam)
• Any site can be hacked, even large projects, so be careful, and always check what u sign
• Check X handles, make sure it is off. acc
• Always DYOR
10/âž® Giveaway scams
✧ Scammers often impersonate influencers, to lure victims with fake giveaways
✧ Such as the "Free Giveaway" scam on Twitter, promising crypto to new followers but delivering nothing.
✧ Ofc there's some real giveaways but don't trust anybody
11/âž® Comments under influencers'/projects' posts ( most popular method rn):
✧ Fake accs drop about free giveaways/token sales and similar things under an influencer's post, using their avatar and name
✧ Always check the handle and mutual followers to recognize these scams.
12/âž® Impersonation scams
✧ Crypto scammers impersonate officials from government, law enforcement, or companies like Amazon to falsely claim your assets are frozen.
✧ They aim to deceive you into paying crypto to resolve fake issues.
14/âž® Investment scams
✧ Investment scam where a fake "investment manager" offers a too-good-to-be-true chance, urging you to invest crypto fast
✧ Scammers use legitimate-looking sites and complex jargon to deceive
✧ Often, they block withdrawals unless you pay a huge fee.
15/âž® Knowing the basic rules I mentioned and the scam variants, you've already greatly reduced the chance of losing your funds.
✧ But remember, this is only part of all the scams and new schemes are being devised every day + I obviously missed something , as there's too many ways to be scammed.
So always be careful, and never turn off your brain.
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