Keep Your Crypto Safe

Expanding your finance journey into crypto can be very exciting, but it’s also important to stay vigilant. There are many scams and pitfalls out there, and once you lose your crypto, there’s usually no way to get it back. Let’s dive into some simple tips and common scams to help you protect your investments and keep your crypto safe.

Private Keys

Private keys are like the password to your crypto wallet. If someone gets hold of them, they can access your funds. Here are some simple tips to keep them safe:

  1. Use Hardware Wallets: Using physical devices to store your private keys offline makes them much safer from online hacks. 
  2. Avoid Storing Keys Online: Don’t keep your private keys in your email, cloud storage, or on your computer. Write them down and store them in a secure place.
  3. Backup Your Keys: Always have a secure backup of your private keys and recovery phrases. Store them in multiple secure locations. It’s better to have them written on paper and hidden in a safe place to avoid any potential online hack.
  4. Use Secure Networks: Public Wi-Fi networks can be easily hacked, so avoid using them for crypto transactions. Make sure your home or office Wi-Fi is secure by using a strong password if possible.

Note: Always be crystal clear with the token address you send tokens to. Once you’ve sent them, it’s irreversible and you won’t be able to be refunded.

A good tip to help protect you here is to initially send a small amount to prove the transfer is correct. Once correct, you can send the remaining amount without any worry.

Common Crypto Scams to be aware of

Crypto scams are everywhere, and being aware of them can save you a lot of trouble. Here are some of the most common ones:

  1. Phishing Scams: Scammers send fake emails or messages pretending to be from a trusted crypto service (like your wallet provider or an exchange). They trick you into clicking a link and entering your private keys or passwords. Always double-check the sender’s email address and avoid clicking on suspicious links.

Here’s an example:

Take away: Crypto wallets would never ask for you to verify who you are.
NEVER SHARE your recovery phrase with anyone!

2. Fake Wallets and Apps: Some apps mimic real crypto wallets or exchanges to steal your information. Only download apps from official websites or trusted app stores. For example, always verify you’re downloading MetaMask or Exodus from their official sources.

Check out the slight differences to be aware of:

Take away: Always check the site link and verify if it’s legitimate.

Fake Exchanges
Scammers create fake exchanges that look legitimate to steal your deposits. Stick with well-known exchanges and thoroughly research any platform before creating an account.

Takeaway: Check reviews and make sure the exchange is trustworthy.

Airdrop Scams
Scammers promote fake cryptocurrency giveaways (airdrops) to steal your private keys or make you connect to malicious websites. Always verify the legitimacy of airdrops through official channels and never enter your private keys on any website.

Takeaway: Always verify airdrops through official channels and never enter your private keys on any website. If you got an NFT or tokens airdropped into your wallet that you are unaware of, DO NOT interact with it.

How To Avoid Crypto Scams

Don’t Respond to Unsolicited Contact
If someone contacts you out of the blue from any financial institution or crypto brokerage, don’t respond directly. Make sure you’re using their official website and links. If you’re unsure, ask the service provider to verify the person you’re talking to.

Check Before You Click
Avoid clicking on attachments or links from unfamiliar contacts.

Use Trusted Companies
To ensure your crypto security, use wallets from well-known and trusted companies. Trust Wallet and MetaMask are reliable software wallets, while Ledger and Trezor are dependable hardware wallets.

Look for HTTPS
Make sure the URL of any cryptocurrency exchange or wallet has HTTPS, which indicates the site is secure and encrypted.

Keeping your crypto safe means being proactive and super careful. That’s why WOW (Wealth Of Wisdom) exists—to be a safe place where you can learn, adapt, and take care of your own finances. If you ever come across something that seems off or you’re unsure about, join our Telegram community channel and ask us. We’re here to help!

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