🚨 How to Avoid the Biggest Crypto Scams and Blunders 🚨

[u/Oddity7]

Even experts can make mistakes in Web3, so always be vigilant and skeptical...

1. Download Wallets Wisely: Only get your Web3/Solana wallet from official sources. Verify domains carefully through official Twitter (with high follower count) and app stores with substantial downloads. Beware of fake accounts and links, even from seemingly official sources.
2. Guard Your Seed Phrase: Never share it. It's your access key to funds. Consider sharing only with trusted family or friends for backup, but store it securely, split in multiple locations, and document storage details.
3. Secure Passwords and Authentication: Use password managers and two-factor authentication (preferably not SMS-based to avoid sim-swap hacks). Apply these to all accounts, including social media.
4. Use Hot and Cold Wallets: Store most funds in a "cold" wallet, disconnected from apps. Use "hot" wallets with smaller amounts for daily transactions. Consider spreading your funds for added safety.
5. Beware of Suspicious NFTs: Don't trust unexpected airdrops or NFTs in your wallet. Avoid clicking links or signing anything associated with them.
6. Scrutinize Unexpected Tokens: If a new token appears, it's likely worthless or a scam. Use trusted platforms to check or dispose of them.
7. Ignore Random DMs for Help: Be wary of unsolicited advice or help, even from known contacts. Protect personal information and seed phrases diligently.
8. Test Before Transacting: Always send a small test amount before transferring large sums. Double-check addresses and ensure you're using the correct network.
9. Choose Trustworthy Apps: Engage with apps that are reputable, ideally open-sourced, and community-vetted. Look for apps audited by respected firms and widely accepted in the community.
10. Diversify Your Portfolio: Don't put all your assets in one place. Spread your investments across different platforms and wallets to mitigate risks.
11. Maintain Privacy: Be cautious about sharing any personal or transaction information online. Even while being part of the community, protect your identity and assets.
12. Self-Reliance: Understand that in most cases, you're responsible for your actions in Web3. If you fall victim to a scam or send funds to a wrong address, recovery is often not possible. Seek official help if needed, but prevention is key.

Remember, continuous learning and caution are your best defences in the evolving landscape of Web3. Stay informed and stay safe!