Staying safe in the crypto space with 1inchHW
In this article, we are discussing tools and strategies that will keep you safe in the crypto world.
You might think you’ve got all these tips figured out. “Don’t spill your seed phrase and all that stuff,” right? Well… kinda, but not quite! Let’s delve further into this with examples and practical tips on avoiding dangerous pitfalls.
Pretty bleak, huh?
1inchHW is the first hardware wallet for DeFi, built the way users want to see it. With an unwavering commitment to security, our team dedicates substantial efforts to fortifying the DeFi space.
Hackers stand as the primary adversaries, jeopardizing trust in the DeFi space and the broader crypto community. We’re on the front lines, battling all possible threats and protecting your assets.
You’re already aware of this, but let’s loop back and say it again, just to kick things off.
1. Password management
Avoid jotting down your crucial passwords. Instead, opt for a memorable sentence structure. Make it a habit to update passwords regularly and never reuse the same ones. If you’re using cloud password storage, do so responsibly.
2. Secure browsing
Hey, slow down before you start jumping into TOR! Simply set up a separate browser for all your financial dealings, including crypto wallets. Plus, make sure to enable DNS over HTTPS (DoH) and get yourself a trusted VPN. And don’t forget about privacy tools like ad/script blockers: they’re lifesavers.
3. Multi-factor authentication
Turning on multi-factor authentication adds an extra layer of security, making it harder for unauthorized users to access your accounts. Using a hardware device provides added protection against risks like stolen login credentials, smartphone or laptop theft, man-in-the-middle attacks, or SIM swaps.
4. Don’t get scammed
Approach any advice with skepticism and maintain a “too good to be true” mindset. Always research projects, websites, individuals, and contracts before giving approval or entering any data.
The foundation’s been laid! Ready to keep going?
5. Update your browser settings!
Making the switch to Cloudflare DNS can shake things up. Its reputation for speed, security, and reliability acts like a shield against cyber threats targeting traditional DNS setups. By channeling your traffic through Cloudflare’s resilient network, you add an extra layer of defense against DNS-based attacks, like spoofing and DDoS assaults. This ensures your crypto transactions stay safe and seamless.
A recent DNS attack on the MEW crypto wallet serves as proof of the importance of this tip.
6. Know popular scams
Scammers are becoming increasingly sophisticated, targeting vulnerabilities in both software and human behavior. It’s crucial to stay informed about the latest threats.
Never think you’re too smart to be scammed. Just take a look at @stazie, a seasoned crypto enthusiast who lost 16 CryptoPunks and a significant amount of ETH to a basic scam a few years ago.
The most popular treats:
- “Zero transfer” is a scam where it appears that a cryptocurrency transfer has been initiated but, in reality, it hasn’t. The scammer sends a fabricated payment confirmation, tricking you into releasing your crypto assets, but no actual funds are transferred. To steer clear of this, always double-check your account and opt for secure payment methods.
- “Rug pull” is a prevalent scam in the cryptocurrency space. In a rug pull scheme, creators of a project generate hype, attract investors and add liquidity to their tokens.
- However, once they’ve amassed a significant sum, they execute the rug pull by removing liquidity, leading to a sharp decline in the token’s value. This leaves investors holding worthless tokens, while the scammers abscond with the stolen funds. It’s a deceptive tactic that exploits trust and enthusiasm in the crypto community.
- “Fake email/message + decoy smart contract.” In this sneaky setup, you receive bogus emails or messages pretending to be from legit sources, like crypto exchanges or project teams. They’re all urgent, like telling you to jump on board for an airdrop or to claim some rewards or maybe even ask for your account deets.
- “Exit scam” is like the ultimate betrayal. It’s when the founders behind a crypto project scheme suddenly vanish into thin air, taking all the investors’ money with them. These scammers lure people in with promises of big profits or fancy services, and then — poof! They’re gone, leaving everyone high and dry.
- Other things. With security tech evolving, scammers are also getting craftier by the day. It’s like a never-ending game of cat and mouse.
7. Anti-scam tools
Taking care of your digital assets falls squarely on your shoulders, and overlooking it could lead to regrettable outcomes. Remember, both you and scammers can leverage AI. Scammers are becoming increasingly savvy, exploiting weaknesses in software and human behavior.
- For example, you can take your security to a new level by pairing YubiKey with your favorite password manager. YubiKeys provides a smooth, one-touch layer of protection that perfectly complements password management systems like LastPass, keeping your digital identity safe and sound around the clock.
Integrate it seamlessly with your go-to crypto exchange. Using this authentication tool helps thwart account takeovers and theft by blocking phishing attempts.
- AI can help too! There are AI assistants that you can use without leaving a website. At least use ChatGPT!
- ScamAdviser. You can install this browser extension. It serves as a reminder for you to build your anti-scam mindset.
8. Self-custody
- Custodial risks. Keeping your assets on an exchange or in a custodial wallet poses several risks, including exit scams, hacks, and account freezes that could leave your funds stuck at the exchange’s mercy.
- Complete control. By keeping your private keys offline, you have total control over your assets and can be sure they’re safe until you decide to move them.
- Secure and peaceful. Self-custody provides added security and peace of mind, as you’re taking responsibility for safeguarding your wealth.
9. Due diligence
- Team. When making choices, opt for products built by those who specialize in math, cryptography, and cybersecurity. Do not be swayed by an aesthetic appeal or clever tokenomics; prioritize the experience and competency of those designing the product.
- Audit. Inspect the audits, count them, and check organizations conducted the audits. Without an audit — it’s a no.
- License. Investigate whether a product requires a license. Research the number of licenses granted by a specific jurisdiction and how difficult it is to obtain a license in that jurisdiction.
- Leaders. Be wary of leaders with a “cowboy” mentality (while taking risks can be necessary for progress and innovation, leaders with a “cowboy mentality” might take unnecessary or reckless risks without fully considering the potential consequences. This can lead to avoidable mistakes or even crises).
The benefits of choosing the 1inch Hardware Wallet:
Stay connected with us!
Website: https://hw.1inch.io/
Twitter: https://twitter.com/1inchHW
Discord: https://discord.gg/eFudQjaemy
Telegram Announcement Channel: https://t.me/OneInchHW
Medium: https://medium.com/@OneInchHW
LinkedIn: https://www.linkedin.com/company/hwlt
