Stay Safe Out There

I want you to imagine the most high-security bank in the world. Picture the vault. Think about its meter-thick walls reinforced with some of the strongest materials known to man. Think about the super complicated opening procedure that utilizes an assortment of number combinations, biometric verification, and physical keys to get inside. Think about all of that money locked inside.

Sounds pretty impossible to break into right?

You’d be right…unless of course the security detail in charge of protecting that vault decided to… just leave it unlocked.

You’d be kicking yourself pretty hard if you somehow managed to allow someone to come in and steal your assets from one of the most highly-secure places in the world. Especially from such a silly oversight.

Unfortunately, that’s the reality of crypto these days.

Cryptocurrencies operate as one of the most secure assets in the world. It is effectively impossible for someone to break into your “vault” (a.k.a. your wallet) when the vault in question is properly locked. However, there are a lot of smart scam artists out there all with the intention of tricking you into “leaving your vault unlocked”.

So don’t be the person who regrets not locking up their assets. Let’s take a moment and refresh ourselves on some of the latest tricks that scam artists will try to play on us. If you see them coming, you’re much less likely to fall for them…

Phishing Attack

Crypto can be a confusing and complicated place for newcomers and veterans alike. This inevitably leads people to ask for help. This is when the “fishermen” cast out their lines. These scammers will often present themselves as a trusted party and offer support. In reality, they are imposters baiting you into revealing sensitive information.

Don’t take the bait.

They might ask you to share details or send you to a malicious website that can drain your wallet of funds if you connect. Attacks can come from anywhere. Even trusted sites could be compromised.

Just like a lure dupes a fish into taking a big ‘ol bite of a metal hook, phishing attacks trick you when you least expect it. It’s all about deception. Some of the common methods used are:

  • Fake helpdesk support
  • Modified Brand URLs
  • Fake Captcha Bots
  • 3rd Party overlays
  • Google Ads

A.k.a. all of the places that feel safe on the internet. So stay vigilant. However, there are ways to stay safe in these treacherous waters. Here are some tips:

  • Bookmark URLs to the sites you visit often
  • Do not trust captcha bots
  • Never click links sent directly to you.
  • Always check URLs you are connecting with
  • Stop using Google Search. Find sites through official communication channels (Twitter, Discord, etc.)
  • If prompted to connect your wallet, double check and ask why

Fake Airdrop

Imagine if Santa unexpectedly turned evil this year. We happily let him into our homes just for us to open a present and find a lump of coal… and open our wallet to find he’s stolen everything we’ve got. This is what its like to get a fake airdrop.

It’s the same playbook as those old internet pop-up adds saying you won a new iPhone…all you have to do is give us your credit card information so we can “confirm it”.

What feels like an unmissable opportunity turns out to just be a scam. The way it works in crypto is that a bad actor will directly send a token to your wallet. When you find this mysterious airdrop token, you might approve it to trade on an AMM so you can “cash out”. In reality, this approval will actually just compromise your wallet, and Dirty Santa will make out with your funds like a bandit.

So how do you stay safe? Simple. Don’t do anything. As long as you don’t interact with the token, your wallet will be safe.

Fake airdrops prey on FOMO. If it seems too good to be true, it probably is. Do your due diligence on a token if you think it is legitimate. It’s up to you to keep your wallet safe.

Honeypot

This is the classic one-way trap that’s been fooling bugs for decades. You leave something sweet in a bottle. The flies will go inside to get their delicious meal only to realize they can’t get back out. They’re stuck.