DeFi security tips from scams

The safest bank in the world. Imagine the vault. Imagine the vault’s walls, a meter thick and reinforced with some of nature’s strongest materials. The complex opening process requires a variety of number combinations, biometric verification and physical keys. All the money is locked in there.

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It sounds impossible to break in, doesn’t it?

That would be true unless the security staff responsible for protecting this safe decides to leave it unlocked.

If someone managed to steal your fortune from one of the safest places on earth, you are very embarrassed. This is a very stupid mistake.

Unfortunately, this is the reality of crypto today.

Cryptocurrencies are among the safest assets in the world. Your “vault”, also known as your wallet, is virtually impossible to hack. When the vault is properly secured, it is virtually impossible for anyone to break into your “vault”. There are many clever scammers out there that will trick you into believing that your vault is unlocked.

Don’t regret not having your assets blocked. Let’s check out some of the latest scam tricks on us. You’re less likely to be fooled when you see them coming.

phishing attack

For both veterans and newbies, crypto can be confusing and complex. People will of course ask for help. These are the times when “fishermen” cast their nets. These scammers pretend to be trustworthy and offer support. They are actually scammers who trick you into revealing sensitive information.

Don’t fall into the trap

You may be asked to provide information or sent to a malicious website that could charge your bank account. Attacks can come from any source. Even trusted websites could be compromised.

Phishing scams can trick you just like bait trickes a fish into taking a big bite on a hook. It’s about deception. These are some of the most commonly used techniques:

  • Fake helpdesk support
  • Changed branded URLs
  • Fake captcha bots
  • Third Party Overlays
  • Google Ads

Also known All Safe Places on the Internet. keep your eyes open There are ways to stay safe in these dangerous waters. These are some tips to help you stay safe in these treacherous waters.

  • Save URLs to websites you visit frequently
  • Captcha bot untrustworthy
  • Never click on links you sent directly.
  • Always check URLs you connect to
  • Google search should stop. Look for websites that use official communication channels (e.g. Twitter and Discord).
  • Check the wallet and ask why you asked to connect it.

Fake Airdrop

Imagine Santa suddenly getting angry. We happily let him into our homes to open a gift, find a lump of coal, and then open our wallets to find he’s stolen everything we have. This is what it feels like to receive a fake airdrop.

This is the same process as old internet ads claiming you won a new iPhone. All you have to do is provide us with your credit card details so that we can confirm them.

Turns out what seems like a great opportunity is actually a scam. Here’s how it works in crypto: a bad actor sends a token directly to your wallet. You can accept this token to trade on AMM so you can cash out. This approval will not really jeopardize your wallet. Dirty Santa will steal your money like a thief.

How can you be sure? Easy. Do nothing. Your wallet stays safe as long as you don’t interact with the token.

Fake airdrops target FOMO. It’s possible it’s too good to be true if it sounds too good to me. If you’re unsure about a token, do your research. You are responsible for keeping your wallet safe.

honey pot

This classic trap has fooled bugs for many decades. You put something sweet in a glass. They will enter to get their delicious meal, but they will not be able to return. You are stuck.

The Honeypot scam is exactly the same, but it costs you money. The new token will be available and buyers will have an opportunity to fall into the trap. Buyers increase the price by buying. This attracts more investors and the price goes up. The smart contract that governs the token prevents anyone from selling their tokens. Your funds stay where bad actors can come in and sling all the money away.

These traps are easy to avoid. Before you rush to buy a token, do some research. Is it possible to see the sales transactions on a DEX screener? What are the socials saying? What is Telegram/Discord? Is the log checked?

A few quick checks will help keep you and your money safe.

pull carpet

This scam is well known in the crypto world, with “getting rough” being as popular a phrase as “gm”. It is synonymous with any token experiencing a sharp drop in price, whether driven organically or maliciously.

Web3 protocols allow carpet pulling to occur. However, this decentralization comes at the cost of fewer security lines. Any user can list any token on a DEX by adding liquidity. How can a bad actor abuse this power to scam users?

A carpet puller could list a token and then use marketing/hype to inflate the price. Once liquidity has built up, the carpet puller can use a “backdoor exploit” to remove all liquidity and get out the backdoor with all invested funds.

This happens quickly and you may not be able to salvage anything from your investment. This can sometimes take longer. The “Steady Boys” are approaching. The “deploying rug” approach.

Again, research is your best defense against carpet pulling. These are some questions to ask yourself before investing in a new project.

  • Find out more about the founding team
  • Do token prices behave erratically?
  • Check your liquidity. The higher the better
  • Always make friends and try to consult with them
  • The derived names of sus are DogeLamboMoonCoin

These are just a handful.

At the moment, crypto is still in the “wild west” phase. This can be quite exciting, but also very dangerous. There are many things to consider as we tour the frontiers of DeFi. Staying up to date is the best way to be sure. Let’s educate our children. We all make blockchain more secure as we work together to stop and detect this scam.

Arco Protocol Testnet – CONFIRMED AIRDROP

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