New Way Of Crypto Scams and Scammers: How To Protect Our Crypto Assets

Namaste 🙏 to all of you. I come with another important article regarding How to Protect Our Crypto Assets from New Types of Scammers.

It's very important to be aware of those new scams and how they attract people. After making conversation, they easily grabbed all our details. Then, in a second, they loot our assets. So don't trap others intention , always be careful on online on making friends.

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At present, most users use Web3 wallets for their long-term holding needs. After the FTX Exchange collapse, this usage increased a lot more than before. Why because, all wallets keys assess by wallet owners, thats why all rights we get. But when it comes to exchange, it's not in our hands; those exchanges may shut their doors at any time. Due to this, our holdings in that exchange were permanently lost.

To avoid such a rick, we mostly use Web3 wallets like Metamask, Trustwallet, Safepal, BitKeep, Hiro, Matrin, Petra, and many more. But here also, we lose our assets by interacting with any malicious platforms.

Those also very common in crypto field, Thats why we must aware on Dapps which we interact with it. After we get all the clarifications regarding it, then only may we use it. Otherwise, it's better to keep away from it.

To avoid such a risk, there is another solution.

• Use multiple wallets for different activities. Means for long term holding coins , keep in one walle That wallet doesn't get used for interacting with any Dapps.

• Use one wallet for interacting with Dapps and your regular trading needs.

• At present, Airdrop Trend is also available; for this, use one wallet.

• For NFT purchases and sales, you need to use one more wallet.

• For Meme coin investment and trading needs, use another wallet.

Like that, you need to divide your portfolio into different categories based on your needs.

If any one wallet compromised also we don't get thats much loss. By using another wallet's funds, we easily restore our losses in a short time. But if we use one wallet for all activities, it compromises all the hard-earned money we lost here. So try to use multiple wallets for multiple activities.

Creating multiple wallets in any Web3 wallet is very easy; just selecting create Wallet is enough. From this, we get the unique private key and address. Just storing those safely is enough.

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New wallet in Metamask By Selecting Create Wallet Tab}

Coming to me I use Different wallets for my regular needs. Those you may check here.

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Wallets In My Metamask}

But here, maintaining all those wallets and keys is not an easy task. But when it comes to safety, we must handle it.

One more issue is the gas fee. To interact with each network, we need gas and funds for investment needs. That needed money we need to transfer from our main wallet, and here again we lose gas money regarding it.

For small investors, it's very hard to handle, but when it comes to protection, we must handle that loss; we have no other choice.

If your portfolio is more than £5000, it's better to use hardware wallets than web wallets.

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Who Are Potential Scam Victims?

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Most innocent users fall for the psychological tricks of scammers.Thats why they are potential victims for scammers. Through social media, they contact us and start an innocent conversation. They told us, like "If you need any help regarding this project, I will help you," because I have a good relationship with the team. like the many messages we get from them.

From trusting those words, we share all our details about our wallets. Some times they give links; just go through it and give details of your wallet, and we rectify the situation for you.

Once we click those links, that's it; our system gets compromised without our knowledge. because those inbuilt features include some software. Those softwares easily find out all our passords/Menemonics , then share to them. By using it, they can easily hack our wallet and steal our assets.

Like those activities we face, if you're trying to participate in any trending IDOs or IEOs, in those days, we saw plenty of social handles with similar names. Due to this we get confused which is legit , which is scamme once. That's why we easily fall into their trap.

Always try to join their social media accounts through their official links only. Don't be lazy about searching for their official links. Just by going through their official project on the website, we get all of their official handles.

Through their Discord, we get all their official platform links, similar to those below.

Otherwise, through their website, we get their other social media handles. Similar like below.

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Like that, by checking, we get all the official social handles of that project. Just search for it and find it; don't depend on others regarding it.

Don't be a potential victim of scams due to your laziness.

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What Type of Data Do Scammers Steal?

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Scammers by sending malware to out systems , most cases they try to steal our crypto assets. Besides this, they can even extract our personal data from our systems and release it on social media. By selling our data again, they earn money very easily. It's better not to keep any important details in our systems these days.

For example, our MetaMask wallet can be hacked by cracking our wallet password. If we set long and hard passwords for our wallet, then it becomes harder to crack them. Always try to set a password in a combination of upper- and lower-case numbers with special characters.

If we set a four-digit lowercase password only for your wallet, then they will crack it instantly. If you set 18 digits with a combination of lower, upper, and number and special characters, it took around 438 trillion years to check. just like our STEEM Walket keys.

That's why our Steem wallet keys are not easy to hack because they are 51 digits and a combination of lower and uppercase letters with a number combination.

Here is a table for knowing the time it takes hackers to crack our passwords based on combination and size.

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This table clearly shows how much care we need to take when setting passwords for our wallets. We set easily but remembering those is not easy way. So try to set at least a 7- to 8-digit combination of upper- and lower-case numbers with special characters. Personally, I strongly follow this combination by getting protection from hackers.

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How to avoid being scammed

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There are several ways to protect our foundation. From this

• Always use antivirus software like Avast or McAfee to get protection from malware.

• Don't save your password in your browser. If you save passwords on your browser, then no one can protect you from hacking. They hack very easily.

• Set Restrictions Rights for Downloding from the Internet

• Use strong passwords for your Web3 wallets for Metamask, Kepler, and many more.

• Don't take screen shots of wallet passwords or mnemonic keys. It's always risky. A lot of users, due to their laziness, took screen shots and stored them in Goole Driver. due to the high chances of compromising your wallets.

• Don't share your wallet keys with anyone.

By taking the above steps, we may reduce our wallet hacking risks.

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Conclusion

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In the market, day by day, crypto is getting huge adoption, and in a similar way, hackers are also increasing accordingly. So taking our prevention steps only gives us protection from them. Always try to be up-to-date. Use strong passwords for your wallets.

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Thank You So Much For Reading My Article!