DeFi Security Lessons: How I Nearly Lost and Recovered My Funds on STON.fi

Like many users new to DeFi, I was initially thrilled with the opportunities of decentralized platforms and the autonomy over my assets. But I soon realized that with this freedom comes a significant responsibility to secure my funds. In this article, I’ll share the story of how I almost lost access to my wallet and funds on STON.fi due to a small error. I hope my experience will help others avoid such situations and enhance the security of their DeFi assets.

Starting Out and My First Mistake

When I first started using STON.fi, one of the first steps was connecting my wallet and making some small transactions. Everything went smoothly, and the sense of full autonomy was incredible. However, I soon ran into an unexpected problem. I accidentally approved permissions for a smart contract without carefully checking the details, granting access to more funds than I intended. This situation became a wake-up call and taught me the importance of security in DeFi.

How I Noticed the Problem 🚨

One day, I decided to review the permissions granted to my funds and discovered that a smart contract I had authorized had access to a much larger portion of my assets than necessary. This could have led to serious consequences, and if the contract had been unsafe, I could have lost funds. This realization taught me to be diligent when granting access to my assets.

What I Learned from This Experience

Check Smart Contracts Before Approving Permissions
Since then, I always double-check who and what I’m granting access to. Most DeFi platforms, including STON.fi, use audited smart contracts, but when dealing with third-party contracts, caution is essential. Now, before giving permission, I carefully review contract addresses and ensure that the contract truly belongs to a trusted platform.
Regularly Audit Permissions 🕵️‍♂️
To avoid similar situations in the future, I started regularly reviewing all active permissions in my wallet. DeFi platforms often require temporary permissions for exchanges or liquidity participation, and it’s best to remove permissions when they’re no longer needed. I began using special tools for managing permissions so I always know which contracts have access to my funds.
Use Separate Wallets for Different Purposes 💼
One of the best lessons for me was to divide my assets between multiple wallets: one for holding the main balance and others for DeFi operations. This helps reduce the risk of losing all funds if something goes wrong. Now, I keep my primary wallet solely for storage, while I conduct operations on STON.fi and other platforms through a separate wallet with a smaller amount of funds.

What to Do if You Lose Access or Face a Security Threat

Based on my experience, I developed a plan of action in case a security threat arises or I lose access to my wallet:

Revoke permissions through your wallet interface. If you notice suspicious permissions, delete them as soon as possible. Most wallets allow you to do this directly in the app.
Back up your wallet. Keep your seed phrase in a safe place, preferably offline, to prevent data leaks. If you suspect that the phrase might have been compromised, transfer funds to a new wallet with a new seed phrase.
Use VPN and two-factor authentication (2FA) for added security when connecting to STON.fi, especially if you’re using public networks.

How to Increase Your Security on STON.fi and Other DeFi Platforms

On STON.fi and other decentralized platforms, a comprehensive approach to security is essential:

Double-check addresses and permissions every time you connect to a new platform.
Avoid using suspicious links and only visit platforms through their official website.
Learn the basics of DeFi. The more you understand smart contracts and risks, the easier it will be to avoid unpleasant situations.

Conclusion: Security Comes First 🛡️

This experience taught me that even a small mistake can have serious consequences. STON.fi and other DeFi platforms offer incredible opportunities for earning and managing funds, but they also require a high level of responsibility. Checking all settings, regularly auditing permissions, and taking basic precautions can keep your assets safe and allow you to enjoy the DeFi world without unnecessary worry.

STON.fi DEX: https://ston.fi/

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