Web3 protection tools
Since the main rule in such a volatile and risky market is to preserve your earned funds (this also applies to trading strategies), let's talk a bit about security and some simple actions that will help you protect your assets.
You should always be cautious with any software you install. To avoid trouble, it’s better to use a separate device for working in web3, and install questionable software on another computer. Browser extensions can also pose a danger, so, as with other necessary software for work, you should use trusted or official software. One such tool is Pocket Universe. This plugin simulates a transaction and displays the result in a pop-up window before signing. For example, you will see how much funds will be deducted from your account and what you will receive in return in your wallet. Then you decide whether to proceed or cancel the action.
The next step is to set up notifications in Telegram about transactions on your wallet (or multiple wallets). EtherDrops bot is perfect for this. In addition to messages about account activity, you can also track the floor price dynamics of individual collections. You don’t have to connect your wallet, just specify the address that the bot will monitor and receive timely messages about account activity (for convenience, you can set a separate sound notification for this dialogue in Telegram).
Here is an example of the bot's notifications, as you can see, the messages are quite informative and allow you to go to the transaction page of the interacting wallets.
Malefactors have well mastered the capabilities of the blockchain and actively use the features of smart contracts. The essence is that an approval may have already been given from your wallet and, for example, when certain assets (amounts of USDT, native tokens, or NFTs) appear, your funds will automatically be sent to the fraudster's account. Therefore, if you use an old wallet for storing assets, it is worth checking previously granted permissions. This can be done using Revoke.cash. Although you can simply create a new wallet and pay attention to what you connect your account to and what you sign.
As you may have noticed, we constantly try to provide all links in the format of the original source, for this we use the projects' Twitter accounts to avoid scams. Unlike a website, Twitter is much easier to verify. By the way, here are a couple of ways to do it: assess the ratio of followers to activity, check the Twitter score by entering the project's Twitter handle in the search bar and evaluating the metrics. If you are already subscribed to official pages, you can simply click on "followers" and see if they are following this Twitter account. Of course, users like to perform a minimal number of clicks, but I am sure that avoiding possible scams is worth a few additional clicks.
The listed services can be replaced with more suitable ones for you; the main thing is to cover the main vulnerabilities of the wallet. Also, every crypto enthusiast who has been successfully earning in web3 for a long time has their own ways of protecting funds. Therefore, the list of recommendations does not end with the above advice. You can contact a trusted user and ask about their experience. It is also always worth questioning all received information and, for this purpose, even everything read in this article should be independently verified (yes, this is the very DYOR). Despite the fact that we have already earned a good reputation because we treat our audience with respect and responsibility, this principle should always be followed. Be careful and we hope the market will provide us with the opportunity not only to preserve our funds but also to significantly increase them.
The Foundry does not collaborate with the projects mentioned in the article.