I JUST LOST MY ASSETS WORTH OVER $15!

I was on Discord like any other day when I received a DM from someone telling me I had won over 0.08 BTC from a site I had once registered on.

I didn't listen to reason and rushed over to the site, checked the conversion rate, and saw it was worth a lot.

I tried swapping but was asked for a fee of $10.

"What was $10 compared to what I was about to gain?" I thought.

I quickly linked my wallet, sent $10, and tried swapping again, but it wasn't working.

My heart sank when I checked and saw $0 in my wallet, which had over $20 in it.

I had lost my $20 due to greed.

Don't be like me.

I'll show you how you can safeguard your assets from scammers in this article.

We have to understand that crypto users have become more cautious and aware of scams in the market.

However, scammers are still active, and there have been many hacks and scams recently.

So, it's important to always prioritise crypto security.

Let's start by understanding what 'CUSTODY' is.

Custody refers to the measures taken to safeguard your crypto assets.

Each of your crypto assets is associated with a private key, and whoever possesses this key can access your crypto assets.

Who has custody over these assets, though?

That will ultimately depend on the security risks you're willing to take.

While many people initially choose to keep their crypto assets on an exchange, this can lead to risks such as paused withdrawals, exchange downtime, and hacks.

Personal custody offers a higher level of security, but it also comes with its risks, such as accidentally sharing your seed phrase or sending funds to the wrong address.

Other options for safekeeping exist, like wallets with multiple signatures and services.

Both regular people and experienced individuals can fall victim to security attacks like phishing.

Phishing happens when someone tricks you into doing something that puts your crypto assets at risk, like clicking a link or opening an email.

However, these attackers need your permission to succeed in a phishing attack.

Permission is a big deal in blockchain.

You need permission to use smart contracts, and no protocol can get to your tokens without your consent.

Once you grant them permission, protocols and attackers retain access until revoked.

It doesn't matter if you're using a secure wallet or not!

Once you've said "yes," and there's no limit set, those with access can keep it as long as they want.

How do you keep your assets safe?

1. Never reuse passwords.

You might have compromised it with the hundreds of websites that you have signed up for.

Always use unique passwords.

2. Use a password manager.

If you need to use a unique password for each website, how do you remember them all?

Use a password manager to generate long, strong passwords.

Remember only the master password, and let the password manager do the rest.

3. 2FA everything.

You should use 2-factor authentication for every service that offers it.

Use SMS-based 2FA and apps like Google Authenticator.

4. Limit smart contract approvals.

When you interact with smart contracts, don't give unlimited token approvals.

This allows the smart contract to drain all your tokens if it goes rogue.

Learn how to limit these approvals here➡️ https://twitter.com/korpi87/status/15497

5. Be careful of giveaway tweets and DMs.

There are tons of such scam giveaway tweets and DMs.

It's all over the place and very hard to moderate.

Ignore them all!

If it's too good to be true, it probably is.

Securing your accounts comes with costs, as it takes a lot of time to examine and change your current behaviour.

If you are involved in crypto, this is an absolute necessity.

It's always better to be safe than sorry.

I hope you found this article useful, and do let me know what you think in the comments section.