Join @Mo_RELS and @G4sp4rD in just a few here at @NFCsummit to learn how NOT to get rekt in #NFT land!
Follow along below as we live-tweet their talk! 👇
"The whole idea is that now, you're becoming your own bank. What we usually say is that with big freedom comes big responsibility. The problem today is...lack of education for how to properly secure your assets" - @Mo_RELS.
"The #blockchain is a public ledger that's open to everyone. When you create your first address on the blockchain, you're being given a pair of keys - the private keys and the public keys...the private keys are the most important thing to secure in the crypto world" - @G4sp4rD
"#Web2 devices haven't been designed to keep secrets - quite the opposite actually. They've been designed to circulate information, not keep it secure...The whole idea of having #Web3 hardware is that it's specifically design to protect Web3 secrets" - @Mo_RELS.
So, what are some of the threats you might encounter on your #NFT journey? @G4sp4rD explains.
The first is viruses, malware and hacks.
The solution? Cold storage (like #Ledger) that stores your #privatekeys offline. It's best practice to use 2FA whenever possible!
But what happens if my physical hardware wallet gets lost or stolen? @G4sp4rD tells us.
Ledger Nanos wipe your device after 3 incorrect PIN attempts & the PIN is safely stored on a Secure Element. All you need to do is use your 24 words to restore your funds on a new device.
Phishing scams are unfortunately also common & can be difficult to protect against as they rely on social engineering.
@Mo_RELS explains that we should beware of anyone asking you to share your seed phrase - you should never share it with anyone! Ledger will never ask for it.
You should also look out for blind signing scams - they will trick you into signing a phony transaction.
"At Ledger we are building solutions - we're integrating dApps in Ledger Live, so when you use them you'll be able to verify what you're signing on your Nano" - @G4sp4rD
Some best practices from @G4sp4rD & @Mo_RELS
- Never share your seed phrase
- Store it somewhere safe
- Beware when signing messages on unverified websites
- Segregate your assets
- Review your allowance regularly & revoke #smartcontract allowances with @RevokeCash.
And some red flags:
- projects with an unusual # of followers for a new project
- You receive DMs from the team
- None of your followers follow the project
- Founders make unrealistic promises.
"If it sounds too good to be true - it probably is!" - @Mo_RELS.
"@etherscan is your best friends - it's your eyes & ears on the #blockchain. You should check the contract addresses of the projects you're minting first, if the contract is verified, and if the source code is available" - @Mo_RELS.
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