It is extremely easy to scam people in crypto, and since growth = opportunity, much more of this will be coming to the #IC ecosystem very soon
So let's dive into best practices to protect yourself from would be scammers on the IC 🧵👇
So let's dive into best practices to protect yourself from would be scammers on the IC 🧵👇
1. NEVER give anyone your seed phrase.
Giving someone your seed phrase gives them unlimited access to your wallet. Essentially complete ownership. So best practice is NEVER give anyone your seed phrase.
Giving someone your seed phrase gives them unlimited access to your wallet. Essentially complete ownership. So best practice is NEVER give anyone your seed phrase.
2. NEVER add a device to your internet identity unless you absolutely 100% trust it
Adding someone as a device gives them complete control over your entire internet identity. Apps, NNS, wallets, etc.
Adding someone as a device gives them complete control over your entire internet identity. Apps, NNS, wallets, etc.
3. If you don't know the people behind a project, you basically know nothing.
Anyone can spin up a website, promise a bunch of stuff in a roadmap, launch something, and then delete socials and keep the $$. Pretty hard to trust someone you don't really know.
Anyone can spin up a website, promise a bunch of stuff in a roadmap, launch something, and then delete socials and keep the $$. Pretty hard to trust someone you don't really know.
4. Not all projects are legit projects.
It takes ideas + execution to make a project successful, and not everyone can pull it off. Lack of funds, other priorities, and inability to execute are all likely culprits.
It takes ideas + execution to make a project successful, and not everyone can pull it off. Lack of funds, other priorities, and inability to execute are all likely culprits.
5. ICP growth is a double edged sword
Growing more means more opportunity, which also means more people trying to scam. Up until now we've seen almost all good projects, but this will change over time. We can't get complacent in vetting new projects.
Growing more means more opportunity, which also means more people trying to scam. Up until now we've seen almost all good projects, but this will change over time. We can't get complacent in vetting new projects.
6. If founders aren't doxed, then you need extra reasons why you should support them
Having anonymous project founders is not the future. Doxed and accountable project founders is the future. Easy to take responsibility when the world knows who you are and what your plan is
Having anonymous project founders is not the future. Doxed and accountable project founders is the future. Easy to take responsibility when the world knows who you are and what your plan is
7. The more urgent it seems to give projects money, the more likely to be a scam.
Check out the discord, check out the team, and talk to trusted friends before pulling the trigger on a project.
Check out the discord, check out the team, and talk to trusted friends before pulling the trigger on a project.
8. Scrutinize new projects as a community
If the community can hold projects to a higher standard, and refuse to purchase anything from those that don't meet these standards, then it will be much harder for people to come to ICP to scam the community.
If the community can hold projects to a higher standard, and refuse to purchase anything from those that don't meet these standards, then it will be much harder for people to come to ICP to scam the community.
9. Be careful where you login.
Authenticating with Plug and Stoic give applications permissions to make calls on your behalf, so make sure you trust websites 100% before authenticating.
Authenticating with Plug and Stoic give applications permissions to make calls on your behalf, so make sure you trust websites 100% before authenticating.
10. Store high priced assets on cold storage wallets.
I just mean have 2 wallets. One hot wallet to login to, browse with, test stuff, etc. Only have minimal value ICP/NFTs in this wallet.
Then have a secure second wallet that you rarely use to protect high value assets.
I just mean have 2 wallets. One hot wallet to login to, browse with, test stuff, etc. Only have minimal value ICP/NFTs in this wallet.
Then have a secure second wallet that you rarely use to protect high value assets.
Did I miss any? Would love to hear from all you security people about things we should be doing to protect ourselves on the #ic
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