Bittersweet
Along with the bull market comes another not-so-savory reality, and that is fraudsters, hackers, and other nefarious actors. It’s an inevitable reality and one that every Crypto investor needs to be aware of, especially when engaging in airdrops and other and WEB3-based protocols. It’s not only a case of deployed capital being at risk, but also capital that you are holding in your self-custodial wallet
As a Crypto investor, you have to be extremely vigilant, especially over the next 12 to 24 months. Don’t think that it could never happen to you. The odds of it occurring are a lot higher than you may think. With every new cycle, come a lot more bad actors, and if you are not careful, you could become their next victim! Establishing habitual practices centered around safety is an essential discipline for every Crypto investor to develop.
With additional freedoms and self-custody come additional challenges. Essentially, third parties can shield investors to some extent. However, there’s a lot one has to compromise and sacrifice to realize this level of limited protection. In 2022, I published an article addressing a very specific safety measure I believe every Crypto enthusiast should adopt and practice.
It is centered around the idea of having a workhorse wallet. A wallet that is only funded and utilized once a protocol has been proven to be safe. This wallet is then funded and emptied as required, to mitigate risk by keeping your funds out of reach. Many investors are only too happy to connect their wallets to unknown platforms. Do this with a fully loaded wallet, and stand the risk of it being drained.
Unfortunately, bad actors are everywhere, and therefore, trust needs to be earned. You can never be too careful, or even skeptical, in this game. Caution needs to govern every investment decision and interaction with a smart contract or WEB3-based protocol. DeFi is of course also an expression of . Essentially, DeFi is synonymous with WEB3, and vice versa.
Opportunities Abound
If you are an airdrop hunter, I’m sure you can attest to the significant amount of airdrops being introduced into the Crypto space at the moment. Many of these are legit. However, amongst the wheat, there is also a lot of chaff. This is where you have to be vigilant, and where the abovementioned approach can aid in protecting you from unnecessary losses and disappointment. The original article addressing this approach can be found if you are interested.
Wherever opportunities abound, so do bad actors… seeking to hijack and capture the gains you have worked so hard to attain. Take your time with everything, and always conduct significant research and due diligence, before any investment, airdrop, or trading decision. Furthermore, always confirm website addresses, contract addresses, and other important information via official channels such as websites and X accounts.
Earn Free Bulb (SPL)
Final Thoughts
Falling victim to a scammer is a devastating experience. So it’s a no-brainer to do everything within your power to protect your investment , as well as your long-term assets. Think before you act, and adopt strong risk management practices. In so doing, you will be erecting a defensive wall between yourself and nefarious actors. Anyway, stay safe, and I will catch you next time!
Free Avalanche (NEW)
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto
Free Solana
Free BFG Every 5 Min (NEW)
Free Hourly BTC
Even More Free BTC
