5 Tips To Avoid NFT Hackers

March 18

By lourdes

0 comments

As the NFT marketplace becomes more mainstream, you will hear stories about people getting hacked. Make sure to check the following tips to protect yourself: 

1. Watch out for rug pulls

Nowadays, there are far too many fake mints with credible names. The term “rug pull” refers to unknowing investors “having the rug pulled from underneath them” by the creators or developers of a cryptocurrency. So don’t fall for glossy NFT’s – do your research first. Check if the project has a real community on Twitter or Instagram. But remember, it’s important to see real engagement in the posts because it’s very easy to buy fake followers or bots. Also, reach out to the team members, get to know them, ask questions and show interest. You want to make sure you invest in projects that have a strong community presence and have a vision they can back up. 

2. Always double-check email links/addresses 

If you sign up for a project’s newsletter, always be extra careful with any links. Whenever a link appears suspicious, be careful about opening it.  We advise that you confirm the sender and make sure the email address matches the email of the project.  Hackers can scam you by copying a similar email – so please be vigilant.  And remember, never enter your seed phrase or recovery key anywhere. It is never required.

3.  Avoid DMs from people you don’t know on Discord. 

Discord can be a walking hacker minefield – this is definitely a place you need to be very careful. You should turn off Discord DMs for your safety – especially since conversations on Discord are usually within the channel of a project so there’s really no reason for you to have conversations with anyone you don’t know outside the main channel.  Once you turn off your DMs, only your friends can send you messages. 

4. Never share your recovery phase 

Even though this seems obvious, people make this mistake all the time and forget the importance of the recovery phrase. To be clear, sharing your recovery phrase is basically giving someone your credit card number along with the CVV. Under no circumstances should you be giving anyone access to this phrase. We advise you to write the recovery phrase on a piece of paper that you keep safe at home in case your computer or phone gets hacked. 

5. Use a hardware wallet for valuable assets 

If your NFT investment portfolio is quite large, we recommend investing in a hardware wallet. Read our recent article to learn more about hardware wallets.  Keeping all your NFTs in one wallet is risky, a hardware wallet won’t be susceptible to a virus and is a safer long-term option.