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Crypto, how to reduce the risks of being scammed?

According to an analysis, 99% of users of the Ethereum (ETH) network are vulnerable to attacks by cybercriminals because they interact with the blockchain without understanding its underpinnings. To avoid being scammed, we must try to understand concepts such as: wallet, boot phrase, private key, hardware wallets, signature, etc. We must also know that some types of signatures are very dangerous such as ETH_SIGN. There are various measures to be taken to reduce the chances of being scammed.

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Effective measures to avoid getting scammed

According to a post on Twitter dating from July 20 of the quit account.CCP.eth, 99% of Ethereum (ETH) users would be less likely to get scammed if they had a better understanding of everything that governs the operation of the network. That said, to be less vulnerable to attacks, it is necessary to make sure to analyze contracts before mining or trading on a blockchain. It is necessary to ensure that the contracts do not contain any potentially malicious function.

In addition, users must be able to recognize attack vectors. In this regard, it is necessary to avoid abruptly defining an approval. Indeed, usually malicious sites send a request for approval to users when they do not expect it. You should also be wary when you are asked to use a new site to continue an exchange. There are also the fake permission revocation sites which are designed to steal users’ NFTs.

In addition, if you find that your private key has been leaked, transfer your assets from your address as quickly as possible. Another measure of protection against attacks is to adopt a hardware wallet. Finally, take care to store your boot phrase offline, in a secure place.

In the end, we can manage to avoid being scammed on cryptocurrency platforms by taking the right precautions. Overall, it is necessary to stay on the lookout, always making sure to secure your wallet and transactions.

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Luc Jose Adjinacou avatar
Luke Jose Adjinacou

Far from having cooled my ardor, an unsuccessful investment in 2017 on a cryptocurrency only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay information related to this ecosystem with my pen.

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