Safeguarding Your Crypto From Scams: A Guide to Protecting Your Assets

Kevin Dwyer

Kevin Dwyer

July 17, 2023

4 min read


Greetings, fellow crypto enthusiasts! While much of Ankr’s longstanding community is well-versed in the world of crypto, I believe an additional cautionary reminder will benefit us all. While our job is primarily satisfying, it can be disheartening to encounter cases where users have lost their hard-earned crypto. Today, I aim to shed light on the various scams that exist and help you safeguard your valuable digital assets. So, let's dive into the world of crypto safety together!

Common Scams To Watch For

Across all scams directed at Ankr’s community, scammers will most commonly impersonate Ankr’s social media accounts, admins, and other Ankr team members to appear legitimate. Be very careful when you see accounts using Ankr’s name, logo, and appearance to advertise airdrops, giveaways, or anything else that may seem too good to be true. And remember, some scammers are good at what they do – using official-looking designs, accounts, and websites to separate you from your sensitive data and personal assets.

  • Fake Airdrops: Deceptive campaigns created by scammers promise free tokens but fail to deliver. Participants are tricked into sharing personal information, including private keys, connecting wallets to scam dapps, or sending cryptocurrency, only to be left empty-handed and missing all the crypto they kept in their wallets.

  • Phishing Attacks: Scammers employ fake websites or emails resembling legitimate platforms to deceive users into revealing their login credentials or private keys, enabling them to steal funds undetected.

  • Impersonation: In this scheme, scammers assume the identities of well-known figures, organizations, or admins by creating fake social media accounts. They exploit the trust of unsuspecting individuals to extract personal information, including private keys, or manipulate them into sending cryptocurrency.

  • Fake Sales/Pre-sales: Fraudulent ICOs or token sales promise lucrative investment opportunities in projects that never materialize. Victims fall prey to these scams, sending their funds only to receive worthless tokens or nothing at all.

Crucial Security Best Practices To Follow

To protect your cryptocurrency from falling victim to these scams, it's essential to adopt the following security measures:

  • Be Wary of Phishing Attempts: Exercise caution when encountering suspicious emails, messages, or websites that mimic legitimate platforms. Always verify the authenticity of the source before entering your login credentials or sharing sensitive information. Better yet, refrain from sharing such information if you are unsure about the legitimacy of the link.

  • Enable Two-Factor Authentication (2FA): Strengthen your security by enabling 2FA wherever possible. This additional layer of protection ensures that even if your password is compromised, unauthorized access to your accounts can be prevented.

  • Exercise Caution with Wallets, dApps, and Apps: Only download wallets or mobile apps from official and reputable sources. Beware of fake or malicious applications designed to steal your private keys or login credentials. Prioritize the use of trusted platforms to minimize the risk of compromising your digital assets.

  • Store Cryptocurrency Offline: Consider utilizing hardware wallets or paper wallets to securely store your cryptocurrency. Offline storage significantly reduces the risk of falling prey to online threats and enhances the protection of your valuable assets. Personally, I prefer to store larger amounts of crypto in my hardware wallet, while keeping smaller amounts for daily use in a Metamask wallet, utilizing Ankr's RPCs.

Final Thoughts

Your participation and insights are invaluable in creating a secure environment for everyone. If you encounter any suspicious activity within our community or have security concerns, please do not hesitate to reach out to us. Together, we can foster a safe and secure space for all crypto enthusiasts.

In the ever-evolving landscape of cryptocurrencies, safeguarding your assets should be a top priority. By remaining vigilant against scams like fake airdrops, phishing attacks, impersonation, and fake sales, we can protect ourselves from potential losses. Remember to exercise caution, enable two-factor authentication, use trusted wallets and applications, and consider offline storage options. As we navigate this exciting realm together, let's stay proactive, informed, and committed to creating a secure community for all.

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