We know that this is boring. Yes, investing is fun, doing all the risky stuff in web3, so much fun. Both if you are a creator, or you are a gamer or investor. But you need to think of some ways to keep it safe. To be honest, being safe online, especially in web3 means you have many interesting, creative people interacting with you either by developing something or creating something. But it also means that they can be very smart and dangerous. Smart does not mean good intentions. So you need to safeguard yourself.

Have you heard the saying, gird your loins before?

This is used by Nigel in Devil Wears Prada, when Miranda Priestly, the boss everyone is afraid of, is coming a bit early. He shouts gird your loins, so to make everyone rush and get ready. The saying means, to prepare for something stressful.

And we’ll continue by saying, in order not to gird your loins, you must always guard your coins.

Scammers are getting craftier, but with the right knowledge, you can stay one step ahead. And let’s go over some tips and tricks to do that! Do not be afraid, you can do this.

We’ll explain it in simple steps.

1. Read the thing! Read the White Paper! Just read it.

Legit cryptocurrencies always have a white paper. This document should clearly describe the blockchain, its protocols, and how the network functions. A genuine white paper is thorough, well-written, and backed by solid research. If the white paper is poorly written, has figures that don’t add up, or lacks detail on how funds will be used, it’s likely a scam. And even if it’s not a scam, if they do not put in the right amount of work into the whitepaper, then this tells something about the project as well.

2. If you have hard time understanding the white paper, try to find their Litepaper.

Some projects have their Litepaper up and running, where you can find summarized information on the project. Read that one instead!

3. Identify Team Members

A credible crypto project will spotlight its team members and developers. For open-source projects, you can often find the coding, comments, and discussions on platforms like GitHub or GitLab. They might also use forums or apps like Discord for discussions. If you can’t find any of this information, or if the white paper is full of errors, it’s best to steer clear.

Now there are Free Items…

3. Beware of ‘Free’ Items

If an offer sounds too good to be true, it probably is. Scams often promise free coins or airdrops. Remember, nothing is ever truly free, especially in the world of money and cryptocurrencies.

4. Scrutinize the Marketing

Legitimate crypto projects focus on their technology and purpose, not just on making money. Be wary of projects that heavily market themselves on social media or boast about huge fundraising numbers. Look for updates about blockchain developments or security measures, not just hype about profits.

5. Check for Professionalism

Real businesses using blockchain tech will look professional and focus on their services. They might have tokens for transaction fees, but their marketing won’t scream “get rich quick.” Scammers, on the other hand, might use celebrity endorsements and flashy websites. Legit businesses won’t pressure you to buy their crypto; they’ll promote their services instead.

Now the question is how could we save ourselves from these crypto scams?

Tips to Avoid Crypto Scams

Here’s how you can stay safe and secure.

1. Never share your wallet’s seed phrase.
If you’re asked to share your wallet’s seed phrase for an investment opportunity or to “restore” your account, it’s a scam. This phrase controls access to your crypto, so keep it to yourself. Even if your best friend or family member asks, don’t share it.

2. Do your own research (DYOR).
Before investing in any cryptocurrency, make sure you know what you’re getting into. Search for the company name and the cryptocurrency along with words like “review,” “scam,” or “complaint.” Pay close attention to the results, as fake reviews can mislead you. Always DYOR before risking any money.

3. Ignore urgent requests.
Scammers often use high-pressure tactics to make you act fast. They might offer discounts, bonuses, or pretend to be a friend in an emergency needing money. These urgent requests are big warning signs. If you receive such requests, just delete the messages and ignore them.

4. Be suspicious of social media posts.
Social media is a goldmine for scammers. They use platforms like Twitter, Telegram, and Discord to promote scams. They may claim that influencers or celebrities endorse their projects. Don’t believe the hype. When you see heavy promotion of a new cryptocurrency on social media, be skeptical and DYOR. Also, watch out for romance scams where someone rushes you to start a friendship or romance.

5. Ignore random DMs.
If you get a random direct message (DM) from a stranger pitching a crypto investment opportunity, it’s a scam. Don’t transfer your crypto or provide any personal information. Even if you know the person, remain suspicious. They might have been convinced by a scammer or their account could have been hacked.

6. Double-check website addresses.
When visiting a crypto-related website, always double-check the URL. Get the address from official sources, like the cryptocurrency’s official Twitter account, or use well-known price-tracking websites like CoinMarketCap or CoinGecko. Be wary of URL redirects that send you to a different site with a similar design.

7. Download apps from official app stores.
When using crypto mobile apps, only download from official app stores. For iOS, use the Apple App Store, and for Android, use the Google Play Store. Avoid downloading apps from unknown sources.

8. Ignore requests for private keys.
Your private keys control access to your crypto. No legitimate transaction requires you to share them. Never give out your private keys.

9. Shun enterprises promising big returns.
If someone promises you’ll make lots of money quickly, it’s a red flag. Be wary of investment managers or companies making such claims. Legitimate investments take time and have no guaranteed returns.

10. Verify contacts claiming to be from official entities.
If you get an email, text, or social media message claiming to be from a government, law enforcement agency, or company, don’t respond directly. Instead, go to the agency’s official website and get contact details to verify the claim. Scammers often pretend to be from official entities to trick you into giving them money.

11. Be cautious with job listings.
Ignore job listings for cash-to-crypto converters or crypto miner openings. These are often scams designed to steal your money or personal information.

12. Report blackmail attempts.
If a scammer claims to have explicit material about you and threatens to post it unless you send cryptocurrency, it’s blackmail. Report it to the authorities and don’t send any money.

13. Don’t accept “free” money or crypto.
Offers of free money or crypto are usually scams. If it sounds too good to be true, it probably is. Be cautious and protect your assets.

Let us know if you have any additions!