How NFTs Defended From Being Hacked,  Stolen, or  Scammed

NFTs popularity is facing a huge boost among the celebrities and some of the market’s heavyweight like Adidas, Nike and Disney also have interest in shares of NFTs. However, as the NFT is selling in millions and many hackers are waiting for any glitch to steal the millions dollar digital property, it is no surprise that every wallet is having a risk of getting hacked or stolen. As the NFT is attractive for millions of people, scammers are also there to scam people. In this blog, we give you some tips on how to protect your account from being stolen, scammed, and hacked. Every scam has a few red flags attached to it. However, we often tend to neglect those and fall prey to our emotions. We are discussing 7 ways to protect your NFTs from being stolen.

Important ways to Protect your NFT

1. Keep distance from strangers on social media.

2. Be careful of fake sites on Twitter and Discord.

3. Avoid sharing your secret recovery phrase.

4. Avoid clicking on unknown or broken links.

5. Use a strong password and change your password frequently.

6. Always prefer hardware wallets, especially for valuable assets.

7. Limit smart contract approval.

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1. Keep Distance from Strangers on Social Media.

Avoid sharing your confidential and personal information on social media with unknown people, over various social media handles. Many social media platforms allow to interact with strangers publicly but get some information about strangers before talking to them in private. But your privacy should be your first preference and it is recommended to avoid conversation about your financial matter.

2. Be Careful of Fake Sites on Twitter and Discord.

As the popularity of NFT is increasing so is cybercrime is also increasing. Twitter and Discord are full of fake minting sites waiting for their next target. One should always be careful about the type of site one clicks on. every legitimate channel mentions their official link on their website and only those links must be used.

3. Avoid sharing your secret recovery phrase.

Your secret recovery phrase must be a secret that you shall take to your grave.NFT platforms like Opensea never ask for wallet recovery phrases. 

4. Avoid clicking on Unknown or Broken Links.

It is always recommended that you must remain vigilant about the type of link you click on. You might receive several emails, ads on your social media platform, avoid clicking on those emails, ads, and unwanted images.

5. Use a Strong password and change your password frequently.

Remembering the various password is a difficult task for everyone, at some point in our life we used the same password across all the platforms. But using the same password on all the platforms makes your account more vulnerable. If you find this difficult to remember all your passwords, you can go for password managers like Lastpass or 1password.

6. Always prefer hardware wallets, especially for valuable assets.

Always store your NFTs in non-custodial wallets and not on the marketplace not there, then you can go for cold storage and hardware wallets. Cold storage is an offline or an external drive that keeps your assets out of reach of scammers and hackers. Keeping your NFTs on these wallets means that no one on the internet has access to these assets unless they have access to your password and device physically.

7. Limit Smart contract approval.

2-Factor Authentication for your apps is necessary, always try to avoid SMS 2FA because that makes your device more vulnerable to attack. A hardware-based 2FA has higher security, some of the options can be Google Titan and Yubico.This option is within Bitdenex Roadmap and we aim to provide this feature by end of this year.

CONCLUSION 

The Crypto industry is indeed seeing its boom, but it is still not safe from malicious activities. people are still getting scammed and hacked by fraudsters, even though they are quite knowledgeable about these things. however, with the above-mentioned points, you can easily avoid getting scammed by others and also get gains from your NFT’S.