A Simple Trick To Protect Yourself In The DeFi Space

By Sapphire | Sapphire Crypto | 6 Jun 2022


More Victims

I continue to see more and more people falling prey to phishing attacks after they click on phishing links and connect their wallets to unknown platforms and websites. I initially put off writing this article because I thought it was a little obvious and therefore reasoned that people would already be practicing this simple trick. As it turns out, perhaps there are individuals out there that could benefit from this safety measure. Back in 2020, it was a lot safer connecting to Web 3 platforms. Cyber criminals were yet to realize the exploitable vulnerability that was before them. This has since changed and Web 3 has become plagued with criminal opportunists. However, there is a simple yet efficient way to avoid becoming a victim

Create A Workhorse & Vault Wallet

The best way to protect your assets is to not expose them. The only way to do this is to create a workhorse wallet and a separate vault wallet. The idea here is to only hold a gas balance in your workhorse wallet. This wallet then in turn acts as a third party and facilitates transactions between your vault wallet, which holds your funds, and the protocols you connect to. In doing this your funds are never exposed to platforms and smart contracts. Once you have verified, or feel comfortable with a particular platform you can then fund the workhorse wallet and interact. When you receive funds from farming and other DeFi opportunities you can immediately move them from the workhorse to the vault

An Empty Wallet

If the workhorse wallet is somehow compromised your assets remain safe. At worst, a single allocation could be compromised. I like having my assets unexposed in this way, it gives me some peace of mind. If you are not making use of certain assets then it makes sense to move them to a wallet that never connects to anything. Falling prey to a phishing scheme is not such a bad thing if your wallet is empty or near to empty. Criminals have a funny way of continuously getting smarter. Finding ways to protect yourself from ever-growing threats is going to become more and more important! Stay safe out there and remember that carelessness can be extremely costly!

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Disclaimer

First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.

This article was first published on Sapphire Crypto.

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Sapphire
Sapphire

Interesting views, news, opinions and all things Crypto. Independent and honest assessments of Crypto projects and earning opportunities within the space. Opinions are my own and not financial advice. Sapphirecrypto.org


Sapphire Crypto
Sapphire Crypto

Interesting views, news, opinions and all things Crypto. Independent and honest assessments of Crypto projects and earning opportunities within the space. Opinions are my own and not financial advice.

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