NFT, DeFi and crypto hacks abound — Here’s how to double up on wallet security

[Tamsialu$$]

Falling prey to a fraudulent link can be devastating to one’s personal investment portfolio. Here are three ways a hard wallet can protect you. The explosiveness and high dollar value of nonfungible tokens (NFTs) seem to either distract investors from upping their operational security to avoid exploits, or hackers are simply following the money and using very complex strategies to exploit collectors’ wallets.

At least, this was the case for me way back when after I fell for a classic message sent to me over Discord that caused me to slowly but all too quickly lose my most valuable assets.

Most of the scams on Discord occur in a very similar fashion where a hacker takes a roster of members on the server and then sends direct messages to them in hopes they will bite at the bait.more

[anastese]

Amulet is a decentralized risk protection protocol for the Rust-based ecosystem initially deployed on Solana. Existing DeFi risk protection protocols rely on external underwriters to provide capital for claim payouts and cover capacity, which introduces unique and difficult challenges over business sustainability. Amulet is creating the risk protection industry's first Protocol-Controlled Underwriting ("PCU") approach. This is a significant change from the incumbent model of renting underwriting capital.

[BDose]

It's scary how sophisticated these scams have become. That's why nft security needs to be at the top of every collector's and investor's mind.

A few practices have really helped me sleep better at night:

Cold Wallets for High-Value Assets: I use devices like Ledger Nano X or Trezor Model T are my go-to. They keep my private keys offline, making it almost impossible for hackers to access them remotely.

Multi-Factor Authentication (MFA): It’s a lifesaver! Even if someone gets hold of your password, the additional verification steps make unauthorized access far less likely.

Seed Phrase Protection: I learned the hard way how important this is. Writing it down and storing it in a safe location (or splitting it across trusted places) can prevent a total loss.

Another underrated tip is to be very selective about the marketplaces and platforms you use. Trustworthy ones like OpenSea or Rarible implement robust security protocols, which adds another layer of safety.