Scam Awareness

Scams and extraction attempts can come in plenty of different shapes and sizes in the world of DeFi, whether through phishing attempts, malicious tokens, or even just someone just using you as exit liquidity. While taking a few hits on the chin is almost guaranteed in these high-risk environments, putting yourself in the best position to avoid being scammed can carry you a long way.

The most tried and true method of asset protection from scams such as phishing attempts or device hacks is a cold wallet. Cold wallets will leave your assets inaccessible to scammers, even if they manage to take over your device, unless your secret phrase is stored on the compromised device. Using cold storage is more or less non-negotiable for active users, especially those who work in DeFi, where you regularly interact with strangers or acquaintances who may not be entirely trustworthy.