Wallet security: 10 tips after the LI.FI exploit
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Ten practical self-custody tips: revoke approvals regularly, avoid infinite approvals, split holdings across wallets, back up seeds properly, bookmark apps, use transaction-simulating wallets like Rabby and follow security alerts.
Incidents like the @lifiprotocol exploit are evidence to the importance of wallet hygiene and basic security measures.
10 tips how you can stay safe out there 馃憞
1 ) Regularly use @RevokeCash to revoke approvals from contracts you have interacted with in the past. If one of them is exploited and can still spend your $ETH, $USDC or whatever token it is, it will be gone.
2 ) Do not set infinite approvals in the first place. Normally, approvals are made temporarily for certain amounts and revoked after a few minutes. If you set unlimited approvals for convenience you might risk losing your funds down the line, especially if you don't follow the first tip.
3 ) Beyond wallet hygiene wrt approvals, make sure to not hold all your assets in one single wallet. Distribute to minimize the impact of having one of your wallets compromised or losing your seed.
4 ) To avoid losing your seed, it's obviously imperative to back that up properly. Saving a screenshot on your phone or a word doc on your cloud storage called "seed phrases" won't cut it. Security > convenience in the long term.
5 ) Phishing links and drainers are becoming increasingly common unfortunately. Bookmark the sites/apps you regularly use and always check the domain and that you are not redirected. Never click on links when doomscrolling Twitter!
6 ) Use a wallet that warns you BEFORE you interact with contracts. @Rabby_io was a game-changer in that regard for me. Warns if you interact with addresses/contracts you haven't interacted with before. Warns you if website popularity is low and simulates your transactions. Especially tx simulation is key, as it shows you what you are actually signing and what will happen in your wallet.
7 ) If you are sticking to MetaMask still for whatever reason, at least make sure you use @_joinfire, a browser extension that simulates transactions and warns you before your most valuable NFTs are drained or whatever a malicious actor might want to take from you.
8 ) Do not interact with apps/websites that look shady in the first place and regardless of what you do, only sign transactions if you actually know what you are doing and why approvals & signatures you are giving are necessary to achieve whatever your goal is.
9 ) Follow accounts like @PeckShieldAlert and others with notifications on to be able to react quickly should there be an exploit that puts you and your funds at risk.
10 ) Take your time and stay focused. Even if you follow all these tips, mistakes can happen. In most cases they happen when you are tired and unfocused or just in a rush. Going non-custodial is great but it comes with even greater responsibility. There is no bank to blame if something goes wrong. You are your own one-man bank.
Don't let all your hard-earned money disappear in an instant frens.
Stay safe and feel free to add your tips below!
QUOTING @zerokn0wledge_
馃毃 Exploit Alert - Revoke Approvals 馃毃 Today, @lifiprotocol suffered an exploit and lost roughly $8M in funds so far. Investigation is ongoing but to ensure your funds are safu, use @RevokeCash and revoke ALL approvals you might have on: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4e
馃毃 Exploit Alert - Revoke Approvals 馃毃 Today, @lifiprotocol suffered an exploit and lost roughly $8M in funds so far. Investigation is ongoing but to ensure your funds are safu, use @RevokeCash and revoke ALL approvals you might have on: 0x1231deb6f5749ef6ce6943a275a1d3e7486f4e