NFT Scams to look out for!
NFT Scams to look out for!
I hate to break the news to you, but there are many NFT scams and hacks out there. You have to take care of yourself and watch out. This environment is especially ripe for hackers because so many beginners are learning the ropes that they can easily take advantage of.
In this episode, understand how beginners and mad dash nature make everyone vulnerable to scams and know how to protect yourself.
Key points covered in this video:
✔️ Never give out your 12-word seed phrase. When you open a crypto wallet — you’ll have a 12-word phrase called a seed phrase that you should never tell anyone. That’s your secret phrase that can access your wallet and your NFTs. Keeping it safe is crucial to protect you from scammers, hackers, and or simply forgetting your passwords for access.
✔️ Be careful of BOTS. If you’re on a Discord community where you’re learning about NFT drops, all kinds of bots will try to chat with you. Now, some of these bots are incredibly legitimate. They are trying to help you join communities or link your wallet, and some of them are disguised as legitimate bots. One thing I like to do on Discord is shut off the ability for anyone to direct message me—even the bots.
✔️ Sophisticated hackers. These hackers go to influencers and celebrities in the community who have huge NFT collections, and they’ll do airdrop, which means they’ll drop some of their scam NFTs to look legitimate. Doing so allows them to pose that great NFT trader has some of their work, looking credible while airdropping it to that person for free. That influencer might not even know that a fraudulent NFT is in their collection, so that’s something to watch out for.
I have to admit I got scammed by a sophisticated hacker, and I lost about 700$ in my NFT wallet. That may not be the end of the world, but it was expensive enough to hurt enough that I will never fall for those scams again. So I hope you can learn from some of my mistakes. Never give your seed phrase, be careful of the bots and do your homework. Practice great care because there’s more to be gained to enjoy the magical, wonderful world of NFTs.
Just a reminder, I am not a certified financial advisor and am here to share my personal experiences only.
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About Randi Zuckerberg
I like to call myself “a professional mom to entrepreneurs.” I believe in the importance of nurturing startups and entrepreneurs. As a woman in business, I believe that we need more female and diverse founders to shift the world.
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