Forget your login credentials
First key point: the importance of connection information to your wallet, your digital wallet. It’s a great classic, and yet even the most seasoned can be fooled. This is what happened to Bit-Load who, after having created a safe to host the ENS (Ethereum naming service) domain names he had just purchased, did not write down his password. password, its recovery phrase or its private key, created for the occasion. All it took was a power cut from Enedis to disconnect his wallet and he lost access to it definitively. We won’t take it anymore, says the one who advises to “always take the time to write down your identifiers in different places, and store them in several safe places”.
Invest the money I need
It must be said: the scams and volatility of cryptocurrencies make it a risky financial investment. Narvath has already been fooled by scams, but he claims to have always limited the breakage thanks to a mantra: “Only play in crypto the money you accept to lose. His trick is quite simply to define, at the beginning of each month, the amount to invest and, above all, to stick to it. Simple as hello, you still have to apply the rule.
In Web3, you shouldn’t go too fast. Dominique Prasivoravong almost got carried away by his Fomo (fear of missing out, fear of missing out). He discovers an NFT he coveted at only a quarter of the market price. Tempted to make a “coup”, he did not realize the obvious: it was a scam. Warned by a friend, he changed his mind in extremis and has since said to himself: “Better to miss a good deal than to make a bad one. »
Go through search engines
Beware of Google searches, which sometimes lead to misleading sponsored links. This is what Milrom experienced who, while typing Venus Protocol, came across a wrong page. He realized this when the site asked him for his “seed phrase”. His advice: “Only go through verified and favorited links and never give out your recovery key. »
Change transaction fees
Each transaction on the blockchain involves fees to pay the miners who validate it: these are the gas fees. In principle, they are calculated automatically, based on demand. But some investors choose to change them manually. “I lowered them betting on a drop in activity during the night, remembers Spaaak. Result: my transaction was blocked for three days, the time for the average to align with my rate”.
To make cryptocurrency transfers, it is better to be very attentive, and avoid getting down to it when you are tired… At the risk of losing them for good. A few months ago, Daemon wanted to change its tokens, exchange Matic cryptocurrency against the equivalent in Dot, for the purposes of an NFT game. Problem: at the time of the transfer, he realized that he had sent his cryptocurrencies to another wallet, which did not follow the same protocol. “In short, I sent crypto from a wallet based on protocol A to a wallet based on protocol B. So I lost them forever in the infinity of Web3…”, laments the one who, since this unfortunate episode, systematically checks during each transfer of money on which blockchain it sends them. Concentration and verification are therefore in order.
Place your eggs in one basket
The expression applies very well to Web3. “I have already been hacked, but it was a test wallet so it limited the breakage,” recalls Martino Bettucci. His solution? Create a “hard wallet” of long-term investments, secured in a storage key, and a “soft wallet” with small sums for one-off experiences.
A golden rule of crypto can be summed up in four letters: DYOR (do your own research). Do It Yourself: Mustang and Slumar have been holding it back since getting scammed, one via Twitter and the other on Discord. Their wrong? Not having informed themselves on their own about the project and its “roadmap”, its strategy, before investing.
Forgetting to register your domain name
Submit your domain name “. eth” (ENS) makes it possible to create an identity on the Web3, and to associate it with its wallets, sites and networks. For Loïc Schappacher, CEO of Metagellan, who almost had his own stolen, “it will soon become as natural to reserve your ENS as to buy your domain in it. com or. Fr “.
Playing with the “pump and dump”
Among market manipulation techniques, “pump and dump” is very common in the crypto world. This method consists of bringing together many investors to make a coordinated purchase, artificially inflate the value of the crypto, and sell it on the heels. A “web heist3” that tempted BlackPearl when he was invited to join a Telegram group of 10,000 investors ready to take action. This attempt made him lose 2,700 euros in just… 30 seconds.
“In theory, it works, but in reality if some make money, others must lose it, he moderates. Whales – the big players in the cryptocurrency market – often receive an early buy signal, shorting out new entrants.” Since this misadventure, which taught him distrust, BlackPearl categorically recommends not to participate in “pump and dump”.