Web3 Wallet Security – Best Practices of On-Chain Transactions for Staying Safe
Main Takeaways
Once a blockchain transaction is confirmed, it’s irreversible, so your final line of defense in Web3 is careful review of the signature page.
Double-check the entire recipient address, not just a few characters, to ensure your funds go to the right destination.
Know the difference between signing a transaction and signing a message – both can carry serious risks. A single misstep could give scammers access to your assets.
As you interact with digital assets and decentralized applications (DApps) on your Web3 journey, it's crucial to understand how to keep your funds safe. Think of your Binance Wallet as your digital vault, and the "signature page" as the moment you authorize actions from that vault.
When interacting with decentralized exchanges and DApps, you'll be routinely prompted to review and confirm a transaction or a "signature request." This is your critical moment to pause, verify, and protect your assets before they leave your hands! Read on to learn how to stay out of trouble while navigating the exciting world of Web3.
Understanding the Basics
The blockchain's power lies in its immutability: once a transaction is recorded, it remains there forever. This is why careful verification before you commit to any on-chain action is your ultimate defense.
The "No Undo" Rule
Finality: On-chain cryptocurrency transfers are final. Once you confirm a transaction via the signature page and it is processed on the blockchain, there's no way to reverse it.
Recipient is Key: Your funds will go to the address specified. If that address is wrong, or belongs to a scammer, your crypto is likely lost forever. This underscores the importance of always verifying the recipient's address extra carefully.
Review your actions. The confirmation page is the final step that will show you the action you're about to perform. Is it a swap, transfer, approve, sign, or something else? Make sure it aligns exactly with what you intended to do on the DApp.
On-Chain Transaction Signing
When you're making a transfer (e.g., sending crypto to another wallet) or executing a smart contract (e.g., swapping tokens on a DEX, providing liquidity etc), you will “confirm” it via the signature page. This means you are authorizing a change to the blockchain's state and your crypto will be transferred.
What to Review
Recipient address: Is it accurate? Are there any changes to the address you entered previously?
Details: Is the information about the coin (USDC/USDT, etc.) and the chain (BSC/ETH, etc.) you are sending funds on accurate?
Warnings: Are there any security warnings associated with the transfer? If something looks off, cancel the transaction and double-check everything.💚
@Binance Customer Support @Binance Announcement #Binance #BinanceWeb3Wallet