3 Major Pitfalls in the Crypto Space, from Newbies to Old Hands
In the crypto space, getting scammed is not because you're too foolish, but because it's too common.
These 3 pitfalls, beginners step into them, and seasoned players fall into them too.
No matter if you are just entering the space or have already caught a few waves of hype,
This article recommends reading carefully to the end:
Don't wait until the end to realize that it's not the market you're losing to, but common sense.
1 Wallet signature ≠ Login !! Clicking wrong once may directly wipe you out!
Have you ever encountered this situation:
Open a project webpage, and the wallet pops up a MetaMask prompt saying 'signature authorization'; you clicked confirm without looking.
! Here comes the problem:
Most people think 'this is just a login', but in fact, this is giving authorization to your wallet, and may even directly open the door for others to take money.
Remember a hard rule:
• If the wallet popup says SetApprovalForAll, it's very likely giving others permanent authorization to your assets!
Correct Approach:
• Every time before signing, carefully read the content. Don't click 'sign' casually like clicking 'I have read the user agreement'.
• If you don't understand, stop. Don't be afraid of missing out; what's scary is being wrong forever at this step.
2 Project official website ≠ Safe!! Huge phishing risk with links!
Many cases of scams are like this:
Someone in the group previously shared a link, claiming this NFT could be minted for free. Some newcomers got excited and clicked in, connecting their wallets and even signing authorization... A few minutes later, their wallets were emptied.
This is a typical phishing website.
Even if they look identical, as long as it's a fake official website, connecting means a death sentence.
️ Correct Approach:
• Only click links from official Twitter/Discord.
• If unsure, check the official website on CoinGecko / CoinMarketCap.
• Don't casually click links sent in private messages.
3 Wallets connected too much are actually more dangerous!
Don't use your wallet like a browser!
Many people authorize dozens of DApps in their wallets. Especially those who are into airdrops; if you don't clean it up for a few days, your wallet looks like a market.
The problem is that as long as you've authorized, the other party can move your assets at any time, even if you haven't done anything.
Some airdrop projects may even reverse 'collect your assets', turning your airdrop into a loss.
✅ Correct Approach:
• After giving authorization, remember to revoke it in time.
• Practice 'use it and withdraw immediately'; don't wait for something to happen before dealing with it.
• Layered wallet management, don't let one wallet rule them all.
To summarize:
Don't be afraid of not knowing how to invest; what's scary is being tricked.
These 3 pitfalls, falling once is enough to make you hurt for a long time:
1 Blind Signature: You think it's a login, but in reality, it's a death sentence
2 Fake official websites: Clicked the link, and directly the wallet goes to zero.
3 Don't revoke authorization: Leaving a backdoor for others, can be stolen at any time.
