Every day, I read about people giving away their seed phrase and losing thousands of dollars on crypto. I’m hoping through this miniseries, I can stop at least one person from losing all their money. And HOLY COW, did someone just lose a ton of money recently. However, not to be callous: how /u/007happyguy lost his crypto could have been easily prevented.
These tips are not 100% foolproof. However, they will stop you from being one of the 99% that lose their crypto to scammers and bots.
Every person in crypto would be better off having this tattooed to their wrist. It’s that important. It is by far the easiest and most common way to be scammed. Big takeaways about your seed phrase:
This problem is already bad enough on reddit. However, it only gets worse the more you get involved on Reddit, Discord and GroupMe crypto communities. This issue is so bad that subreddits like /r/MetaMask talk about DM scams in its first 3 rules.
Reputable defi apps and companies should never need your seed phrase. Any company or “company” spokesperson that asks for sensitive wallet information is bad news. Every service you use should have official support channels. Be mindful of the “Nigerian Prince” scams that haunt the elderly. Crypto DM scams are essentially the same.