Tips for Protecting Yourself from Cryptocurrency Scams on the Blockchain with an Actual Scam Example

Scams happen in web3 and one of our co-hosts had one happen to him. Jared's wallet got drained! And instead of having it ruin his year, Ready Layer One decided to walk everybody through the scam. Show how it happened so people can learn from it.

Show summary:

  • Use a ledger to keep track of accounts and transactions
  • Burner accounts are not always enough protection against scams
  • Scams can happen on any chain and can be hard to identify in the moment
  • Scammers can be very convincing and use legitimate-seeming language and actions
  • It can be difficult to identify scams, especially when they are well-crafted
  • It's important to be vigilant and cautious when interacting with unknown parties online, especially in the context of cryptocurrency and blockchain technology
  • Use a ledger to secure your assets
  • Double-check the URL before entering sensitive information
  • Do not share your seed phrase or private key with anyone

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