Risk of import wallet seed to a new web wallet, to chase airdrop - page 2.

Hyphen(-)

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Quote from: SquirrelJulietGarden on April 08, 2024, 09:48:27 AM

Don't (never) import wallet mnemonic seed from your current wallet like Metamask wallet to a new web wallet like Bitget, Phantom, OKX. Some wallets have that import feature for you BUT NEVER choose Import.

If a new web wallet is bad, has back door, you can lose your money.

It does not take many time to create a new wallet with a new mnemonic seed. Don't be lazy and take big risk.

Read wallet reviews there
https://walletscrutiny.com

This is indeed a good reminder for us all not just for newbies alone.

Creating new wallet is very simple and will not take much of our time, in fact, it’s even easier than going to be exporting your private key from your previous wallet for importation. The best thing to is to send any amount you want to your new wallet, do not use your previous wallet that contain your assets for airdrop especially when they asked you to connect your wallet.

Airdrops are ways to advertise new coins, but atbb no the same time, scammers are using it to get access to your wallets and they can sweep all you have by hacking your wallet. Therefore, be wise.

Faisal2202

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Quote from: SquirrelJulietGarden on April 08, 2024, 09:48:27 AM

I knew about this risk but forgot to create a topic to warn newbies.

Today I replied in a thread about Bitget wallet and remembered about that risk, this time I don't forget to create a warning thread for newbies.

Is something happened with the wallets you have mentioned? As I did not hear any news that either of these wallets (web wallets) have scammed people's money when they imported their wallets. Besides talking about bitget wallet airdrop, they are only giving 50 points to new wallets only, as those who will import will not get the early 50 BWB points as a bonus. As I did not received it. But when created new one, I received. I don't think the wallets you have mentioned are risky though there are other many wallets which seems to be risky to me, like the rainbow and rabby wallets, in which people have to import there seedphrases. I find those wallets a bit risky CMIIW.

Besides what I said, I can't agree more with you, because to complete airdrops, we should create a separate wallet, as using the main wallet in which you are storing your funds, either for trading or holding purpose, is so idiotic. Use a separate wallet, move some funds needed to join some airdrop, as only move those which are needed. Extra funds is a liability that we should not take.

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Importing a mnemonic seed wallet between more than one wallet is a bad choice, as the more times a seed is present in an online wallet, the greater the chance of losing your coins. To claim Airdrop, you only need gas fees. You can create a wallet with enough gas fees and then you will be able to participate in all Airdrop with very low risks.

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This has been said many times over, but it doesn't hurt to mention again cause people still fal victims.

The risk to reward ratio in chasing airdrops is very lopsided. You risk your privacy and assets for the possibility of earning a good amount, but the reality is 99% of them go bust and never get to even have a value and lots of those were created specifically to scam you.

If you must, protect your wallet first.

Amphenomenon

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Yes aside from airdrop testing an entire new wallets especially closed source were the chance of back door is highly possible, create a new wallet after all setting up a new wallet is one of the most easy thing to do in crypto space.

Another reason why some may opt for importing their seed rather creating new wallet for this, is the fee charges for moving their coins to the other wallet which actually they ought to weigh if what they are going to earn from the airdrop is higher than fee or else just avoid it since prevention is better than sorry.

SquirrelJulietGarden

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I knew about this risk but forgot to create a topic to warn newbies.

Today I replied in a thread about Bitget wallet and remembered about that risk, this time I don't forget to create a warning thread for newbies.

If you want to join airdrop, create a new wallet. Move your funds from your current wallet to a new wallet, with value you want to join airdrop and on chain interactions.

Don't (never) import wallet mnemonic seed from your current wallet like Metamask wallet to a new web wallet like Bitget, Phantom, OKX. Some wallets have that import feature for you BUT NEVER choose Import.

If a new web wallet is bad, has back door, you can lose your money.

It does not take many time to create a new wallet with a new mnemonic seed. Don't be lazy and take big risk.

Read wallet reviews there
https://walletscrutiny.com

Topic: Risk of import wallet seed to a new web wallet, to chase airdrop - page 2. (Read 250 times)