Topic: Some ways which you can lose your coin and how to prevent them. (Read 153 times)

You forgot the most important tip in this case: do NOT enter your hardware wallet's recovery phrase anywhere besides directly to the physical device itself(when restoring). A legitimate and reputable hardware wallet company wouldn't require you to "take any action" by asking you to send over your wallet's backup in the first place.

Alot of people fall victim for most of these scams nowadays and its good you brought this to our notice again even though there is a similar thread about this before.
In addition, there are some scam/fake token you just find in your wallet and you don't know where it came from we should avoid swapping or engaging with such tokens if not you risk loosing your assets.

Phising email attack is one of the biggest problem. You can safely keep your crypto assets in a hardware wallet but if you fall for a phishing email then you will lose everything that you kept safely in your hardware wallet. There has been a drastic increase in such attacks. Scammer send you email representing the hardware wallet company and will ask you to enter your wallet credentials. If you enter those than you will lose your wallet.

Therefore always first check the website and social media handles of the hardware wallet company for any updates and then take any action on the email being sent to you.

The first two are the most common ones. Actually the second one is the best among the way on how to lose your fund in dumbest way. Many users keeps joining giveaway for free and hence ignore the potential risk of some which are highly suspicious. Its the first one in my mind why a lot loses their funds.

The heaviest one is hacked exchange. When it happened to you means your not really careful. Its like social media account that when you dont take extra careful could go down bt those scammers.

1. Phishing attack
2. Free giveaway

These two activities are common for me, I saw a lot of people who experienced this, especially on social media, they start to post something once they have already been scammed and guess that, they fall on these kinds of activities, it's just sad that they really don't know such basic security on the internet.  The worst part also is the money that has been scammed is very important especially if it is huge like an emergency fund or savings.

right know if u play around with smart contract neither bsc polygon or etc you will get lot of phising token that can make losing of your legit coin so never approve coin that you dont know.

and giveaway or airdrop usually can be tricky too

1. Phishing attack often happened when you use bad browser and low security: avoid using google chrome, install adblocker, https only, etc.
2. Avoid any such giveaway, airdrop, free money, something to good to be true.
3 & 4 everyone already knows and it's just their own mistakes.

I'll add disable auto download on any social media you used e.g. telegram, whatsapp, discord etc, some people got malware on their devices and using hardware wallet for better security.

Yea.. these, and the bajillion types of scams currently being used out there: https://cryptosec.info/scams

No offense, but nothing really new with this thread.

The most problem of new people that are coming into Crypto and to Crypto trading is that 70% of them think that they can quick get rich.
To that they dont know the basics about Crypto and how it all works and that it should be done.
Keeping there coins on an exchange is the easiest way for them as they maybe dont know how to set up an wallet at home on there PC.
And i guess a lot of them are just to lazy to do it.

About Your number one point I think its better to adjust your Telegram account first before anything else, adjust the security settings so that you can't receive PMs from unknown person, this is the only way to say goodbye to scam PMs.

Most people that are just joining cryptocurrency don’t really understand cryptocurrency, they believe is a place which you just invest your money and you are rich already, some people don’t believe you can even lose your coin or money, but their are some mistakes which if you make you will be losing your money, which I listed some below, some people will lose money just because they are tricked, scammers are everywhere and they are increasing on a daily basis, coming with new strategies to scam people and mostly they are always targeting newbies, so I will be talking about few ways which you can lose your coin and possible ways to avoid I that mistake which includes;

1, phishing attack; The most common phishing attack comes from receiving a message from social media like Telegram, where the attacker will change his name to group admin and private chat you claiming to be from the team, convincing you they want to help you and you will be asked to follow some steps which you will be asked to follow after you have been tricked into giving out sensitive information about your wallet address under false pretenses. They will usually provide you a link and ask you to enter your information, including sensitive information about your wallet like as your private key.

PREVENTION; whenever you make a complain in a public group and you receive a private message, don’t respond to the message, instead just report and block the person who sent you the message, if you make complaint in a public group, no admin will private chat you, they will respond to your complain in the group. On no condition should you input your wallet private key in any website, no matter where you receive the link to the website from don’t input your private key on a website.

2, Free giveaway; free giveaway; giveaway is another way that people are losing their coins on a daily basis because they are after free coins, which is really bad. In 2021, some influential people's social media accounts were hacked, and the hacker claimed to be doing giveaway. Some will ask you to send a coin and they will help you double it within a few minutes or hours, but once you send the coin, your money is already gone and there is no way to get it back. Some may send you a link and instruct you to click it and connect your wallet address; if you do so, they will have automatic access to your account and will be able to to move all your funds.

PREVENTION; Don't believe anyone you meet online, no matter how influential they are, and don't believe in any kind of giveaway; nobody will double your money for you in a few minutes or hours, and anyone telling you to invest and they will double your money for you is trying to con you; nobody will double your money for you in crypto. When you see a link online and are asked to connect your wallet to it, you must be very careful and double-check the link to ensure you are not connecting your wallet to the wrong link. You should also avoid sharing your private key or other confidential information online.


3, Exchange hack; We have seen multiple exchange hacks, and we should expect more in the future. When an exchange is hacked, the exchange owners and people who have coins in the exchange are always affected. I will list some exchanges that were hacked in 2021 which include;
https://www.hedgewithcrypto.com/cryptocurrency-exchange-hacks/
The majority of newbies that are just joining crypto trading always keep their coins on exchange, which is bad because they can quickly lose them.

PREVENTION; Never store your coin on an exchange because anything can happen to it at any time. After purchasing a coin, make sure you transfer the coin from the exchange wallet to a non-custodian wallet address and secure your private key. (Remember, it's not your key, it's your coin.)

4, Send to wrong chain; beginners frequently make mistakes when transferring coins and as a result they always endup sending coin to wrong chain resulting in the loss of their funds. There are various types of chains in cryptocurrency, including the Binance smart chain, Ethereum chain, Polygon chain, Solana chain, and Tron chain (TRC20). When making transactions, some people make the mistake of selecting the incorrect chain, resulting in the loss of their coin most especially if they are sending to exchange.

PREVENTION; The solution to this problem is to ensure that you are very careful when doing transactions, and that the network you choose to deposit on is the same as the network you choose to withdraw from, or you may lose your coin.