Hacking and social engineering have become more and more prevalent in the world of Crypto, NFT and Web3 in general. While malicious strategies and tactics continue to become more innovative, human error remains the leading cause of compromised wallets. These mistakes usually come from inexperience, but even the most experienced investor can lose everything if he is not careful.

As you can see from this Twitter thread, hackers can be very deceitful and aim to take advantage of your personal needs. Let’s talk about some of the best practices to help protect your digital assets.

First, do some routine research on what kinds of hacks and compromises are happening in the space. It is essential to stay up to date on common vulnerabilities to avoid falling victim to deceptive tactics. Hackers implement and test tactics on a daily basis, and being out of the loop could end up being a costly mistake.

Second, make sure you are using a hardware wallet or a multi-signature wallet if you are in possession of valuable assets.

Each transaction requires multiple signatures, which can slow down the transaction process, but this provides a layer of security that hot wallets cannot offer. If you decide to use a multi-signature wallet, always keep in mind the number of signatures required to execute a transaction. In the event that multiple keys are compromised or lost, you will need the minimum number of signatures required to process a transaction and access your funds. An example of an entity that should employ a multi-signature wallet could be a DAO with a large treasury that they are trying to secure or even a collector with a valuable personal gallery. Still, everyone should have at least one hardware wallet if they invest in Web 3 to ensure a higher level of security.

Third, frequently disconnect your wallet and remove signature approvals from websites you have connected to. An excellent tool for this is Revoke.Cash, check out this article to learn more about Revoke.Cash and its benefits.

Finally, make sure any opening sentences you have are written on paper and not kept online. When saved as photos, in your notes, or stored digitally anywhere, your private keys are vulnerable. This includes iCloud storage; if your private keys for Coinbase Wallet or Metamask are stored in iCloud, an iCloud exploit could make your wallet vulnerable.

Do you have your opening phrase stored on your camera roll? Think about how many apps have requested access to your photos, and then ask yourself if you trust them to protect your information.

We recommend segregating your seed phrase storage, keeping half of your seed phrase in one secure location and half in another. We recommend hyper-secure storage locations such as bank safe deposit boxes as an example. Just remember that if you lose even a part of your seed phrase and need to back up your wallet, you won’t be able to get it back. This is why we also recommend memorizing your Seed Phrase, if possible, as the best way to protect your assets.

It is important to note that this digital world is just emerging and that certain assets will be worth much more in the future. Also, since this space is already rife with scammers trying to steal your valuable assets, it would be prudent to expect them to only become more prevalent as blockchain adoption increases. All of this to say that now is the time to focus on protecting digital assets, as being proactive could save you time and money down the road.

Some key points are: upgrade your wallet to a hardware or multi-sig wallet, be 100% sure that every signature you sign is the correct one, revoke approvals frequently, store your seed phrase offline, and never share your screen or seed with no one.

Solidity.io will continue to inform you of notable events and valuable information in the wild world of Web 3. Please continue to use us as a resource as you navigate this new digital world, and feel free to contact Solidity.io for any Blockchain. development or security needs.

Alex McCurry is an American business executive, blockchain expert, investor, and founder and owner of solidity.io.