As the world becomes more digitized, the use of Web 3 wallets has become increasingly popular. These wallets allow users to store their cryptocurrencies and interact with decentralized applications (Dapps) on the blockchain. However, with the rise of Web 3 wallets such as MetaMask and Trust Wallet comes the potential for unauthorized spending or theft of funds. In this article, we will discuss some best practices to prevent unauthorized spending on your Web 3 wallets.
1. Use a Strong Password
The first step to securing your Web 3 wallet is to use a strong password. Your password should be at least 12 characters long, including a mix of uppercase and lowercase letters, numbers, and special characters. Avoid using common phrases, names, or dates that can be easily guessed. Additionally, never reuse passwords across multiple accounts.
2. Enable Two-Factor Authentication
Two-factor authentication (2FA) adds an extra layer of security to your Web 3 wallet. This feature requires you to enter a code sent to your phone or email in addition to your password before accessing your wall. Enabling 2FA can prevent unauthorized access even if your password is compromised.
3. Keep Your Private Key Secure
Your private key is the most important piece of information needed to access your Web 3 wallet. It is essential to keep it secure and never share it with anyone. Avoid storing your private key on your computer or mobile device, as these are susceptible to malware and hacking attempts. Instead, consider using a hardware wallet or writing down your private key and storing it in a safe place.
4. Use a Reputable Wallet Provider
When choosing a Web 3 wallet provider, it is important to do your research and choose a reputable company. Look for a provider that has a proven track record of security and has implemented measures to protect their users' funds. Avoid using new or untested wallet providers that may be more susceptible to security breaches.
5. Use a Separated Wallet for Airdrops
Always make sure you created a separate wallet for any Airdrop you want to claim, many start-up projects use free airdrops to access people's wallets through phishing scams.
6. Check Your Wallet Activity Regularly
It is important to check your Web 3 wallet activity regularly for any unauthorized transactions or suspicious activity. If you notice any unusual activity, take immediate action by changing your password, disabling 2FA, or revoking all authorized dApp connected to your wallet.
7. Revoke Allowances You Granted in The Past.
To prevent unauthorized spenders from your Web 3 wallets, take back control of your wallet by revoking all allowances you have granted before, especially decentralized exchanges. After you have done a transaction on your wallet, always check if the Dapp is still connected and remove it.
To remove unauthorized spenders
- Click the menu and connect your wallet.
- Check through which contracts are connected to your wallet
- Then revoke all authorized spenders one by one. You may need a gas fee for each of the blockchains
Securing your Web 3 wallet is essential to prevent unauthorized spending or theft of your funds. By following these best practices, you can help ensure the safety and security of your cryptocurrency investments. Remember to always use a strong password, enable 2FA, keep your private key secure, use a reputable wallet provider, and check your wallet activity regularly.
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