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Wallets and safety

Most crypto losses do not come from hacking but from a single wrong confirmation. We will look at what exactly you confirm in a wallet, how to store keys and how to notice a scam in time.

  • 9 min read
  • From scratch
  • Free, no sign-up

What you will learn

  • How an account on a website differs from a wallet and why the network matters
  • How a sign-in signature differs from a permission and a transfer
  • Where and how to store your recovery phrase and keys
  • The signs of a scammer

Key terms

Wallet
An app or device that stores keys and signs operations.
Signature
Confirmation of a message or operation with your key. A sign-in signature transfers nothing, while a transaction signature does.
Permission (approve)
The right for a contract to spend your tokens: limited or “unlimited”.
Recovery phrase
12–24 words from which all the wallet’s keys can be restored. Whoever knows the phrase owns the wallet.

01Account, wallet and network

A profile on a website and a wallet address are different things. You can recover access to a profile through support, but access to a wallet only with the recovery phrase.

The network matters too: the same address on different networks (Ethereum, Base, Arbitrum) belongs to different accounts. A transfer on the wrong network can be lost.

Tip. Before any action, check two things: the website address in the browser and the network in the wallet.

02Signature, permission and transfer

A wallet asks for confirmation in three different cases, and it is important to tell them apart.

  • A sign-in signature confirms that the address is yours and transfers nothing.
  • A permission (approve) gives a contract the right to spend your tokens. “Unlimited” is the most dangerous.
  • A transfer sends funds, and it cannot be undone.

Important. If you do not understand what you are confirming, tap “Reject”. Nothing will happen, and you can figure it out later.

03Protect your keys

The recovery phrase and the private key give full control of the wallet. Keep the phrase on paper or a metal plate in a safe place. For larger amounts, a hardware wallet is a good choice: the keys are stored on a separate device and never reach the internet.

  • Do not photograph the phrase or keep it in notes, the cloud, email or a messenger
  • Do not enter the phrase on websites, in support forms or in AI chats

04Recognise scammers

Scammers write in the name of support, promise gifts and “free tokens”, rush you and scare you with a block. The goal is always the same: to get your phrase, a signature or a permission.

  • They write to you first, especially in private messages
  • The message is urgent: “10 minutes left”, “your wallet is blocked”
  • They ask for the phrase, a key, a code or a “wallet sync”
  • The link leads to a similar but different address

05Regular hygiene

Once a month, check the connected sites and permissions in your wallet and revoke the ones you no longer need. For experiments, keep a separate working wallet with a small amount, and keep your main funds in a reserve wallet.

Before every confirmation

  • The website address is correct, with no extra words or typos
  • The right network is selected in the wallet
  • It is clear what this is: a sign-in, a permission or a transfer
  • The permission is limited to the amount you need
  • Nobody is asking for a recovery phrase or key

Common mistakes and what to do instead

Confirming requests without reading them

Read the type of request and the amount. If it is unclear, reject it.

Granting an “unlimited” permission

Set only the amount you need and revoke the permission after you finish.

Keeping the phrase in a photo or notes

Offline only: paper or a metal plate.

Replying to “support” in private messages

Real support does not write first and does not ask for the phrase.

Try it yourself

On paper, describe in your own words the difference between signing in to a site, granting a permission and transferring funds. You do not need to connect a wallet or sign anything for this exercise.

  1. What a sign-in signature confirms
  2. What approve allows and why “unlimited” is dangerous
  3. Why a transfer cannot be undone

Result. You will understand at a glance what your wallet is asking for.

Test yourself

Answer in your head first, then reveal the answer.

1Can a sign-in signature transfer your funds?Answer

By itself, no: it confirms that the address is yours. But read the text of the request: scammers slip in other operations under the guise of a sign-in.

2Why is an “unlimited” permission dangerous?Answer

The contract can spend all your tokens of that type, including if it is hacked or turns out to be fraudulent.

3Where should you keep the recovery phrase?Answer

Offline: on paper or a metal plate in a safe place. Not in a photo, the cloud or a chat.

In short

Tell a sign-in, a permission and a transfer apart; limit permissions and revoke the ones you no longer need; keep the phrase offline and show it to nobody; do not trust anyone who writes first and rushes you.

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