NFT security and safety practices in Web3 can be intimidating.  And if you happen to become a target of an exploit, it can be overwhelming to determine next steps.  In this episode, Brian discusses best practices in mitigating risks in Web3, and reviews the #1 security vulnerability. He also reviews what steps you can take every day to safely participate in the NFT space, and red flags you may come across.  He reviews types of wallet compromise, safe NFT storage, social engineering, and how to avoid scams.  Without inducing fear, Brian arms us with simple best practices, and reminds us to be kind to ourselves and one another when experiencing a security breach.

Ledger Affiliate code: https://shop.ledger.com/?r=b7659d8d9848

 

YouTube Videos from the NFT365 Podcast on Web3 Security: 

How to Research NFT Founders to Prevent hacks: https://www.youtube.com/watch?v=TNJ5MFbva0Q&t=1s

9 ETH worth of NFTs Were Stolen From My MetaMask Wallet While on Opensea But I Wasn't Hacked

 https://www.youtube.com/watch?v=GXWvYC52mfw&t=1s

30 Days Since My Crypto Wallet was Compromised: https://youtu.be/lHBQZ-0e4Ag

 

Featured NFT from the #MINT365 Collection:

NFT Venues

Twitter: @NftVenues

https://nftvenues.io/

 

TIME STAMPS

1:00: Review of the featured NFT of the #mint365 collection

2:45: Exploit of premint.xyz 

3:45: Behavior around spread of information and doing your own research

5:00: The #1 security vulnerability

6:35: Hard wallet vs cold wallet

7:45: Elaborate schemes exist because there’s so much money at play

8:00: Exploit of AXIE Infinity

9:10: Everyone can be a target, not just the uneducated or those with very few NFTs

10:50: Linked accounts and password use

11:20: How do we eliminate or mitigate a single point of failure?

12:10: Assumptions about safety

12:50: Seed phrase review

13:50: Hacking vs social engineering

15:00: Basic computer vulnerabilities

16:45: You don’t need to be tech savvy to protect yourself in this space

18:50: Digital wallets vs accounts

20:40: Ways you can inadvertently give access (token approval, seed phrase, or transactions)

21:20: Revoking permissions

22:30: Social engineering exploits

24:30: Minting safety practices

26:20: Wallet organization for good safety practices

29:00: What you do if your wallet is exploited depends on if it is a token access or transaction approval you’ve granted

31:00: The amount of crypto in your wallet can affect it’s safety

41:05: Not everyone giving security advice is doing it with pure intentions

44:00: The psychological aspect of being exploited

 

Discover the latest Web3 strategies to improve your business at the upcoming Crypto Business Conference in San Diego, October 9th-11th 2022 

https://www.socialmediaexaminer.com/nft365

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Connect with NFT365 Podcast Host Brian Fanzo 👉https://linktr.ee/isocialfanz

NFT365 is SuperPOWERED by the $ADHD coin  👉 http://adhdcoin.com/

As always: DO YOUR OWN DAMN RESEARCH