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As nonfungible tokens (NFTs) attract more users, they also capture the eyes of scammers. Bad actors in Web3 have set their sights on digital collectibles, with millions being lost through scams and various attacks.
However, according to professionals working in the web3 space, there are many ways and tools to avoid falling victim to an NFT robbery. Additionally, users may also take various actions after the loss of their digital collectible objects to hacks.
Ronghui gu, the co-founder and CEO of the blockchain security company certik, said cointelegraph that the first and largest step is always due diligence. "avoid clicking suspicious links and take extra care when signing token approvals," gu shared.
To go further, the Executive shared other best practices such as periodic verification and revocation of unnecessary permissions and segregation of NFT in different portfolios depending on their objective. He also explained that:
“Long-term holds should be kept in a secure wallet that interacts minimally, if at all, with applications. Going further, the Executive Committee shared other best practices, such as periodic verification and revocation of unnecessary permissions and segregation of NTBs in different portfolios based on their objective.
He also explained: Long-term deductions should be kept in a secure portfolio that interacts as little as possible with requests. It's worth your time." When asked what could be done after the assets were lost, he replied that it was unfortunate. There is "not much" that users can do to retrieve the assets. However, NFT contracts may blacklist them so they can no longer be traded.
"Educating people about common scams is a continuous effort. He explained that:
“People should buy the hardware directly from the manufacturer to minimize any chance the wallet has been tampered with before the person receives it.”
"Educating people about common scams is a continuous effort. The first step is to inform users of the most secure ways to conduct transactions and how they can reduce their risk," he added.
While hardware portfolios can be an excellent solution, Michael Pierce, CEO of web3 security company notcommon, said that there are still risks involved. He said: "People should buy the equipment directly from the manufacturer to minimize any chance that the wallet was tampered with before the person gets it." He explained that:
“NFT transactions are creating a new challenge for cryptocurrency investigation as decentralized protocols are more complex and very difficult to trace compared to traditional centralized services.”
If the potential losses are large, the executive has encouraged victims to sue if possible. Mohamed Issa, a senior strategist on the analytical chain of a data company, also shared some ideas on the subject.
Issa also told Cointelegraph that being proactive when someone is a victim of theft is important.
Related: New NFT private auction scam threatens OPENSEA users
BNB Chain growth operations director Alvin Kan also shared that users can use tools like revoke.cash — a way to check wallet status and revoke approvals — and browser extensions that provide risk warnings before signing contracts.
Source: chainalysisissa believes the tool can help users help investigators after they've been hacked and help them focus on the transactions and funds that matter most. Although it is very important to report scams and hacks to the security forces, He believes that LNP carriers can protect their investment through tools such as Storyline, an analytical program created by their company. He explained that:
“These tools, with the contribution of the ecosystem projects, assess project risk levels in real-time and alerts users of potentially risky DApps so that users do not interact with malicious DApps and contracts.”
Related: New NFT private auction scam threatens OpenSea usersBNB Chain growth operations director Alvin Kan also shared that users can use tools like revoke.cash — a way to check wallet status and revoke approvals — and browser extensions that provide risk warnings before signing contracts. The executive spoke of an nft tool that detects nft authenticity called goplus and other chain-wide initiatives such as the dappbay red alarm and avengerdao, which according to kan helps users keep a head start on fraudsters. The framework spoke about an NFT tool that detects NFT authenticity called GoPlus and other initiatives across the chain like DappBay's Red Alarm and AvengerDAO, who, according to Kan, is helping users stay ahead of fraudsters.
