Security in Crypto is increasingly becoming more important with scams and hacks becoming more prevalent in the space. With a hot or cold wallet, you are expected to protect your own assets yourself since no one else can do it for you.
November saw $343 million lost to crypto hacks and fraud cases, with over $900m in just the second half of 2023.
As much as DeFi feels like the wild wild west, there are steps that the users can take in order to protect their assets on chain as well.
Here are a few tools you can use:
1. Pocket Universe
Pocket Universe is an browser addon that you can use that helps you to double check your assets whenever you are signing a transaction.
Whenever a transaction is done, Pocket Universe pops up first that shows you what is exactly done. This also helps you to see what the smart contract is going to do and the addon prompts you if anything suspicious is going on.
For most people who can't read smart contracts, this makes it very easy for you to know if there is something wrong such as your crypto being spent when you aren't supposed to.
For PocketUniverse, they provide a free $2000 insurance for any insured transaction in case something goes wrong. You can use the referral link below to increase it by 10% to $2,200 insured
Link: http://join.pocketuniverse.app/ref/5CC2
2. Revoke Cash
This is one of the best websites to use to revoke any smart contracts that you may have signed in the past.
Some hacks have happened when users has signed a contract in the past that allowed a certain protocol unlimited access to their assets. Then when that protocol gets 'hacked', the hackers could easily access assets in that same wallet. This is why this website is important to help you revoke access of websites that you have not used for a long time too, or signed unlimited access to your wallet.
You can access the website at https://revoke.cash/ then connect using your wallet to start revoking contracts.
Revoke Cash also has an extension that works similar to Pocketuniverse, where it alerts you if you may be doing something you might not expect.
You can download the extension here: https://revoke.cash/extension
3. De.Fi
De.Fi is a website that combines SocialFi & Antivirus at the same time. Similar to Revoke.cash, you can revoke contract easily from their anti virus under their 'Safe' tab.
Scanning your wallet may show something like this:
It shows Low to High Risk contracts, and the number of 'high risk threats'. These are basically contracts that can be exploited in certain ways due to a similar event in the past. It also gives you a wallet score so you know how safe your wallet is.
You can access the website here to explore the antivirus and more: https://De.Fi
Conclusion
With many exploits and hacks around, there are tools to help the users secure their assets. Also, there are more such extensions and add ons out there that are very similar to what is introduced in this list.
However it is still the user's responsibility to safeguard their assets. Doing dangerous things such as randomly signing transactions that are suspicious could still lead you to lose your assets. However, these extensions make it a lot easier to dechiper what is real and what is a scam.
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