Wallets and security
Keys, seed phrases, wallets and how to avoid scams.
25 terms · 5 guides
Guides
How to secure your crypto exchange account: 2FA, anti-phishing code, whitelist
Six settings that close the most common ways exchange accounts get taken over. It takes about half an hour.
Read →How to store your seed phrase and keys: a simple schemeYour seed phrase gives full access to a wallet. Where to keep it and what never to do.
Read →How to spot crypto scams and phishingCommon scam patterns and the signs that give them away.
Read →Scam red flagsIf you see two of these, stop.
Read →Wallet security: 10 rulesA short list to check your own defences.
Read →For beginners
2FA (two-factor authentication)2FA is a second lock on your account: besides the password you need a code from an app, a hardware key or an SMS. If your password leaks,…BeginnerAnti-phishing codeAn anti-phishing code is a secret word you set in your exchange settings. It appears in every genuine email from the exchange, so an email…BeginnerCustodial vs non-custodial walletA custodial wallet means a company, such as an exchange, holds the keys to your coins. A non-custodial wallet means only you hold the keys…BeginnerHardware walletA hardware wallet is a separate device that keeps your private keys offline and signs transactions inside itself. The keys never touch…BeginnerHot and cold walletA hot wallet keeps its keys on an internet-connected device: convenient but more exposed. A cold wallet keeps keys offline (for example, a…BeginnerPhishingPhishing is a scam where a fraudster poses as a real service or person to trick you into giving up your seed phrase, password or a…BeginnerPig butchering scamPig butchering is a long con where a scammer spends weeks building trust, often as a romance or friendship, and then talks you into…BeginnerPonzi schemeA Ponzi scheme is a fraud where "returns" to earlier investors are paid from new investors' money. There is no real profit, and the scheme…BeginnerPrivate keyA private key is a secret number that gives full control over the coins at an address. Whoever knows the key can sign transfers and move…BeginnerPump and dumpA pump and dump is market manipulation where a group quietly buys a cheap coin, inflates its price with hype, then sells to the people who…BeginnerRug pullA rug pull is a scam where the creators of a crypto project collect buyers' money, then pull the liquidity or dump their own tokens and…BeginnerSeed phraseA seed phrase is a wallet backup of 12 or 24 words that restores all of its keys. Lose it and you lose access; give it away and you lose…BeginnerSIM swapA SIM swap is an attack where a scammer moves your phone number onto their own SIM card. They then receive your SMS codes and use them to…BeginnerSocial engineeringSocial engineering is a con where the scammer does not hack a system but persuades you to hand over access, money or data yourself,…BeginnerWalletA crypto wallet is an app or device that stores the keys to your coins and signs transactions. The coins themselves live on the…BeginnerWallet addressA wallet address is a string of characters people send crypto to, like an account number. It is safe to share, but only the private key…BeginnerWithdrawal whitelistA withdrawal whitelist is an exchange setting that only allows withdrawals to addresses you saved in advance. Even if someone breaks into…Beginner
Advanced
Address poisoningAddress poisoning is a scam where someone sends you a tiny transfer from an address that looks like one you often use, hoping you copy it…AdvancedHoneypot tokenA honeypot token is a scam token you can buy but cannot sell. Its smart contract code blocks selling for everyone except the creator, so…AdvancedMPC walletAn MPC wallet is a wallet where the private key never exists in one piece: it is split into shares held by different parties, and they…AdvancedMultisigMultisig is a wallet that needs signatures from several keys to move funds, for example 2 of 3. Losing one key, or having it stolen, does…AdvancedPassphrase (25th word)A passphrase is an optional extra word or phrase added to a seed phrase. With it, the same 24 words open a completely different wallet, so…AdvancedPublic keyA public key is a number derived from your private key that is safe to share. The network uses it to verify signatures, and your wallet…AdvancedToken approvalA token approval is a transaction that lets a smart contract spend your tokens. Until you revoke it, the contract can move them without…AdvancedWallet drainerA wallet drainer is a malicious script on a phishing site that tricks you into signing a transaction or approval, then empties everything…Advanced