Web3 Security and Risk Prevention: From Common Traps to Practical Guard Guide - web3 Series Section 11

If Web3 is a "digital new continent", then security issues are the "storms and pirates" on this continent.

We have all heard the news: a certain DeFi project was hacked and hundreds of millions of dollars were stolen; someone’s wallet was emptied because they clicked on the wrong link; NFT users woke up to find that their collections were missing.

As someone who has been observing and accompanying Web3 users for a long time, I often say:“Wealth in the Web3 world depends 99% on security and 1% on luck.”In today's article, I want to use the most straightforward way to help you recognize the common risks of Web3 security and how to protect yourself.

Why is Web3 security so important?

Unlike Web2, Web3 has two "cruel" features:

• Decentralization is irreversible: Once the assets are transferred out, they are almost impossible to recover.
• Anonymize: The identity of the hacker is difficult to trace and accountability is difficult.

so,In a Web3 world, security = your bottom line survival skill.

Web3 Common Risk Types

1. Wallet and private key risks

• scene: The user saved the mnemonic phrase in Cloud Notes, but it was stolen by hackers.
• Case: In 2022, a user downloaded a phishing version of the MetaMask wallet and had all 200,000 USDC in assets stolen.

2. Phishing websites and fake links

• scene: Hackers publish "official event" links on Twitter/Discord to induce users to authorize wallets.
• Case: The well-known NFT project Bored Ape was once compromised by Discord, causing users to lose millions of dollars.

3. Smart contract vulnerability

• scene: The code audit is not strict and the contract has loopholes.
• Case: Poly Network was attacked in 2021, and hackers stole more than$600 million(Later part returned).

4. Rug Pull (running project)

• scene: The project party issues tokens or NFTs and shuts down after collecting the funds.
• Case: In 2021, the "Squid Game" token (SQUID) became popular, and in the end the development team took away more than 3 million US dollars.

5. Market and Price Risk

• scene: Token prices plummeted and mortgage assets were liquidated.
• Case: Terra (LUNA/UST) collapsed in 2022, and the assets of hundreds of thousands of people were wiped out instantly.

Practical methods for risk prevention

1. Wallet security

• usehardware wallet(Ledger, Trezor), cold storage private keys.
• Do not take screenshots/save mnemonic phrases in the cloud.
• Set up multiple wallets: main wallet (large-amount storage) + hot wallet (small-amount operations).

2. Anti-phishing

• only passofficial channelsGet information.
• Check URL: Confirm if it is.ETH.Lincoln,.xyzWait for the correct domain name.
• Be wary of "customer service private chats", most of them are scammers.

3. Smart contract interaction

• useAuthorization management tool(Revoke.cash), periodically revoke unnecessary authorizations.
• Before participating in the project, check whetheraudit firm(e.g. CertiK, SlowMist).

4. Project selection

• Core judgment criteria: team background, community activity, code open source level, and whether there is support from well-known investors.
• Be skeptical of “high-yield, zero-risk” projects.

5. asset Management

• Diversify risks: Don’t put all your assets in one chain or one project.
• Use stablecoins as a hedge (USDC, DAI).

Real user cases

Case 1: Novice’s Wallet Tragedy

Novice user A searched for "MetaMask download" on Google, clicked on the advertising results, and installed the fake wallet App. After importing the mnemonic phrase, the assets were stolen.

👉 Lesson: Always download wallets only from official websites/app stores.

Case 2: Airdrop trap

User B saw the "Official Airdrop Link" on Discord and clicked to authorize, and his wallet assets were instantly emptied.

👉 Enlightenment: Don’t click on unfamiliar links at will, especially those that ask you to connect to your wallet.

Case 3: Contract vulnerability incident

DeFi user C deposited 10,000 USDC into a new project, but the project was stolen by hackers a week later due to a contract vulnerability.

👉 Enlightenment: Don’t easily put large amounts of funds into unaudited new projects.

Future security trends

1. Compliance and regulatory involvement

• Countries around the world are strengthening Web3 supervision, and fraud and hacking incidents will gradually decrease.

2. Mature security infrastructure

• Wallet manufacturers, auditing companies, and risk warning tools are constantly developing.

3. AI + Web3 Security

• AI will be used to detect abnormal transactions and prevent phishing.

4. Improvement of user safety education

• The community will pay more attention to "safety training" and allow users to develop basic prevention habits.

[Frequently Asked Questions (FAQ)]

Q1: Can the mnemonic phrase be saved in the mobile photo album?

A1:Absolutely not. Hacking Trojans and cloud synchronization may be leaked. It is recommended to write it by hand on paper and store it separately.

Q2: How to judge whether a project is a "runaway project"?

A2:Look at three points: ① whether the team is open and transparent; ② whether there is code open source/audit; ③ whether the community is truly active.

Q3: If I encounter fraud/theft, can I recover it?

A3:Almost impossible. The only thing that can be done is alarm + on-chain tracking, but the recovery rate is extremely low. So prevention > remediation afterwards.

Q4: Are hardware wallets necessarily safe?

A4:It is much safer than a hot wallet, but please note: buy from the official website, not second-hand; set a PIN and password; do not lose the mnemonic phrase.

Summarize

Web3 brings us unprecedented opportunities, but it also returns "security responsibility" to everyone.

Remember three sentences:

• Mnemonic phrase = your bank card password + passbook + USB shield(If you lose it, it’s all gone)
• High returns often mean high risks
• In the Web3 world, security is the first asset

If you can do: hardware wallet storage, decentralized management of large amounts, rejecting unknown links, and choosing trusted projects, you are already safer than 90% of users.

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