Nami Wallet is super easy to use, and as a result, you may find yourself interacting with a scam website and suddenly sending away all of your ADA.
Here are a few safety precautions that apply to Nami Wallet and any wallet and crypto users.
Store Your Seed Phrase Securely
Remember that set of 24 words that you wrote down when creating your Nami Wallet? Is that safely stored away from prying eyes and somewhere you won’t lose it? Take the most care in storing and securing the seed phrase, as it is your gateway to all your crypto assets.
We highly recommend a hardware wallet as your seed phrase never leaves the device.
Double Check Your Addresses
When sending assets to another wallet, double-check that you copied it correctly and that the address pasted into the wallet is the same as what you copied. Checking the last 5 characters is always a good way of doing this as each wallet address is unique. If something is off, stop and start again.
Missing out on an NFT mint is better than sending your ADA assets to a scammer’s wallet or nowhere.
Check the Transaction
When the wallet builds the transaction for signing, check that it is doing what you’re expecting it to be doing.
For example, if you’re buying an NFT for 100 ADA, you’d expect to send at least 100 ADA plus transaction fees. If you see that your entire ADA balance and NFT collection are being sent in this transaction, stop!
Be Cautious When Participating in Giveaways
So many scams are going around, especially when there is a bull market. Scammers are trying to get your attention to participate in a scam where you can lose all your hard-earned assets. These scams usually come in the form of an AI-targeted video advertisement and even scam airdrop tokens that may appear in your wallet, enticing you to a suspicious website where you can participate in a free ADA giveaway.
No one would give away ADA for no good reason.
In short, if it sounds too good to be true, it most likely is.