Protect your private key!
- Never show someone your secret phrase. If someone asks you for your private key, they are trying to steal from you! (No one from Ultimate or any other crypto service provider will ever ask for your private key.)
Avoid common scams
- Never send someone crypto who promises to send it back to you. (It is common for scammers to pose as celebrities and promise to send you back more than you send them.)
- Never pay into an investment scheme that advertises a “guaranteed” rate of daily or monthly return. This is a ponzi scheme, there is no such thing as a guaranteed investment.
- Don’t take investment advice from strangers. Even people who you know and trust might fall prey to a scam or ponzi scheme.
- A crypto project is probably not safe if it has the word “safe” or “moon” in its name, and most of its marketing is focused on making a gain on your investment.
- Projects should be considered as extremely risky if they have not been around for at least 6-12 months, or do not yet have tens or hundreds of millions in market cap or total value locked (TVL).
Adopt best practices
- Always use two-factor authentication (2FA) on exchanges and crypto venues, ideally with authenticator app like Google Authenticator or Authy, instead of receiving SMS text messages.
- Ignore promotions for NFT giveaways or token sales on Discord, Telegram, or other messaging apps. Generally ignore messages from people you don’t know, or groups you’ve been added to without asking.
- Always make sure you are visiting the correct URL of your crypto exchange or venue. It’s better to type URLs directly into your browser or bookmark them, instead of searching for them or clicking on links from other websites. Make sure your browser shows the “lock” icon next to the URL, indicating a secure connection.
