How to Avoid Scams

Stay Safe in the Web3 Space

We figure the best way to help you secure your money is to tell you about the various methods crypto-scamers are using. We'll update this page as our knowledge grows.

4 Tips to Protect Your Safety

Never Share Your Private Keys

Private Keys and Seed Phrases give direct access to your funds and should not be shared with anyone.

Be Wary Of New DMs

When communicating with anyone you don't know online, keep your guard up until you can verify their identity

Verify with the Block Explorer

Block Explorers like Etherscan can help check if a smart contract(the code) is valid and working.

Don't Rush Into Deals

If it seems too good to be true, it probably is. Be wary of 'last minute deals' and other FOMO inducing ads.

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The Rug Pull

Poof, Your DAO just disappeared!

There's bound to be some confusion when you wake up to find your DAO's Discord has been deleted. You check their Twitter and Website, but those are gone too. Unfortunately, the community has just been 'rug pulled'. The founders have taken the money and disappeared.

How To Stop It

First, Do Research Before Buying

If the community doesn't have the basics, like a Twitter, Discord, and Website with a Roadmap, it has the potential to not be a good investment. An important aspect of DAOs is that the founders are doxed, AKA their identities are public knowledge to the community.

Be Sure To Screenshot Everything

If you think you've been rug pulled, or are about to be, record everything to later report. Even though there aren't central authorities in web3, the major players, like Opensea, have Customer Support. In extreme cases, the Federal Trade Commission can be contacted.

Don't Follow the Hype

A successful rug pull relies on people's fear of missing out to buy in before doing proper research. When you're actively communicating in the space, it's easier to find upcoming projects that have a future release date.