Bankless Security Guide: 10 Critical Steps to Protect Your On-Chain Assets

Introduction

Phishing scams impersonating Bankless are on the rise. A successful attack hinges on three factors:

1. A convincing fake opportunity (e.g., fraudulent airdrop claims or NFT minting sites).
2. Victim trust leading to malicious transaction signatures.
3. Exploitable token approvals in the compromised wallet.

While even vigilant users can fall prey, integrating these 10 practices minimizes risks effectively.

1. Set Up a Multi-Signature Vault

Strategy: Use a multi-sig wallet for high-value assets.
Tool: Safe Wallet

• Acts as a crypto "safety deposit box," requiring multiple private keys for transactions.
• Start with a 2-of-3 setup; add hardware wallets (e.g., Ledger) for extra security.

👉 Secure your assets now with multi-sig

2. Create a Dedicated Risk Wallet

Strategy: Separate daily activities (e.g., airdrops, NFT mints) from vault assets.
Tool: Delegate

• Fund a risk wallet with minimal ETH as needed.
• Delegate permissions via services like Delegate to avoid moving vault assets.

3. Use Transaction Preview Tools

Strategy: Install browser extensions to visualize transactions before signing.
Tools:

• Fire
• Pocket Universe
• Stelo
  Key Benefit: Prevents unintended token transfers or malicious approvals.

4. Audit Token Approvals

Strategy: Revoke unlimited spending allowances.
Tool: Revoke.cash

• Regularly check and minimize approvals to mitigate exploit risks.

5. Research Projects Thoroughly

Strategy: Study documentation (whitepapers, FAQs) before engaging.
Resources:

• DeFiLlama (real-time data)
• CryptoWiki (historical context)
  Red Flag: Lack of transparent documentation.

👉 Explore trusted DeFi projects

6. Monitor Your Portfolio

Strategy: Track assets across wallets/protocols.
Tools:

• DeBank
• MetaMask Portfolio
• Zapper
  Pro Tip: Detect anomalies early to respond to breaches.

7. Stay Updated on Crypto News

Strategy: Follow real-time alerts on hacks/exploits.
Resources:

• Bankless
• DeFiLlama Roundup (Telegram)

8. Secure Web2 Accounts

Strategy: Fortify email/social media with:

• ProtonMail for secure email.
• Unique passwords + 2FA (avoid SMS).
• SIM card locking.
  Guide: Officer’s Blog

9. Prepare an Exit Plan

Tools:

• Webacy: Emergency asset transfers.
• Spotter: Advanced attack detection.

10. Report Scams Immediately

Action: Alert communities via:

• Social media PSAs.
• CryptoScamDB submissions.

FAQs

Q1: How often should I audit token approvals?
A1: Monthly, or after interacting with new protocols.

Q2: Is a hardware wallet necessary for multi-sig?
A2: Highly recommended to prevent key compromises.

Q3: What’s the biggest red flag in a crypto project?
A3: Lack of audited code or transparent team info.

Q4: Can I recover funds after a phishing attack?
A4: Rarely—prevention is critical. Use preview tools.

Q5: Why separate vault and risk wallets?
A5: Limits exposure if the risk wallet is breached.

Final Reminder: Always verify links and double-check transactions! Stay safe in Web3. 🛡️