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Three Security Tips for Crypto Owners

Pay attention to these best practices for crypto social media
#Security • June 10, 2019

Important

Cobo employees will never ask you for your account password, private keys, or seed phrase. If you need assistance with your Cobo Wallet please head to our official support page and open a ticket.


“Hello, how can I help you?” Ordinarily this phrase is a welcome relief for users facing difficulties with an app or product. However, in the world of cryptocurrency, this can often indicate the beginnings of a customer service scam.

Social media and other channels are extremely popular in the cryptocurrency world because they allow communities to form organically around projects and thought leaders in the industry. These spaces can be sources of information, new ideas, and user support, but they also give scammers a great place to find potential victims. Twitter is perhaps one of the greatest examples of this, and far too many people have fallen for the “send me .01 ETH and I’ll send you 1 ETH back” scam. Twitter scammers impersonating famous crypto personalities have been so prolific that Vitalik Buterin changed his bio to specify that he does not give away ETH.

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However, Twitter is not the only place that scams happen. Telegram is another example of a platform that scammers love to use for their nefarious schemes. One of the common Telegram scams involves impersonating group admins and then directing them to an official-looking support account where the scammers ask for login credentials or payments of cryptocurrency to help resolve issues.

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While there are obvious risks, it would be impossible to disavow crypto social media entirely. From the misfortune of others, however, we can learn three very important lessons about staying safe.


Tip #1

Be suspicious. Scammers are out there, and they want to steal your assets. Be wary of accounts that initiate contact with you, or that reach out to you when you post a question or ask for admin assistance. Where possible, use official support forms that allow you to share information with a project through an official website rather than on social media.

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Be suspicious of accounts that initiate contact with you. Always send a message to an admin or go directly to the Cobo Wallet support webpage for the most secure experience.


Tip #2

Never share your account password or seed phrase. Ever. Cobo Wallet and other legitimate projects will never, ever ask you for your passwords or your seed phrase. If somebody does, block them, report them, and run away!

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Never share your backup phrase or your password for any reason.


Tip #3

Don’t send assets to anybody that offers to help you. There are no circumstances in which you need to send us your assets in exchange for help. Never transfer assets to somebody so that they can help you unfreeze or unlock your account, or for any other reason. Cobo Wallet is free to use and we will never charge users for support.

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Never send your assets to somebody else unless you’re trying to pay them! Cobo Wallet will never ask for you to send us crypto in order to receive account support.


One of the promises of blockchain technology is a lot more power for individuals to take control of their own assets. This power also means a responsibility to safeguard your assets and pay close attention to security. While scammers will always try their dirty tricks to steal your assets, following these three tips when using Cobo Wallet will help you grow and protect your crypto.

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