Estimated read time: 3-4 minutes
SPL (Solana Program Library) tokens are digital assets built on the Solana blockchain. They can represent anything from cryptocurrencies to digital artwork, collectibles, or even real-world assets. While the Solana blockchain has grown in popularity in recent years, so have the risks associated with it. As with any digital asset, there is always a risk of scams and fraudulent activities.
This one is first. This is the worst. This is how the majority of wallet drainings occur.
1-on-1 interaction with a stranger.
If you get a DM, it is probably a scam.
Resources like this, with few/no links are a good indication you're having to do the learning on your own. This is the correct way to engage with cryptocurrencies, NFTs and the broader Web3 community. Scrupulously. Don't fall prey to basic wild-west style scams.
PRO TIP: You can click view `Raw` in any git repo to verify the links provided lead where they should!
It looks like this:
Starting off within your community is essential to staying safe within the Solana blockchain community.
It is important to be among a community of individuals who can offer advice and support. The
Helium network is tried and true, start in the Discord.
(Double check the link in Raw, it's a great habit to get into. It should read: "https://discord.gg/helium".)
By participating in the community, you can learn from other members' experiences and stay up-to-date on the latest news and developments
within the ecosystems.
ALWAYS ASK BEFORE YOU PULL THE TRIGGER!
When folks in the Discord ask, "I just did this or that, did I make a mistake / is it too late?". The answer is 'Yes.'
There is no undo in blockchain,
and when buying collectibles, you only have one opportunity to verify the item, collection, wallet,
and seller. Ask the community first! When self-custodying your keys, you could unwittingly provide access
to your wallet. Ask questions first, shoot later. If you are ever unsure about an investment or project,
it's essential to ask for help. Reach out to other members of your community or seek advice from
professionals. It's better to be safe than sorry, and asking for help can prevent you from falling
victim to a scam or fraudulent activity.
Scam NFTs are a growing problem within the digital asset community. These are NFTs that are created with the intention of scamming people out of their money. To stay safe from these scams, it is essential to only purchase NFTs from reputable sources. Be cautious of anyone claiming to sell rare or exclusive NFTs that seem too good to be true, and always research the seller and project before investing any money.
Fake SPL tokens are another risk associated with the Solana blockchain. These are tokens that are created to mimic legitimate tokens, with the intention of tricking users into buying them. To stay safe from fake SPL tokens, it is essential to only purchase tokens from reputable exchanges and to always verify the token's contract address.
Shady projects with unknown developers are a significant risk within the Solana blockchain community. These are projects that are created by individuals or teams with no track record of success or credibility. To stay safe from these projects, it is essential to only invest in projects with a track record of success and to research the team behind the project thoroughly. If the developers are unknown or lack credibility, it's best to avoid investing.
Finally, security and self-custody are essential to staying safe within the Solana blockchain community. Ensure that you keep your private keys safe and secure, and never share them with anyone. Use a hardware wallet to store your digital assets, and never keep your assets on an exchange or in a centralized location. By taking these precautions, you can protect your assets and stay safe within the Solana blockchain community.
Awareness is essential to staying safe within the Solana blockchain community, or any for that matter. By starting within your community, asking for help when needed, researching projects and teams thoroughly, being cautious of scams and fraudulent activities, and taking security and self-custody precautions, you can protect your assets and stay safe within the Solana blockchain community! But that's totally up to you.
This industry grows and evolves every day. You need to learn something new every day in order to keep up. Don't stop reading! Don't stop doing research. Seek provessional advice with investing and taxes, always!