Wallet Security and Scams Flashcards
7 cards from real NFT practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Wallet Security and Scams flashcards as text
Which on-chain tool allows you to review and revoke token approvals you have previously granted?
Answer: Etherscan's token approval checker or Revoke.cash
Tools like Revoke.cash and Etherscan's token approval section let you see and cancel active approvals before scammers can exploit them.
What is 'social engineering' in the context of NFT scams?
Answer: Manipulating people psychologically to reveal private keys or sign malicious transactions
Social engineering exploits human trust and emotion rather than technical vulnerabilities to trick victims into compromising their own wallets.
A pop-up on an NFT site says your wallet is 'compromised' and asks you to enter your seed phrase to secure it. What is this?
Answer: A phishing attack designed to steal your seed phrase
No legitimate service ever asks for your seed phrase; this is a classic phishing technique to gain full control of your wallet.
Which action is considered best practice before interacting with a new NFT smart contract?
Answer: Checking the contract's audit status and reading community feedback
Reviewing third-party security audits and community reports helps identify red flags before committing funds to an unknown contract.
What is 'wash trading' and why is it considered deceptive in NFT markets?
Answer: Selling an NFT between wallets you control to inflate apparent trading volume and price
Wash trading creates the illusion of demand and rising prices by cycling an NFT between self-controlled wallets, misleading genuine buyers.
What risk does connecting your primary wallet to an unknown decentralized application (dApp) carry?
Answer: You may unknowingly grant the dApp approval to move your assets
Malicious dApps can present deceptive transaction approval requests that give them control over your tokens and NFTs.
Which red flag suggests that an NFT influencer promotion may be a paid pump-and-dump scheme?
Answer: The influencer hypes the project urgently without disclosing compensation
Undisclosed paid promotions with artificial urgency are a hallmark of pump-and-dump schemes designed to inflate prices before insiders sell.