One of the features of imToken, a self-custodial wallet, is that users are the holders of their private key and mnemonic, having full control over their assets. This also means that they are solely responsible for their assets. In this case, they should be alert enough with adequate security knowledge to protect their assets from losing, stealing, and scams.
Tips to Protect Your Wallet from Losing
As a self-custodial wallet, imToken does not hold users’ mnemonic. In other words, it cannot be retrieved once users lose their mnemonic. According to incomplete statistics, the most common cause for losing digital assets is users failing to back up their mnemonic properly, rather than being stolen.
Given that, the most important step to protect these assets is to back up the mnemonic carefully. In this way, users can download imToken again and retrieve their assets through the mnemonic if they run into unexpected scenarios such as losing their smartphone or uninstalling imToken accidentally.
When you back up your wallet, please write down the corresponding mnemonic clearly and accurately (private key and keystore are also acceptable, but the mnemonic is the most recommended option). On top of that, it is best to store the mnemonic through physical media, including writing it down on paper or storing the mnemonic through the imKey mnemonic secret box.
Be sure to cross-check the mnemonic immediately after backing up to ensure its correctness.
How to Cross-Check Your Mnemonic?
Wallets in imToken can be categorized into two types, namely “Identity Wallet” and ones generated through “Create” or “Import”. You should choose the corresponding checking method based on different types of wallet. Here is an example to cross-check the mnemonic of an ETH wallet.
An ETH Wallet in “Identity Wallet”
- Back up the mnemonic clearly and accurately when you create an identity.
- Note down the ETH wallet address (at least the first and the last eight characters).
- Click “My Profile” - “Manage your wallet” - “Manage” - “Quit” and enter the wallet password to delete the identity.
- Click “Recover Identity” to type the backuped mnemonic. After that, you should check whether the address is the same as the noted one.
An ETH Wallet in “Create / Import”
- Back up the mnemonic clearly and accurately when you create a wallet.
- Note down the ETH wallet address (at least the first and the last eight characters).
- Click “My Profile” - “Manage your wallet” and click the wallet that needs to be checked under the “Create/Import” bar. After that, you should enter the password to remove the wallet by clicking “Remove”.
- Click “My Profile” - “Manage your wallet” - “Add Wallet” - “ETH”. Then, you should choose “Mnemonic” on the page to type the backuped mnemonic. After that, you need to check whether the address is the same as the noted one.
Please carefully keep the correct mnemonic if the address is exactly the one noted down previously.
Learn More:
- How to Export or Backup the Mnemonic of an imToken Wallet?
- Why Is It so Important to Backup Mnemonic Phrases?
Tips to Protect Your Wallet from Stealing
Mnemonic represents the ownership of the asset you own on the blockchain. Once someone else has access to your mnemonic, they can log into your wallet on another device and set a different password to steal your assets.
Therefore, to protect your assets from stealing, the most important step is to make sure that the imToken App downloaded is from its official website. Apart from that, you should protect the wallet backup carefully without exposing the mnemonic and private key to others. Here are 10 principles concluded by imToken to guard against stealing. Please bear these principles in mind for your asset security.
- Don’t download imToken from non-official sources. Please go to https://token.im to download it.
- Don’t save the mnemonic or private key through WeChat Favorites, memorandum, or email.
- Don’t save the mnemonic or private key in computer files, cloud drives, or USB flash drives.
- Don’t save the mnemonic or private key in screenshots or photos.
- Don’t send the mnemonic or private key through email, WeChat, or QQ.
- Don’t tell the mnemonic or private key to people around you.
- Don’t use Apple ID provided by others.
- Don’t import the mnemonic or private key to unknown third-party websites.
- Don’t use risky third-party wallets.
- Don’t copy-paste the mnemonic or private key.
Learn More:
Tips to Protect Your Wallet from Scams
Scammers can always come up with new methods to carry out a fraud so that those who aren’t vigilant enough will be cheated for their mnemonic or token transfer authorization, leading to asset stealing.
Thus, to protect your assets against scams, the most important thing is to know about common digital asset frauds to raise your alertness. Here are some common types of scam summarized by imToken.
- Transfer Authorization Scam
Scammers usually give you a QR code or offer you a very good investment opportunity to trick you into giving him the transfer authorization. - Pyramid or Ponzi Scheme
In a pyramid scheme, users will be tricked to transfer their tokens to a so-called decentralized platform offering high yields and claiming that it has partnered with imToken. - Over-The-Counter (OTC) Trading and Arbitrage Scam
Scammers set up a Telegram group and lied to users that they could exchange ETH for other tokens in a certain ratio, tricking users into transferring their digital assets to the scammer's address and returning the users fake tokens. - Exchange Customer Service Scam
Scammers impersonate as exchange officials and lie to users that their accounts are suspected of black money trading, luring users to download imToken via a shared screen and secretly note down the user's mnemonic and then steals the assets. - Fake App Scam
Scammers purchased search terms and Ad space on Google and lure users into downloading fake Apps on phishing sites to steal their assets. - Fake Airdrop Scams
Scammers airdrop tokens to a user’s wallet address to lure him with deceptive information in these tokens to enter third-party DApps for swapping tokens. In fact, he is cheated for his token transfer authorization. - Scams Carried out by Impersonating imToken Officials
The impersonated imToken officials will ask users for their mnemonic and private key to steal assets, in the name of solving problems for them.
Scammers always take advantage of users’ greed to get the trick to work. Please remain alert and vigilant to prevent yourself from being cheated while participating in blockchain investment.
If you recognize any suspicious activities such as pyramid schemes and fake apps, you can report to us via [email protected] to help more users avoid being deceived..