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Secure Your Crypto Wallet Against Scams With These Essential Tools
September 24, 2023
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Crypto users can’t do much about protocol attacks, but they can definitely take steps to secure their wallets and protect themselves from scammers.

Crypto holders must always be on their toes, as scammers are continuously looking for opportunities to trick users into giving up the all-important private keys that can unlock their digital assets. 

These dangers were highlighted once again in a recent report by the Web3 security firm Beosin. In June, it reported that $656 million worth of crypto was stolen through scams, hacks and rug pulls in the first half of the year. The majority, $471.43 million, was lost in 108 confirmed protocol attacks. More worrying for individual users though is that $108 million was stolen through a variety of “phishing” scams. 

Crypto users can’t do much about protocol attacks, but they can definitely take steps to secure their wallets and protect themselves from scammers. Bad actors use phishing to direct crypto holders to fake websites, applications and other forms of malware, and there’s no telling when and where they might strike. The good news is you can protect yourself using the following essential crypto wallet security tools. 

FairSide

First off, it’s important to understand that no matter what security tools you use, you can never be totally sure you won’t fall victim to a scam. So it makes sense to have an insurance policy if you are holding significant digital assets, and that’s exactly where FairSide stands out with its comprehensive wallet protection. 

The startup’s decentralized crypto insurance is available to any user who’s looking to protect themselves against wallet theft, covering almost every kind of digital asset in virtually any wallet. Should anyone with a policy fall victim to a phishing attack, they can immediately make a claim. Once the theft has been verified, users can expect to receive a payout within 72 hours. 

Fairside is committed to offering full coverage, regardless of what tokens users hold. It partners with multiple reliable insurance industry firms to offer its coverage, and uses professional security researchers to properly investigate and vet every claim. It charges an annual fee of just 1.95% of all covered assets, up to a maximum of 100 ETH per policy. In addition, Fairside also offers bespoke coverage solutions for investors that need to protect higher amounts

Umbra

Many ingenious scammers will use blockchain explorer tools to identify high-value crypto wallets they wish to target, and so it makes sense to try and mask the value of the assets you hold. Umbra enables users to do this through anonymous transactions. 

It has created a smart contract and a set of standards that allow users to create “stealth” wallet addresses on the Ethereum network. Using a stealth address, it’s possible to send any ERC20 token to a wallet controlled by the receiver, without revealing its identity. To anyone who’s studying the blockchain, the transaction will look like a simple transfer to an unused address. However, off-chain, the sender can generate a new, encrypted address using a public key. Tp date, Umbra claims to have processed more than 85,000 anonymous transactions since launching in June 2021. 

Fire

It’s all too easy to make a mistake when engaging in a complicated DeFi transaction, and so it pays to understand exactly what will happen when you engage with a smart contract. This is what Fire aims to do, and it’s really an essential tool for users who are in the habit of making multiple transactions each day. 

Fire is a Chrome browser extension that allows you to preview what assets will enter and exit your wallet before they sign any transaction. Essentially, it simulates each transaction before you go through with it, showing you exactly how much will leave, and what will be deposited into your wallet. This way, you can confirm you aren’t making any mistakes.

Blowfish

Crypto is all about self-custody, and there’s no comeback if someone is able to access your wallet and authorize transactions. Because of this, crypto security begins with your choice of digital wallet. But how do you know which wallet you should choose? How can you trust its safety features and security?

Blowfish is the answer. It’s a risk-assessment tool for every Web3 wallet. It relies on built-in machine learning algorithms to comprehensively scan any crypto wallet and detect all of the possibilities for fraudulent transactions that may exist when interacting with Web3 protocols. Developers can also use Blowfish to assess their own wallets before making them available to users. It’s compatible with any wallet on Ethereum, Polygon and Solana

Carapace

The risk of phishing attacks is one thing, but self-custody also means that you need to ensure you can always access your cryptocurrency holdings. If you lose access to your smartphone or laptop and cannot find the seed phrase required to access your wallet to another device, you’re basically screwed. 

But not if you use Carapace, which is a decentralized social recovery protocol that provides fallback options. It works by creating an abstraction between users and its smart contracts. Users can define rules to shape specific use cases, such as wallet recovery in the event the seed is lost, crypto inheritance and more. 

Pocket Universe

Because there have been so many scams affecting crypto users in the past, security researchers have created databases that list all known malicious URLs and smart contracts. Pocket Universe leverages these to ensure that you’ll never transact with a known scammer. 

It’s a free, Chrome-based browser extension that provides peace of mind for every transaction you make. If you’re about to sign off on a transaction to a suspicious wallet address, or visit a risky URL, it will pop-up with a red alert warning you of the danger. Pocket Universe claims it can protect against almost any kind of phishing scam, as well as honeypot NFTs, counterfeit tokens and malicious seaport transactions. 

urToken

You can never have too many lines of defense, and urToken provides a way for security-conscious crypto holders to safeguard their ERC20 and BEP20 tokens by converting them to something that’s more secure. 

The way it works is it wraps your tokens and converts them into digital assets based on stricter security standards that will resist any malicious approvals in your wallet. In this way, it offers protection against Transferform exploits in smart contracts that are used to drain user’s wallets of their funds.  

Security Is YOUR Problem

The risks of buying, holding and transacting with crypto are ever-present and the decentralized nature of the industry means that the onus is on you, and only you, to secure your assets. The smartest crypto users will be aware of the never-ending risk and use multiple available tools to ensure they don’t become the next victim. 

If you’re invested in crypto and possess more than you can afford to use, be sure to protect yourself with the best available crypto wallet security tools

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4 Fintech Companies 💸& Things To Know About 🤔

The fintech revolution is reshaping the way we manage, invest, and move money, breaking down traditional barriers and empowering individuals worldwide. As financial technology continues to evolve at a rapid pace, a select group of innovative companies are leading the charge by offering groundbreaking solutions that redefine banking, payments, and digital assets. Whether you’re a savvy investor, an industry professional, or simply curious about the future of finance, discovering these trailblazing fintech companies is essential to understanding today’s dynamic financial landscape.

 

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4. NeoTax - Automated Tax R&D Credits

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In an era where technology and finance are increasingly intertwined, these four fintech companies stand out as catalysts for positive change. By driving progress in digital payments, asset management, lending, and decentralized finance, they are not only making financial services more accessible and efficient—they are also paving the way for a more inclusive and empowered global economy. Staying informed about their innovations can help you seize new opportunities and take part in the future of finance.

 

👀Things to know 👀

 

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🤔 These things are rarely the failure of an individual or department; the issue is systemic. While two banks are named in this headline, the issue is everywhere. Banks need more data and better data to train better AI and machine learning. That all needs to happen in real-time as a compliment to the human staff. Throwing bodies at this won't solve the visibility issue teams have.

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What is XAH and Xahau?

If you're new to XRP, you may have noticed some of us discussing another network named 'Xahau'.

It's Like XRP ... But Different

The Xahau network was created in 2023, and its starting point was the open-source code for the XRP Ledger. A small team of researchers and entrepreneurs decided to add smart contracts to the network code.


The XRP Ledger has no smart contract capabilities, by default.

To integrate smart contracts, the team decided to use an architecture that includes 'WASM' or 'web assembly' code. Each account can have up to 10 'hooks' installed that are triggered for transactions that match specific criteria. They can run before or after a transaction is processed. This enables a variety of use cases that do not involve the need to change the network's core code.

Hooks

A 'hook' is what is known as a smart contract that can be triggered in relation to a specific account and its transactions.

The term arises from the programming world, where it generally means "code that runs based on triggering conditions." In Xahau's case, it indicates code that is run before, or after, a transaction is processed.
 
Each hook must be installed on a specific account by the party that controls the account - i.e., the secret key holder.
 
What Can XAH Do That XRP Cannot?
 
The primary benefit from the use of hooks, is that the core network code does not need to be changed every time a new use case is identified. This means that additional use cases can be addressed immediately, with no requirement for intervening steps, such as:
  • Community review
  • Community approval
  • Amendment voting
All of those steps are eliminated with the use of hooks; new use cases can be addressed as fast as the code can be developed.
 
To read more about how hooks enables Xahau to handle more use cases than even the XRPL, you can read this article:
 
Key Differences From XRP
 
Other unique differences from the XRP Ledger include:
  • Much smaller supply ~612 million coins vs. 100 billion coins
  • XAH hodlers are rewarded at 4% of their account balance. There are no rewards for XRP.
  • Governance participants are incentivized
  • Payment channels available for user-created tokens (IOUs)
  • URI tokens instead of NFT tokens
Who's Who of Xahau?
 
The list of those that are either founders, or closely associated with the founding organizations, is extensive. Here are the names of three organizations mentioned in the whitepaper, or their current moniker:
  • Xaman (a.k.a. XRPL Labs)
  • Gatehub
  • InFTF (Inclusive Financial Technology Foundation)
There exists a long list of impressive developers, architects, and technologists among the Xahau inner circle. But the three names that people associate most prominently with the leadership of the Xahau network are Wietse Wind, Richard Holland, and Denis Angell. The links to their 'X' accounts are:
 
Friend Or Foe?
 
This topic is one of the most contentious.
 
While Ripple, the company with the largest stake of XRP, showed interest in hooks early on, they ultimately decided to advocate for a different approach; the use of an EVM-based solution (Ethereum Virtual Machine) to handle smart contracts on the XRP Ledger. This decision was met with consternation by the Xaman team that had worked with them for several years to advocate for the use of hooks.
 
You can read more about the 'business politics' part of this topic here:
 
So how do Xahau fans view the relationship between XRP and XAH?
 
The Xahau team - and many of its community members - advocate for the use of a 'dual-chain' solution to implement smart contracts. This can be accomplished by the use of 'listener' software, along with native Xahau hooks.
 
A proof of concept, developed by Denis Angell, has demonstrated that bi-lateral communication can work with a simple approach.
 
From an economic standpoint, every chain that has its own digital asset is a competitor; but the simple way to think about Xahau, is that a 'bunch of XRP geeks' decided to implement smart contracts on their own version of the XRP Ledger.
 
The team emphasized transparency along the way, and initially received support from the primary XRP stakeholder, Ripple. They published Xahau as open-source code that could, in theory, be back-engineered and integrated with the XRP Ledger. You can clearly observe the team's idealistic mindset in early marketing mistakes, where they named their digital asset 'XRP Plus' in an effort to emphasize the way that they viewed their creation. While this resulted in confusion - and even suspicion - in its early days, the team quickly pivoted, and named their digital asset 'XAH', which became its ticker symbol.
 
Synergy effects between the two camps speak to a genuine camaraderie, with many Xahau developers being open and willing to help with changes to the core XRP Ledger protocol. You can find many examples of this open dialogue on the 'X' platform.
 
How To Purchase XAH
 
If you wish to speculate by buying XAH directly, it is available in a variety of convenient locations, depending on where you are located. If you're in a country that is supported by Bitrue, you can directly purchase or trade XAH by using that exchange.
 
On January 20th, 2025, Bitmart announced that it supports trading of XAH for customers in their list of supported countries; And in late March, another major exchange announced that they would be supporting XAH trading pairs: Coinex.
 
If you're located in the United States, you can purchase XAH directly from a vendor known as 'C14'. The xApp for C14 is located in the Xaman wallet.
 
XRP Ledger geeks can also purchase XAH IOUs on the XRPL Dex and then convert them to 'real' XAH using a Gatehub bridge. This is available in countries that Gatehub supports.
 
Which XAH Accounts Should I Follow?
 
On the 'X' platform, there exists two major community groups for XAH fans:
In addition to the Xahau notables I've already mentioned in this article, my advice is to take a look at who is posting in the above two communities. There are many impressive leaders and entrepreneurs included. You should be able to find multiple 'X' accounts that reflect your interests.
 
Xahau Development Roadmap
 
Xahau leaders have published a roadmap for 2025 that lists their various goals for the ecosystem:
 
To read a detailed explanation for each item, refer to this: Xahau Roadmap Super Thread
 
One of the most incredible waypoints listed is 'JavaScript Hooks Implementation.' 🤯
JavaScript!
 
With the 'JavaScript Hooks Implementation', Xahau is making history; it will enable anybody that knows JavaScript to easily create and install a smart contract. While networks like Ethereum are impressive early movers, they require developers to learn a new language and syntax.
 
Xahau will soon open 'crypto smart contracts' to a group of developers that number in the tens of millions.
 
Project L-10K
 
Project L-10K is one of the most important items in the pipeline. L-10K refers to the effort to boost the throughput of Xahau consensus to over 10,000 transactions per ledger! This will benefit hosted projects such as Evernode, and future issued assets. Heading up the effort is Richard Holland, who provided a progress update to the community in late May of 2025:
 
To learn more about this ambitious effort, you can watch his full presentation here:
The Future Of Defi And Payments
 
Once you've seen the extensive list of use cases that XAH easily handles, it's truly inspiring. Xahau is everything that you love about XRP, plus a long list of more things to love. ❤️
 
Be an early adopter of XAH and the Xahau network! Join the community groups listed and follow the accounts that seem to reflect your own interest - speculator, developer, or crypto fan. You have a place in our community, no matter what your background or interests are. Welcome to the future of crypto Defi and Payments
 
Sources:
 
 
NOTE: Payment channels for IOUs is currently in amendment status for the XRP Ledger, authored by Denis Angel here:
 
 

🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 

1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡ The Dinarian

 
 
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