Lesson 52 of 1,000 · DEFI & CEFI
#52 Introduction To DeFi Security: Scam Prevention And Essential Tools
DeFi is where the money is, so it's where the scams are. The tools and habits that keep you out of the traps.
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Key ideas
- DeFi is where the money is, so it's where the scams are.
- The tools and habits that keep you out of the traps.
Do it now
- SolutionHow to avoid crypto wallet drainer scamsYou can see in plain words what any site will make you sign before you sign it: scan the request with Recon. For savings, add Second Signature as an AI cosigner on a Safe, so money only moves when it agrees. Check and revoke old approvals with Revoke.cash.
- SolutionNo credit history? How crypto lending worksDeFi lending never asks for a credit score: on Aave you borrow against collateral you already hold, so you keep your savings and still get cash. With nothing to pledge yet, start an onchain record of references and repayments people can check. Borrow far below the limit. Skip these: borrowing what you cannot repay.
- UnlockForecast an event on a BNB Chain marketPredict Fun runs a prediction market on BNB Chain where prices come from traders and idle collateral can earn lending yield while your position is open.
- SolutionCheapest way to send money to NigeriaSend USDC on a low-fee network like Base or Solana to a wallet your family controls, then cash out in naira through a licensed local ramp or an escrowed P2P desk that serves Nigeria today. Moving it costs cents. The real cost is the conversion spread, often about 1 to 2 percent, so compare it with a remittance quote. Skip these: guides that still name Binance naira P2P.