

Rug Pull Defense 101: Essential Tools to Keep Your Web3 Investments Secure



Discover the ultimate defence against rug pulls in the Web3 world! Learn how tools like Stelo, Wallet Guard, and RevokeCash can protect your investments and empower you to take control. Stay secure in the decentralized era.
Rug Pull Defense 101: 3 Essential Tools to Keep Your Web3 Investments Secure
As the world moves towards a more decentralized and open internet, the security risks associated with Web3 applications have become more apparent. One of the biggest risks for users is the possibility of rug pulls, where bad actors create a fraudulent project or token, lure in unsuspecting investors, and then abscond with the funds. In this article, we will discuss how to protect yourself from rug pulls using tools such as Stelo, Wallet Guard, and RevokeCash.

Stelo:
Stelo is a tool that helps users understand the details of transactions and signatures before they initiate them. Its primary goal is to provide peace of mind and confidence to users while they are using a Web3 product.
Stelo works in three ways:
- Simulation and Interpretation - Stelo simulates transactions and interprets signatures to understand the state changes being made by the interaction. This includes assets entering and leaving, approvals being set or revoked, etc.
- Enrichment - Stelo enriches any relevant entities such as contracts, assets, and addresses with contextual information, such as labels, prices, links, images, ENS names, owned NFTs, etc.
- Risk Analysis - Stelo evaluates the risk of any interaction and alerts the user if any malicious patterns or addresses are detected. It includes risk factors that a user should be aware of, such as when interacting with a newly deployed contract.
What's Possible with Stelo:
Stelo's API allows developers to create user experiences that provide greater clarity and understanding of the transactions taking place. Some examples of what is possible with Stelo include:
- Labeling and categorizing transactions in a user-friendly way, such as "Buying an NFT," "Staking ETH," or "Withdrawing Funds."
- Providing a clear breakdown of the fees associated with each transaction, including gas fees and transaction fees.
- Displaying relevant information about the assets being exchanged, such as their price, market cap, and performance over time.
Overall, Stelo aims to create safer and more human-centric Web3 products, providing users with a better understanding of what they are signing up for and increased confidence in using these products.

Wallet Guard:
Wallet Guard is an open-source browser extension designed to provide multi-layered protection to users against phishing attempts, fraudulent mint websites, and other security threats.
It works in two ways:
- Proactive URL Scanning - Wallet Guard's machine learning algorithms detect suspicious activity before bad actors can get to the user's crypto assets. This includes phishing attempts, websites with low trust, unverified marketplaces, and scams.
- Transaction Simulation - Wallet Guard provides human-readable insights on every transaction, allowing the user to know exactly what is going in and out of their wallet. This includes protecting against malicious approvals, wallet drainers, and fraudulent mint websites.
How Wallet Guard Protects Your Assets:
Wallet Guard does not connect to the user's wallet directly. Instead, it simulates transactions without any direct interaction with the wallet. The user's preferred wallet extension cannot communicate with Wallet Guard or any other extension, preventing private keys or seed phrases from being exposed.
Transactions are simulated by passing transaction data between dApps and the user's wallet via the window.ethereum object in the browser. Wallet Guard then proxies window.ethereum to run a simulation on the transaction data without modifying anything in the request. This never requires any access to the user's wallet extension or the underlying wallet.

RevokeCash:
RevokeCash is a tool designed to help users take back control of their wallet by revoking the allowances they have granted to dApps like Uniswap or OpenSea. When a user grants permission to a dApp to spend their tokens or NFTs, this is called an allowance. If the user does not revoke these allowances, there are certain risks that they need to be able to mitigate.
When using dapps like Uniswap or OpenSea, you have to grant them permission to spend your tokens and NFTs. This is called an allowance. If you don't revoke these allowances, the dapp can spend your tokens forever. Take back control by revoking your allowances.
RevokeCash is a platform that helps you manage your allowances and take control of your wallet.
Here's how it works:
- Connect To get started with RevokeCash, simply click "Connect Wallet" on the top right or enter your wallet address in the search bar. RevokeCash supports wallets such as MetaMask, WalletConnect, and Portis.
- Inspect Once you're connected, you can inspect your allowances by using the network selection, sorting, and filtering options. This allows you to see which dapps have access to your tokens and NFTs.
- Revoke To revoke an allowance, simply click the "Revoke" button next to the dapp you want to remove access from. This will prevent unwanted access to your funds.
Why You Should Use RevokeCash.
- Limit your allowances It's always good to limit your allowances whenever you're not actively using a dapp, especially for NFT marketplaces. This reduces the risk of losing your funds to hacks or exploits and can also help mitigate the damage of phishing scams.
- Take action after getting scammed Unfortunately, scammers try to trick you into granting them an allowance to your funds. If you fall victim to a scam, you can sort your allowances by the most recent to find out which allowances are to blame and revoke them to prevent further damage. Keep in mind that it's not possible to recover funds that have already been stolen.
- Use the RevokeCash browser extension Prevention is better than mitigation. The RevokeCash browser extension warns you when you're about to sign something potentially harmful. This can save you from phishing scams by making you think twice about what you're doing.
Revoke.cash is an important tool for protecting yourself from rug pulls because it helps you take control of the permissions you have granted to dApps. It is always a good idea to limit your allowances whenever you are not actively using a dApp, especially for NFT marketplaces. This reduces the risk of losing your funds to hacks or exploits and can also help mitigate the damage of phishing scams.
Additionally, Revoke.cash can be used after getting scammed. Very often, scammers try to trick users into granting them an allowance to their funds. Sorting allowances by most recent can help identify which allowances are to blame and revoking them can prevent further damage. Unfortunately, it is not possible to recover funds that have already been stolen, but Revoke.cash can help prevent future losses.
Finally, users can also use the Revoke.cash browser extension, which warns them when they're about to sign something potentially harmful. This can save users from phishing scams by making them think twice about what they're doing.
In conclusion, protecting yourself from rug pulls is an important aspect of participating in the Web3 ecosystem. By using tools like Stelo, Wallet Guard, and Revoke.cash, users can take control of their interactions with dApps, simulate transactions to identify potential risks, and revoke allowances they have granted to dApps. These tools can help users feel more confident and secure when interacting with the blockchain, and ultimately make the Web3 ecosystem more accessible and user-friendly.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Guardians of Privacy: How ZK Technology Can Transform NFTs for the Better

With enhanced security measures and privacy preservation, ZK-powered NFTs offer participants a more inclusive and diverse ecosystem.
Privacy Meets Authenticity
In the world of blockchain technology, privacy, and decentralization are often regarded as essential elements. However, many blockchain networks prioritize consensus algorithms and stability over anonymity and trust. This raises questions about the level of privacy and decentralization offered by blockchain networks.
One of the most promising solutions to address these concerns is Zero-Knowledge Proof (ZKP) technology. ZKP is an encryption system introduced by MIT researchers Silvio Micali, Shafi Goldwasser, and Charles Rackoff in the 1980s. It allows one party (Prover) to prove the truth of a specific statement to another party (Verifier) without revealing any additional information.
ZKP ensures that only the intended recipient (you) can access your secured data, providing higher privacy and security. Zero-Knowledge Proof has emerged as a significant development in the pursuit of improved privacy in the blockchain era.
Meanwhile, NFTs have revolutionized digital ownership by creating a market for unique and indivisible digital assets. These assets range from artwork and collectibles to virtual real estate.
While NFTs have gained immense popularity, concerns about privacy, security, and authenticity persist. This is where Zero-Knowledge (ZK) technology enters the picture, offering a potential solution to enhance the NFT ecosystem.
In this article, we delve into the impact of ZK technology on NFTs, exploring the positive transformations it brings while considering potential drawbacks.
Positive Impact of ZK Technology on NFTs:
Uncompromised Privacy and Security:
Zero-knowledge proof allows individuals to verify their identity without revealing any sensitive information. Using a decentralized identity, users can verify that they are citizens of a country without giving their name or passport number instead of providing identity details.
NFT ecosystems can benefit from unprecedented levels of privacy and security provided by ZK technology. By utilizing zero-knowledge proofs, NFT owners can verify their ownership and authenticity without disclosing sensitive information or compromising their identities.
This privacy enhancement mitigates the risk of fraud and identity theft, fostering trust and confidence among NFT participants. As a result, individuals have more control over their data when using ZKP-based identity protocols.
Anti-Counterfeiting Measures:
Counterfeit assets pose a significant challenge in the NFT ecosystem, threatening the integrity and value of digital assets. However, Zero-Knowledge (ZK) technology emerges as a powerful tool to combat counterfeiting and ensure the authenticity of NFTs.
It serves as a cryptographic mechanism that allows one party to prove the validity of a statement to another party without disclosing any additional data. In the context of NFTs, the owner or creator of an NFT can provide evidence of ownership and authenticity without revealing any details that could be used to counterfeit or replicate the asset.
ZK technology also assists in establishing the provenance and history of an NFT. By utilizing zero-knowledge proofs, creators can demonstrate the creation and ownership of an asset without disclosing confidential information.
Thus, ZK technology can be vital in combating counterfeiting in NFT.
Empowering Efficient Marketplaces:
By leveraging zero-knowledge proofs, ZK technology can enable NFT sellers to verify the validity of their NFT assets while preserving their privacy. The privacy feature is particularly valuable in scenarios where sellers may be high-profile individuals or institutions who wish to maintain confidentiality.
Moreover, ZK-powered NFT marketplaces enable efficient and secure transactions. The technology allows for verifying ownership and the integrity of the NFTs without the need for extensive and time-consuming manual checks.
This mitigates the risk of fraudulent activities, such as double-spending or unauthorized modifications of NFT ownership records. The process saves time and reduces transaction costs, making it easier for buyers and sellers to participate in the NFT market.
Therefore, ZK technology can transform NFT marketplaces, revolutionizing how NFTs are bought and sold.
The current state of zero-knowledge proof, however, presents some challenges as well.
Technical Expertise Barrier with Zero-Knowledge Proof
Integrating ZK technology into NFT ecosystems may impose computational overhead, potentially slowing transaction processing times. Further, the successful integration of ZK technology into NFT platforms demands technical expertise, which may hinder broader adoption among less tech-savvy individuals. Moreover, the intersection of ZK technology and NFTs raises regulatory and legal considerations.
However, ongoing algorithm advancements and optimization techniques aim to mitigate the current challenges, paving the way for smoother operations. Simplifying user experiences and providing intuitive interfaces will be essential to make ZK-powered NFTs accessible to a wider audience. Furthermore, to foster responsible innovation in this space, it is crucial to strike the right balance between privacy, security, and compliance.
Integrating ZK technology within the NFT ecosystem unlocks vast possibilities for enhanced privacy, security, and trust. Through zero-knowledge proofs, NFTs can flourish as a secure and transparent medium for digital ownership. While challenges such as computational demands and accessibility must be addressed.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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