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Asset management

Three Risks to Watch for When Using a Personal Wallet

Published 1 min read

  • personal wallet
  • phishing
  • recovery phrase

Direct management requires direct checks

With a personal wallet, you manage your assets directly.

This means neglecting wallet management or making a single mistake can result in losing assets.

Here are three risks to watch for when using a personal wallet.

1. Losing your private key or recovery phrase

Your private key and recovery phrase are important pieces of information needed to access your wallet.

If you lose them, you may be unable to recover your wallet after changing devices.

If they are exposed to someone else, that person may import your wallet and move your assets.

Neither Dollarparking nor MetaMask can recover a lost private key or recovery phrase for you.

2. Visiting a phishing site that resembles the official site

Advances in AI are making it easier to copy web services, so you should be alert to phishing.

Phishing sites imitate the appearance and URL of an official service to encourage users to connect a wallet or approve a trade.

Connecting a wallet alone does not move assets, but approving token permissions or a trade may result in losing assets.

Check the following before approving.

  • Whether you are on the official website
  • Which token you are allowing access to
  • Whether the approval target matches the service you intend to use
  • Whether the approved amount is appropriate

※ Be especially careful with links from search ads or messages.

Dollarparking does not ask for your private key, recovery phrase, or wallet password.

3. Sending assets to the wrong address or network

When sending assets, both the receiving address and the network must be correct.

Even if two tokens are both called USDC, a token on another network cannot be used immediately.

If you send assets to the wrong address or network, they may be difficult to locate or recover.

Transfers are difficult to cancel after completion, so check the address and network again before sending.

※ Dollarparking supports only USDC and USDT on the Ethereum network.

A single careless action or mistake may cause asset loss, so always check carefully.

  1. Store your recovery phrase securely
  2. Always review requests shown in your wallet
  3. Select the correct address and network