NFT Wallet Security and Scams 2

Question 1

Which type of wallet stores private keys on a device not connected to the internet?

Accepted Answer

Cold wallet

Answer

Cold wallets (like hardware wallets) keep private keys offline, making them immune to remote hacking attacks.

Question 2

A scammer sends you an NFT you didn't request. What is the most likely purpose?

Accepted Answer

An airdrop scam designed to steal funds when you interact with it

Answer

Unsolicited NFT airdrops often contain malicious smart contracts that drain your wallet if you attempt to view, sell, or interact with them.

Question 3

What does a 'rug pull' scam involve in the NFT space?

Accepted Answer

Developers abandoning a project and taking investor funds after launch

Answer

A rug pull occurs when NFT project creators disappear with mint proceeds or liquidity, leaving buyers with worthless tokens.

Question 4

Which security practice best protects your NFT wallet from phishing websites?

Accepted Answer

Bookmarking official sites and always navigating via bookmarks

Answer

Bookmarking verified official URLs prevents you from accidentally visiting look-alike phishing domains.

Question 5

What is 'wallet draining' in the context of NFT scams?

Accepted Answer

A malicious smart contract that automatically transfers all assets out of your wallet

Answer

Wallet drainers are malicious contracts that, once approved, can transfer NFTs and tokens from your wallet without further confirmation.

NFT - Art Practice Test