Wallet and Smart Contract Interaction Security

[quillaudits]

Type of request

• Add new content
• Update existing content

What content are you suggesting for?

Wallet and Smart Contract Interaction Security:

• Private Key Management: Explain the criticality of private key security, emphasizing that keys should never be shared, stored in plain text, or transmitted over unsecured channels

• Hardware Wallet Advocacy: Recommend hardware wallets (Ledger, Trezor, GridPlus) for significant holdings, explaining the security benefits of offline key storage

• Seed Phrase Protection: Provide detailed guidance on secure seed phrase storage, including:

  • Physical storage methods (metal plates, secure vaults)
  • Warning against digital storage or cloud backups
  • Importance of testing recovery procedures
  • Risks of seed phrase phishing schemes

• Hot Wallet Hygiene: For necessary hot wallet usage, educate on:

  • Maintaining separate wallets for different risk profiles
  • Regular security audits of connected dApps
  • Revoking unnecessary token approvals using tools like Revoke.cash or Etherscan's token approval checker
  • Recognizing and avoiding clipboard malware

Smart Contract Interaction Security:

• Transaction Simulation: Encourage use of transaction simulation tools (Tenderly, Phalcon) before signing
• Contract Verification: Teach users to verify contract addresses against official sources and check block explorer verification status
• Approval Awareness: Explain the implications of token approvals, including unlimited vs. limited approvals
• Gas Price Manipulation: Educate on realistic gas prices and how to identify/avoid front-running attacks
• Signature Request Scrutiny: Train users to carefully review all signature requests, particularly EIP-712 structured data and potential permit() exploits
• Slippage Protection: Explain slippage settings and their security implications in DEX transactions

Why do you think this update or modification is needed

No response

Can you justify your argument or provide additional resources?

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Contribution intent

• I can provide/create this content myself
• I'm identifying a need for others to address