🧠𝐃𝐫𝐞𝐰𝐬 𝐖𝐞𝐞𝐤𝐥𝐲 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐓𝐢𝐩 #𝟑🧠 I am posting weekly security tips everyone can use to help stay safe!!! This weeks Security Tip is to explain wallet segregation, understanding cold, hot, warm, trading wallets, and what the difference is between what a seed phrase is and what a recovery key is⤵️⤵️⤵️ 🔨𝐑𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐞𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐓𝐢𝐩🔨 It is highly suggested for proper wallet safety that you have 4 different wallets for the different use of each (great illustration from @boringsecurity / @Feld4014 ): 𝐇𝐨𝐭/𝐌𝐢𝐧𝐭𝐢𝐧𝐠 𝐖𝐚𝐥𝐥𝐞𝐭: This wallet is meant for minting, memecoin trading (quick trades), and anything that you may consider "risky", not meant for anything other then short term quick activities. Will have a lot of exposure to potential rugs, scams, open approvals, approving, etc. This is usually not a ledger wallet. 𝐁𝐮𝐲/𝐒𝐞𝐥𝐥 𝐖𝐚𝐥𝐥𝐞𝐭: This wallet is meant for assets, coins, etc. that shouldn't have any interactions with minting, degening memecoins or interact with anything other then the marketplaces and their approvals needed to buy/sell an asset, again short term here as once you use your hot/minting wallet you can transfer to this wallet to buy/sell if it isn't a quick less then 60 min. flip, I'd use this for 1-7 day buy/sells and a wallet that you still need to revoke approvals after you bought or sold something to keep the wallet as clean as possible. This is usually a ledger wallet. 𝐂𝐨𝐥𝐝 𝐒𝐭𝐨𝐫𝐚𝐠𝐞/𝐕𝐚𝐮𝐥𝐭 𝐖𝐚𝐥𝐥𝐞𝐭: This wallet should have 𝐙𝐄𝐑𝐎 approvals and should be completely disconnected from everything and never interact with a contract. You can transfer into from your hot/minting wallet or buy/sell wallet if you plan on holding long term and not listing for sale (grails). Only thing that should happen with this wallet is transfer in or out based on what you plan on doing with the asset/coin, etc. You should not sell, buy, mint, degen with this wallet. This is usually a ledger wallet. Understanding how you should setup your wallets is extremely important as I see so many people get hacked and they use a wallet for a scam "approve all" and get all their assets drained off what appeared to be a free mint.... Wallet segregation and @wallet_guard plugin can help prevent you getting drained completely. Now that we understand the wallet segregation it is extremely important to know the difference between a Recovery Key and your Seed Phrase, which I go over in detail in the thread below: xitter.cf/nft_dreww/status/17066… Understand this and putting this into your daily practice can help you stay safe, but also be prepared in the worst case event something does happen, this is often referred to as adjust your "risk score" for daily activities. If you aren't sure what approvals you have either or want to check your wallet safety score, you can do some from the @wallet_guard dashboard: dashboard.walletguard.app/?r… Also I highly recommend signing up for the @boringsecurity 101 class which is FREE and goes over a ton of this in more detail and you can ask specific questions! I hope this tip was helpful and keep an eye out for the weekly tip!!! Stay Safe and Stay Vigilant!