Recovery phrase is a list of words randomly generated by your crypto wallet (e.g. MetaMask) during initial account setup.
Recovery Phrase
Recovery phrase is a list of words randomly generated by your crypto wallet (e.g. MetaMask) during initial account setup. Technically, it represents your private key in a human-readable format, facilitating you to write it down and remember. Once you lose your password, you will need a recovery phrase as a backup to access your wallet.
Under what circumstances will recovery phrase be compromised?
The most common case is phishing scam. There were netizens receiving phishing SMS impersonating crypto asset platform, stating that the recipient’s account will be suspended. The recipient is requested to click a hyperlink which redirects to a fraudulent website and to enter the recovery phrase. The hacker can then hijack and transfer virtual assets (e.g. Ether, USDT, NFT paintings) in the wallet using the user’s recovery phrase.
Another situation is via compromised mobile phone or computer. A hacker can hijack a user’ accounts and transfer assets using recovery phrase. Recovery phrase cannot be changed. If you suspect your recovery phrase has been compromised, you should transfer your assets to another wallet immediately.
How to safeguard your crypto asset wallet?
- Write down the recovery phrase and store in a safe place like a safe deposit box.
- Enable two-factor authentication (e.g. Face ID) of your wallet to avoid being malicious hacked.
- Check authorisation on transaction platform. Delete outdated or unsure authorisation.
- Don’t open any unknown email or SMS, or click the embedded link or attachment.
- Don’t share your recovery phrase with anyone. Platform will not ask user to provide recovery phrase.
- Don’t share wallet with others.
- If in doubt, you should consult the platform.
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