What should I do if my Solflare wallet is compromised or funds are stolen?
Losing access to your wallet or having funds stolen can be distressing, but immediate and informed actions can help contain the situation and safeguard your remaining assets. This guide outlines what steps to take, preventive security tips, and reporting options to help you respond effectively.
Understanding Blockchain Transactions and Security Responsibility
Solflare is a self-custodial wallet, meaning you control your private keys and are responsible for securing your wallet and assets. By design, blockchain transactions are irreversible, and funds cannot be recovered once transferred. Solflare does not have the ability to retrieve stolen funds, reverse transactions, or monitor blockchain accounts due to the decentralized nature of blockchain technology. Instead, prevention and timely actions are critical.
Immediate Actions to Take If Your Wallet is Compromised
If you suspect your wallet has been accessed without authorization or you have been scammed, take the following steps without delay:
Stop Using the Compromised Wallet - Immediately discontinue any interactions with your compromised wallet.
Revoke dApp Permissions - Revoke any permissions granted to applications or websites linked to your wallet. In Solflare, navigate to
Settings → Security and Privacy → Spending Approvalsto revoke permissions.Create a New Wallet - Generate a new wallet with a fresh recovery phrase, using Solflare’s web or app interfaces. Ensure this is done on a secure, malware-free device. - Transfer any remaining assets from the compromised wallet to the new one. - Avoid reusing your old recovery phrase or private key in the new wallet.
Run Anti-Malware Scans - Run a thorough security scan on your device using reputable software like Windows Defender or MalwareBytes to eliminate potential malware or unauthorized access points.
Do Not Deposit Additional Funds - Avoid transferring more funds to the compromised wallet to prevent further losses. Move only the remaining assets you can control to the new wallet immediately.
Reporting Theft or Scams
While Solflare cannot investigate or recover stolen funds, reporting the incident to relevant authorities may aid in broader investigations.
Notify Centralized Exchanges: If stolen funds were sent to centralized exchanges like Binance or Coinbase, report the transaction and provide evidence (e.g., transaction hashes, wallet addresses) to potentially freeze the funds.
Keep Evidence: Save transaction IDs, screenshots, and timestamps for any future actions.
Prevention and Security Tips
Verify and Secure Connections
Always verify the legitimacy of websites, dApps, and links before connecting your wallet.
Avoid clicking on suspicious links or interacting with unsolicited tokens or NFTs, particularly those claiming to offer free money or airdrops. Such assets are likely scams and should be burned if received.
Regular Wallet Audits
Audit the apps and platforms connected to your wallet to ensure you’re aware of all permissions granted. Revoke access where unsure.
Protect Recovery Phrases
Never share your recovery phrase or private keys with anyone, and avoid storing them digitally. These are the keys to your funds and should be kept in a secure, offline location.
Be Vigilant with NFTs and Airdrops
Malicious tokens can be sent by scammers to compromise wallets. Burn or ignore these tokens and do not engage with them.
Closing Thoughts
Recovering funds lost to scams is unfortunately impossible due to the nature of blockchain transactions. However, understanding best practices for wallet security and acting swiftly in cases of compromise can significantly reduce further risks. Leverage Solflare’s tools, stay vigilant, and always prioritize secure and informed interactions online.