Sapien Wallet scam – is it true?

There are no resources saying that Sapien Wallet is a scam project. Is it truth or just the marketing strategy?

Sapien Wallet scam or hacking is not true. We are an honest company that wants to improve people’s behavior and relationships with the help of Sapien Wallet. Our project is actively developing, we introduce new security systems in our wallet, and attract new users. We want to create a strong community around our project that will show the effectiveness of the human rating system. Yes, each user of the Sapien Wallet can rate the person or business with which he or she has made a transaction.

The main idea we want to convey to you is that Sapien Wallet is a non-custodial wallet, where you, and you alone, have control over your funds. Sapien project merely provides software to make crypto easy, but we do not have any access to your crypto. That is why Sapien Wallet is not a fraud.

Can Sapien Wallet be hacked?

Sapien Wallet is not Binance or Coinbase, our project cannot be hacked with harm to our users. Unlike Binance or Coinbase, we do not store or manage data to access users’ multi-currency wallets. It was Binance and Coinbase’s access to their own users’ private keys that allowed hackers to steal millions of dollars. 

Sapien Wallet can be installed on your computer or phone but the app does not pass on your private key to us. Private keys are stored in the app itself, so only the user is responsible for accessing them. 

You may think that under the private keys we mean login/password and you mistake. Private keys give access to crypto addresses and funds stores within them. That’s why even if hackers break into our company, they won’t gain access to users’ crypto addresses and cryptocurrencies. Sapien Wallet developers do not have access to your crypto addresses and cryptocurrencies. 

Transactions with Sapien Wallet are performed without intermediaries, unlike Coinbase and Binance platforms. Firstly, it has a positive impact on the safety of users’ funds, and secondly, it makes using the application much more convenient and efficient.

Sapien Wallet Security

We consider that the Sapien Wallet is one of the safest wallets in the world. We are not working like Coinbase or Binance, we don’t have private keys of any of our users, we introduced the most modern security technologies and we constantly improve our application. Even if our company will be hacked, your funds will not be stolen. 

There are a lot of incidents when users of other wallets lose their funds because of bad personal security practices. The most popular reasons of stolen funds from digital wallets are:

  1. saving wallet recovery information electrically;
  2. not following safe computer practices;
  3. reusing the same passwords;

Sapien Wallet is not a fraud project, we want to make the financial world better with the help of tokens and our wallet with a human rating. Moreover, an attack that would result in the loss of funds is not possible for the Sapien Wallet app. 

How to protect your cryptocurrency from hackers? 3 ways not to lose funds

In 2019, criminals stole $4.3 billion in cryptocurrency. According to analysts at CipherTrace, digital money theft and fraud is up 150% from 2018. This suggests that the crypto market is becoming more dangerous and more difficult to protect. Below are the main types of fraud and how to avoid scams.

Ransomware

One of the most popular ways to steal tokens is extortion. The malware encrypts all the data on the victim’s device and gives it back only in case of money transfer to the criminal. Catching such a virus is simple – open an infected email or click on the ad.

How to protect yourself from ransomware?

The most important rule is to have a reliable antivirus program that can resist complex viruses in real-time. You should also back up your data. For example, store all important files in the cloud, on a USB drive or an external hard drive. You should remember to disconnect your device from your computer after recording, otherwise, it could also be infected.

Phishing sites

With phishing sites, hackers try to gain access to your sensitive data. Criminals create a page that looks a lot like the site of, for example, a stock exchange where you want to send your tokens. But after entering your login and password, you will not get into your account, but the criminals will be able to get into it. Often the interface looks very believable, it is not always possible to distinguish a fake on the first try.

How to protect yourself from phishing sites?

Links to phishing sites are sent via social networks, SMS, and e-mail. The first way to protect yourself is not to follow suspicious links. This rule sounds trivial, but scammers continue to successfully deceive people.

The second rule is to carefully check the address bar. Even a slight difference in spelling indicates that the site is fake. You should also check the functionality of the page: phishing sites often have only one window for entering your login and password. Don’t rush when you want to send somebody your tokens.

SIM swap scam

One of the security measures to protect your account is two-factor authentication. But hackers have already figured out how to use it for their purposes. Often, to enter an exchange or a cryptocurrency wallet to send tokens, you need to get a code on your phone, and this is what criminals use.

First, they find out the phone number and personal data through public sources or operators’ employees, and then block the SIM card (this can be done by contacting the support service and reporting about the loss of the SIM card). Then the attackers get the number transferred to their SIM-card and get access to the account.

How to protect yourself from the SIM swap scam?

The only thing that can protect against SIM-swapping is a separate SIM-card for accounts in exchanges and wallets. You are not supposed to use this phone in your daily life, and you are not supposed to publish it or tell anybody about it. You can also create an additional password for the SIM card. In this case, to block the number you will need more than just a full name.

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