Why creating a new crypto wallet is safer at times

[PrivacyG]

I followed your advice before and some times it ended up being a BIG mistake.  It works once.  Maybe.  And only if you are 100 percent sure that the Bitcoin or Cryptocurrencies you have in that Wallet are the ONLY ONES in that Wallet.  It happened to me before that I switched to a new Wallet and months later I realized I actually had a Passphrase on my first Wallet with some Bitcoin on it.

More over.  The more you make these changes.  You either have to make your own stack of Private Keys and Seeds or you can throw them away hoping there is no thing left on that Wallet any more.  It is a good idea if you know you made mistakes in the past but other wise in my opinion a better thing to do is create a strong Passphrase and move them there.  If there is any thing left, you at least still own the same Seed and can recover it from there.

[TastyChillySauce00]

This is for people who still can't afford to buy a hardware wallet, it's surely the best and I advice you start saving some money to get a open source hardware wallet, their security is unmatched.

Even if you have hardware wallet, doesn't automatically make you safe from getting drained especially in EVM based blockchain.
The main reason why creating new wallet is a must for the best practice is because a new wallet is clean, there is no delegation, no unlimited approval, no private key leak as long as you're keeping seed phrase secure and it gives peace of mind.

I stick to the practice of only connecting one address to a defi and strictly limited to that to mitigate getting drained. So far I've never once getting drained at all.

[el kaka22]

Having a new wallet time to time (mine is once a year) is great, but exchanges keep it still for some reason. Like for example my binance wallet is the same, the same address that I used few years ago, is the same today, and they do not change it. They create a new one for everyone and keep it the same for years, I do not think that's smart.

So while you personally can do better, your exchange may not have the same feelings as you and this is what bothered me for years now. I know that it is not an easy thing to do but we have to make them change that. Once a year, every address should change at binance, or whatever exchange that you are using. Or at least give us a way to make it new, that way we can decide the time.

[o48o]

The knowledge you have few years back can't be matched with what you know today.

Imagine the (unknown) mistakes you have made few years back coming back to hunt you today.
After it happened you will be asking yourself, but I am a better person today, I know things better today, why me?

Your long time crypto wallet that you started this crypto journey with could not be safe any longer, why?

You could have approved some free DeFi claims on your wallet.
You could have given access or permissions on your wallet without you knowing.

Funny enough your funds that you have on the wallet can still be there till date, it doesn't mean that your funds are safe.
To be safer I suggest you create a newer wallet and abandon your old ways of been a bit reckless.

This time no more permissions granted on a crypto wallet that you want to use to store your coins for a long term, if you are a fan of Airdrops, have a separate wallet for that and don't keep any assets on such wallet.



There is more to learn here 👉🏻 https://x.com/i/status/2033518553601860039

NOTE

This is for people who still can't afford to buy a hardware wallet, it's surely the best and I advice you start saving some money to get a open source hardware wallet, their security is unmatched.

Dude, even Vitalik had his privatekeys printed out to offline papers for his bags, and that string of letters and numbers were divided to several physical locations (one of them being kept by his parents). You think he couldn't afford to buy a hardware wallet?

Separate wallets for different things is a good idea, but you might be adding up some extra level difficulty for yourself when it comes to filling your taxes when you need to keep track on what's coming from where and you have 100+ wallets. It's not hard if you have a plan for it though.

[jossiel]

I like that feature of metamask.

This really helps at all when someone who has no idea of what website they're visiting. Even they're sometimes reckless of just clicking links, if metamask has alarmed them that it's a suspicious website.
~

Yes, it is a great feature but you really should not rely on it as your only line of defense.  Scammers are usually one step ahead of the blocklists.

If you are visiting a brand new site or a very sophisticated fake, MetaMask might not have it in their database yet, and it wont show you any warning at all.  I have seen too many people get a false sense of security because of these "features."

I agree, the scammers are also clever with their tactics and might be able to bypass on this security done by them.

It's good for the newbies and casual crypto investors who are not really good in security.

But that's a way to make them more aware and improve their observation not just by relying to a tool like this that has an integrated security of detecting of a potential website that's dangerous.