What should I do when my wallet is compromised?

Overview

Regardless of any actions Foundation can take, any NFTs that are in your wallet can still be sold on another platform. Foundation does not have any access to your wallet and cannot move, transfer, burn, or otherwise alter the contents.

We recommend that you immediately transfer any funds and NFTs to a new wallet if you believe that your wallet may have been compromised.

Your wallet is your unique login and verification to Foundation and cannot be transferred to a new profile.

 

What should I do now?

If you believe that your wallet may be compromised, you should assume that the contents of your wallet are immediately at risk.

  • If you have access to your old wallet:
    • Create a new wallet
    • Transfer the contents to your new wallet address
      Be aware that adding ETH to your wallet may result in the hacker stealing your ETH and a failed transaction.
      • You may also want to consider burning your NFTs if you want to mint your NFTs on your new profile.
    • Connect your new wallet to Foundation
    • Send an email to trust@foundation.app with the actions you want taken upon your old profile.
    • Optional: You can include a link to your new profile in the bio of your compromised profile.
  • If you do not have access to your wallet:

 

How can Foundation help?

When your wallet is compromised, Foundation can only take actions on data stored at Foundation, and not on the blockchain level. This means that we cannot access anything in your wallet, and cannot change any transactions on the blockchain. However, there are actions that we can take that will make it more difficult for hackers to sell NFTs on Foundation.

  • Delete your Web2 data
    • You can choose to have your profile on Foundation deleted. This will remove all of the connected data on your profile including the bio, user name, display name, profile photo, banner photo, followers, followed accounts, and any connected links to the page. (eg. Twitter, IG, personal website) Only your Web3 data and the invited tag (if applicable) will be visible.

 

What happens to my NFTs and Collections?

NFTs you own: If someone has unauthorized access to your wallet, your NFTs can be transferred to another user at any time. If you want to attempt to transfer your NFTs to another wallet, you must be sure to:

  1. Act Quickly! Hackers tend to operate quickly if they realize that they have access to a wallet and will not hesitate to drain your wallet of all of its contents.
  2. Be aware that you risk losing any ETH that you add to the wallet in an attempt to transfer or burn your NFTs.

If someone purchases an NFT you have listed, the funds will still go to your compromised wallet. Foundation can only remove the visibility of the NFTs on Foundation. The contents of your wallet can still be viewed on Etherscan, other NFT marketplaces, etc.

NFTs you have sold: If you have sold any NFTs you have created, the NFTs will still exist in the owner’s wallet. Any royalties from secondary sales will continue to go to the compromised wallet address and cannot be changed.

Collections you have created: Collections act as your own smart contract on Foundation. They grant your wallet ownership and provenance of your minted works. Someone who has unauthorized access to your wallet will also have ownership of your minted works and royalties. You can read more on collections here.

 

What next?

Now that you have a new wallet, it is important to take steps to protect your wallet. Always be careful when interacting with a new platform for the first time and never give out your seed phrase. Always be sure to do your own research and double check websites, wallet addresses, and emails to ensure that you are interacting with the correct person or service.

Wallets in Web3 are self-custodial. You are responsible for keeping your information safe but Foundation is here to help where we can. It is important to act quickly if you believe that your wallet has been compromised but if you have any questions about what to do or how Foundation can help you can always reach out to us at trust@foundation.app.

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