Watch-only addresses are a useful feature for those who want to keep an eye on their cryptocurrency transactions and balances without exposing their wallet to potential risks. This type of address allows you to monitor activity, receive tokens, and connect to decentralized apps (dApps) via WalletConnect, but it doesn't permit you to initiate transactions. This makes it particularly appealing to users who prioritize security, as their assets remain untouchable even if their mobile device is compromised.
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However, there's a downside to this feature: it's become a target for scammers. Some fraudsters attempt to convince individuals to send payments, claiming this will unlock funds in a watch-only wallet or activate an account. In reality, these promises are false, and sending money only results in losses, as these funds are irretrievable. Never pay anyone expecting to get more in return. This scam, known as advance fee fraud, has unfortunately become more common. DeFi wallets do not need activation to be used.
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To protect users, the 1inch wallet includes clear warnings that assets in a watch-only address cannot be accessed. As always, staying vigilant and informed is your best defense against scams.
For more information on how to use watch-only wallets safely, refer to our detailed guide here.
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