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Trading Academy

Lesson 8 of 16 · 4 min read

Security: drainers, signing and fake airdrops

How one signature empties a whole wallet, what your wallet shows you before signing, how to spot a fake airdrop and how to split your wallets.

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In this lesson

  • understand why signing a transaction on Solana is so powerful
  • learn to read the transaction preview in your wallet
  • spot a fake airdrop and set up your wallets so that one mistake does not take everything

On Solana, money is rarely stolen by breaking cryptography. It is stolen with a signature – yours. One click on "Approve" on a fake website and within seconds the wallet is empty. And because blocks are produced every fraction of a second, there is no time to change your mind.

AIRDROPsend: EVERYTHINGJust sign here, it is a gift!
A drainer does not steal a password. It gets you to sign a transaction that takes everything.

One signature, many instructions#

A Solana transaction can contain several instructions at once: send SOL, send all tokens, close accounts, change the owner. One signature approves them all. That is exactly what a drainer exploits – a program that slips you a transaction which takes everything valuable in one step.

Drainers spread through:

  • fake "claim your airdrop" or "mint a new NFT" pages,
  • hacked project accounts on social networks and Discord,
  • search ads that look like a link to a well-known app,
  • spam NFTs and tokens with a link right in their name.

Read the transaction preview#

Good wallets simulate the transaction before you sign and show what happens to your balances. Look for:

  • Outgoing amounts you do not expect. You want to "claim" a token and the preview shows all your SOL leaving? Close the page.
  • Wallet warnings. A message like "this transaction may be malicious" is not excessive caution.
  • A change of owner or authority. A legitimate app almost never asks you to transfer ownership of an account.
  • The simulation failed. If the wallet cannot compute a preview, do not sign blind.

Signing a message (such as "sign in with this wallet") does not move money. Signing a transaction does. Always read which of the two a site is asking for.

Fake airdrops#

Real token giveaways – a so-called airdrop – do exist. Projects use them to reward early users. But fake ones are far more common. Warning signs:

  • you received an unsolicited token or NFT with a link,
  • the site rushes you ("10 minutes left"),
  • the site's address differs from the real one by a letter,
  • it asks for your seed phrase – no real project ever does, ever.

Split your wallets#

  1. Vault – a hardware wallet for savings. You do not connect it to unknown sites.
  2. Everyday wallet – for known apps and smaller amounts.
  3. Experiment wallet – for new projects and airdrops. Only as much as you can lose.

If a drainer then gets your experiment wallet, your savings stay safe.

A signed transaction cannot be undone

There is no cancellation or refund on a blockchain. Money that leaves through a signed transaction is usually gone for good. If you are not sure what you are signing, do not sign.

Common myths#

  • "I have antivirus, nothing can happen to me." A drainer is not a virus on your computer – it is a transaction you sign yourself.
  • "I only connected my wallet, I did not sign anything." Connecting alone does not move money, but it is the first step. The next window may ask for a signature.
  • "The airdrop came straight into my wallet, so it is genuine." Anyone can send a token to anyone.

Summary

  • One signature can approve many instructions at once – that is how drainers work.
  • Read the preview before signing: unexpected outgoing amounts, warnings, a change of owner or a failed simulation = stop.
  • Unsolicited tokens and NFTs with links are bait; no real project asks for your seed phrase.
  • Split your wallets into a vault, an everyday wallet and an experiment wallet.

Quiz: Wallet and tokens

5 questions to check what you know from this module. Nothing is saved and you can retake it.

  1. 1. About 0.002 SOL disappeared when you first received a new token. Why?
  2. 2. What does a priority fee buy?
  3. 3. How do you recognise a genuine token?
  4. 4. What can whoever holds a token's freeze authority do?
  5. 5. An NFT arrived in your wallet: "You won 5,000 USDC, claim them at…". What do you do?

0 of 5 answered