Finance Unchained — Doxxed wallets

Hey-ho - It’s the 5th episode of the Finance Unchained blog series! In this series, we explore the world of private finance : from issues in the current market to real-world applications.

In a world of ever-increasing privacy infringements, it’s becoming more important to consider your online footprint, especially when dealing with sensitive material such as your personal finances. Protecting your identity online is one of the most crucial components of safeguarding your privacy. Having your personal information be made public online is known as being doxxed.

Blockchains are public ledgers designed to be transparent by nature. Maintaining your privacy quickly becomes a burden if your personal information is linked to your data on the blockchain. When your wallet address is doxxed, you face a multitude of problems that jeopardize your privacy on blockchain.

I’m doxxed : How did it happen ?

Being doxxed can be a critical concern for serious investors. Let’s use an example, George. As a firm believer in cryptocurrency and its future, he’s deeply invested in several promising projects. He’s an active member of the communities connected to his investments, and spends a lot of time engaging with these communities. As a result of George’s community involvement, someone was able to link his wallet address and personal identity.

Due to the public nature of blockchain, there are many ways to explain how this could have happened. George could have had his wallet doxxed by revealing too much information about the cryptocurrency he holds on online platforms, or perhaps his wallet address was leaked by someone he trusted. Doxxing is a common occurrence within the cryptocurrency sphere and remains a major fear for many.

Once George has his wallet address doxxed, he faces several privacy concerns that could have a real impact on him and his finances. Being doxxed puts Georges’ investments in jeopardy, as opportunists could seek to profit from the trades he makes. On the blockchain, it’s a simple task for interested parties to view Georges’ portfolio and the trades he has made.

After identifying George as a major investor, bad actors could even set up front-running bots to target him and his trades. If George’ wallet is public in the communities he’s involved in, prying eyes could make him feel like he isn’t free to make his own financial decisions. In smaller communities, larger holders can have a big influence, and George might worry about taking profits on his investments if he could be targeted and demonized for it.

Previous episodes from the Finance Unchained series

About SolBank

SolBank is the most private, non-custodial Solana browser extension wallet.

SolBank allows the user to easily interact with privacy smart contracts on Solana to hide the amounts and the origins of cryptocurrency held, in a decentralized, non-custodial, and frictionless manner.

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With crypto transactions increasing, on-chain transaction privacy is being highly discussed to keep you safe from exposing yourself. SolBank has developed a system that adds the ultimate protective layer to your crypto transactions while facilitating every function that other wallets offer.

Anyone can easily install SolBank and start reaping the privacy benefits in no time at all. Besides the smart contract functionality, SolBank wallet offers a higher level of privacy due to Tor integration.

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