With the rapid development of the digital asset market, there are more and more scam methods when using and transferring encrypted wallets, from fraud with the same tail number address to the wallet transfer authorization. MetaTdex platform summarizes the scam methods that might happen while doing encrypted wallet transfers. And hope it will be useful for you:
Scam Method 1: Scamming wallet address with the same first and last numbers
Scammers take advantage of the user's habit of copying addresses from transaction records when transferring assets. The scammers generate fake addresses with the same last numbers, and use the fake addresses to transfer small amounts of money to users, so the scammer's address will appear in the user's transaction records.
For example: the user's frequent transfer address is "0x9CE56a...68B2902f", and the fake address of the scammer is "0x9CE56a...68B2902f", the first 8 digits and the last 8 digits are the same
If the user only checks the first and last numbers when copying the address from the transaction record, it is easy to copy the fake address of the scammer by mistake, which will cause asset loss.
MetaTdex would like to remind everyone: due to the immutable nature of blockchain technology, once the transfer on the chain is successful, the operations such as cancellation and recall transactions cannot be processed, so please make sure to check each digit of the address carefully before transferring!
Scam Method 2: Wallet Authorization Scam
When a user conducts a transaction in the DApp contract, there will be an approve button on the DApp page. The user must authorize to process the transaction. This authorization means that the DApp contract has the authority to transfer your assets. For the convenience of users, generally by default, the amount of tokens authorized is unlimited. Once there is a loophole in the contract, all tokens in the user's authorized wallet will be transferred away.
MetaTdex reminds all of you not to authorize the untrusted DApp. For example, many new projects may have a team doing illegal things and harm to users. For example, some projects have no security audit, and the credibility is low. At the same time, DApps that are not commonly used should be deauthorized to avoid asset losses.
Scam method 3: Fake Token Scam
Understanding what fake token is easy, because Web3 world is like the real world we live in; there is fake money in both worlds.
Since there is no access mechanism for token production, also, the funds and technical thresholds required for making counterfeit tokens with the same name are not high, everyone can make tokens by deploying smart contracts, resulting in the frequent occurrence of counterfeit tokens with the same name. And it's hard to tell the fake one.
In particular, many well-known stablecoins are hardest hit by fake tokens, such as USDT, DAI, ETH, BNB, EOS, etc. Unfortunately, many lawbreakers "sell" such tokens through various channels in many forms, and this fraudulent behavior has caused extensive user losses.
The best way to distinguish between real and fake tokens is to determine their contract addresses. Because, the token names, circulation, and other things can be imitated. But the contract address is unique, and it can be used to determine 100% whether the token is real or fake; and identify whether the platform produced token or not. And you can find out all of these by checking the official social media of the platform, and verifying the accurate token address.
Scam method 4: Zero Amount Transfer Scam
If there are one or more transactions of 0 USDT or a small amount of tokens in your wallet account, please do not panic, this will not affect the security of your assets. So how exactly do these transactions happen? These transactions are actually a brand new scam by scammers, which is called- zero amount (0 USDT) transfers.
The 0 USDT transaction by the scammer, that is, transferring 0 USDT from our wallet address to another recipient address. This behavior itself has no meaning and will not have any impact on the account security, but it will be dangerous while doing the transaction. This is the key point of his zero-amount transfer scam.
For example, the recipient address of a user who frequently transfers money is "0x9CE56a...68B2902f", and the scammer will generate a fake address "0x9CE56a...68B2902f" with the same first and last number as the user's frequently used recipient address.
This type of scam is similar to the same first and last address digits that we disclosed earlier.
For example, the user intends to transfer the tokens to his usual address. If he only checks the first and last digits of the address, he will think by mistake that the fake address of the scammer is a common address, and transfer the tokens to it, then he will fall into the scammer trap.
In case you face the above situation:
- Please don't panic, these zero-amount transfers will not affect the safety of your assets.
- Due to the immutable nature of blockchain technology, once the transfer on the chain is successful, operations such as cancellation and recall cannot be procedure, so please be sure to check the address carefully before transferring!
Scam method 5: "Pasteboard Thief" Virus
The "Pasteboard Thief" virus has been around for a long time, and the amount of deception has exceeded millions of dollars. Because the wallet address of digital currency is very long and difficult to remember, for example: 0x9CE56aA6ad562758dd8C2E0518673eD968B2902f, most people often use copy and paste when transferring money. The harm caused by this type of virus is that when the victim tries to transfer money by copying and pasting the wallet address, the wallet address of the victim will be automatically replaced with the wallet address of the virus creator.
The "pasteboard thief" virus is usually hidden in various files such as software installation packages and software upgrade packages, and it is mostly found in Android phones. After accidentally downloading and installing virus-containing software, the virus will immediately take control of the mobile phone and computer.
MetaTdex reminds everyone: Try to download client software installation packages, upgrade packages, language localization packages, drivers, etc. via official channels, and reduce the use of WiFi in public places without passwords and simple passwords to connect to mobile phones, computers and other personal electronic devices, and do not scan unknown QR code, do not click on unknown links. At the same time, check in detail after pasting the address to avoid this problem.
Scam method 6: Fraud by fake MetaTdex customer service
Many users have reported that on Telegram and other communication apps, there are many scammers who have changed their personal account names and avatar to pretend to be the platform customer service, and in the name of helping users to solve problems, they ask users to provide private keys, mnemonic words or Keystore and passwords etc., thereby stealing the digital assets in the user's wallet and causing irreparable losses to the user.
MetaTdex here reminds users not to disclose the private key, mnemonic or Keystore to anyone! At present, although MetaTdex has set up a Telegram group, all of its official staff will not ask users for private keys, mnemonics or Keystore, passwords, etc.
MetaTdex solemnly reminds users:
1. MetaTdex and its staff will not ask you for account passwords, SMS verification codes, email, mnemonics, private keys and other information in any form, and will not ask you to download any App, nor will you be asked to perform private transfers and withdrawals ;
2. Do not click on unknown links or login to unsafe website links, and do not download unfamiliar files and apps, refuse incoming calls without display numbers, and do not share your personal account information, SMS verification codes, private key mnemonics, etc. If you provide important information to strangers or third parties, you must make sure to have personal information protection;
3. Find out the only official website of MetaTdex: https://www.metatdex.com/
4. If you need help, please contact the customer service that has the "Administrator" logo on Telegram community.
Chinese Telegram: https://t.me/TTDAOCommunity
English Telegram: https://t.me/MetaTdex_group