A New Scam Attempt on ETH users Amid Ethereum Istanbul Hard Fork

A New scam on ETH users on the occasion of Ethereum Istanbul Hard Fork
  • Scammers found new way to steal Ethers using Ethereum Instanbul Update.
  • Fraudsters are everywhere these days Especially on Telegram where they create fake accounts on the name of organisations and dupe investors.

A latest scam was revealed out in Telegram and YouTube, where the fraudsters ask Ethereum users to send their ethers and they will get the reward that is 10 times the worth of the crypto sent.

In the history of cryptocurrencies there were many scams that took place I which scammers are known to have carried out various degrees of complexity.

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Some of them upload Monero, which is a phishing command line interface while others just ask you to send your cryptocurrency and say that they will increase its amount enormously.

Ethereum Istanbul Upgrade

The hard fork introduces more privacy to ethereum as well as rebalancing of the price of gas with cost of EVM opcodes.

Align the  cost of opcodes with computational costs and also improve the denial of service attack and also make layer 2 solutions based on the SNARK’s and STARK’s high performant.

Ethereum and Zcash to internally operate and allow contracts to introduce more functions.

Istanbul’s Ethereum hard fork proclaimed to be a success in which there was a moment several Telegram users were added to a strange chat which has official logo along with the name of Ethereum foundation and first and last name of Vitalik Buterin were used in the chat.

The pinned message written on behalf of Vitalik and his team announced that there was an airdrop of 20,000 ETH which costs around $3 million on the occasion of success of Istanbul Hard Fork on Ethereum network, there after the cause was changed to “celebrating the global power of ETH”.

Relating to this a recent YouTube scam in which the scammers offered 10 to 1,000 Ethers to each and every one who transferred between 1 to 100 ETH to their address, they will invite everyone to participate in this giveaway including people belong to the countries with tough regulations like USA.

How to Avoid getting trapped into Scams

The main and foremost basic rules to being caught in these type of scams are,

  • Check the announcements made by the company only on its official website with HTTPS encryption
  • Avoid sending your crypto to unknown address.
  • Organisations behind Bitcoin, Ethereum and other cryptocurrencies doesn’t offers any giveaway. 

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Harsha Puvvala
Harsha puvvala is a writer for Thecoinrepublic. He is a bachelor of technology student at Jawaharlal Technological University Vizianagaram. He is interested in digital currencies especially blockchain, ethereum. He hopes to conduct research on these digital currencies for financial asset development.

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