Home
News
- 1 Scammers came up with “fake approvals” notifications to allure the crypto users this time.
- 2 Revoke acknowledged the situation and alerted the users about it.
The scammers keep coming up with some or other sly trick to defraud their victims. This time, they have used “fake approvals” to target crypto users. The ploy is easy, the scammers send messages to users announcing that they have unknown approval transactions in their history. When users try to get the tokens, they ask users to pay a hefty commission to get them.
Revokes Stance on the latest scam
They have used this trick to deceive quite a few crypto users. However, the approval management platform Revoke has taken steps to prevent it. On July 9, Revoke shared a tweet taking cognizance of the incident. Reportedly, these scammers are using “gas tokens” to trick their victims.
Some Ethereum network developers developed Gas tokens in the initial stage of the protocol. Since they were cheap, users were able to store a lot of them easily. According to Revoke, users also minted gas tokens when the fee was low and burned them when it was high.
But the scammers started to forge fake gas tokens sensing an opportunity. Additionally, they fabricated fake approvals and put their tokens to use. The counterfeit tickets generate a lot of gas during the revoking of the transaction. This resulted in newly-minted tokens which are sent back to the scammers.
The scammers, on the other hand, asked users’ commissions to claim the tokens. In a series of tweets, Revoke explained the whole scenario. It later advised users to refrain from believing the statements of pending approvals in the transaction history.
Also, the firm said that it always promoted safe usage practices. By introducing a preventative tool, it has brought more safety and compliance into the picture. On July 7, the Multichain MPC saw a massive outflow of tokens due to hacking activity. Revoke took note of that incident and suggested its users stop using multichain transactions.
However, this incident surfaced and it got the team thinking again. Ever since crypto gained popularity, scammers started plaguing the niche with malicious attempts. In the past few years, they have pulled out several big heists that involved siphoning off tokens worth billions of dollars.
Types of scams that happen in the crypto sphere
Romance Scam
The “honeytrap” ilk of scams has always been popular. In the crypto domain too, we have seen it now. The course of action remains the same everywhere. The scammers build a nice profile and grab your attention. They then come closer to you with close conversations. And whenever they find the opportunity, they steal your tokens.
Pump & Dump
Pump and dump are also quite ubiquitous. Typically, a group of people executes it by showing offering a coin that could do wonders for investors. They also manage to drive it upwards making you believe that it’s on the right path. Once they get your money, they dump the token and disappear with your money.
Phishing scams
They too follow the same roadmap across the board. The scammers pretend to be a company or project with promising aspects of the future. They all lure you to share your private crypto wallet keys. With a lot of attractive bonuses and rewards, they somehow get the users to do it.
Scammers have been a problem for the entire crypto domain. They find some other way to deceive the naive digital asset holders. Experts are hopeful that crypto will be regulated in the next couple of years and that the situation will improve.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
