Scammers and fraudsters find new ways to trick people so that they fall into their trap. You may encounter something that you never see before. When you realize what you did, it is already too late to correct the mistake. Scammers get your crypto.
Nowadays scammers do a new trick making transactions from the victim’s wallet without having the private key. And the transaction shows in the history. How does it happen in the first place?
You have the private key, so only you can make transactions from your wallet. There is a loophole in some token smart contracts that the attackers exploit to make transactions without having a private key. The “TransferFrom” function enables a person to move the token to another address if the amount of the token is less than or equal to the amount allowed by the owner of the address.
I will give a post link in the reference below, you can read the post to know more about it. Scammers make transactions of zero-value tokens and use a similar address that the victim sent the token previously. If you look at the address, the first and last characters of the address are the same.
We usually check out some first and last characters of an address to confirm that it is the right address. If you copy the address from your transaction history and send any crypto to that wallet address assuming that's the right address, you are actually sending crypto to the scammer's wallet.
You should not quickly copy the wallet address from transaction history just because you send crypto to that wallet address before. You may copy the scammer's wallet address that looks similar to the right address. You may not check every single character of the address to confirm the right wallet address. So you can fall for zero value transfer scam.
What can you do to protect yourself from this kind of zero value transfer scam?
Once you make the transactions and it's confirmed, you cannot go and reverse the transaction. The crypto you send is gone forever. So you need to be careful before making the transaction.
It is easy to copy the wallet address from your transaction history. I think it is not a good idea since scammers can trick you with a similar address that you assume is the right address.
It is better to take your time to copy the address from the wallet where you want to send crypto. You can check the address properly so that there is no way you send it to the wrong address.
You may test sending a small amount of crypto first to ensure you get the right address. Then you can send the rest of your crypto. In case you make the mistake of sending crypto to a scammer's wallet, your loss will be small.
Be aware of what's going on in the crypto industry. You can make informed decisions and stay away from scams. Anyone can make a mistake and that can cause you to lose your crypto. It is up to you how you keep your crypto assets safe and secure.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
176.273 SRY