The Revoke team warned about a new type of scam

What is scam in cryptocurrency - Forklog cards
What is scam in cryptocurrency - Forklog cards

The developers of the transaction management app Revoke have reported a new type of “fake approval” scam.

Data: Twitter.

Representatives of the project explained that the attackers started sending fake tokens to users, which required additional confirmation in the Revoke interface. The coin smart contract was created in such a way that the cancellation of a transaction required a huge commission.

To implement the scheme, the scammers used the so-called “gas tokens”. This type of asset is based on EVM appeared a few years ago when Ethereum fees began to rise. The initiative was implemented under EIP-3529.

The technology allowed users to create tokens when the gas fee was low and burn them when it increased. Thus, the commission was fixed at low levels and saved the funds of network participants.

In Ethereum itself, this method of reducing costs has lost its relevance, but in other EVM networks, including BNB Chain, it is still common, which is what attackers use.

To combat this type of scam, the Revoke team has implemented an additional feature that checks the amount of commissions and alerts users if the values ​​are too high.

Recall that fake accounts of projects related to the cryptocurrency industry began to appear in the new Threads microblogging service from Meta. DeFi platform Wombex Finance and Taiwanese entrepreneur Jeffrey Huang warned about fake accounts.

Beosin experts reported that in the first half of 2023, the digital asset sector lost about $655.6 million as a result of hacks, fraud and rug pull.

Found a mistake in the text? Select it and press CTRL+ENTER

ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!


Leave a Reply