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Ethereum’s big spenders are scammers behind deceptive zero-token transfers

Winnie Kimeu

Writer, News

Feb 7, 2023 at 03:32

PeckShield, a blockchain security company, has uncovered a disheartening trend in their latest study: the top two biggest gas guzzlers on the Ethereum network are none other than devious zero-transfer scammers.

The cunning scheme involves using fake wallet addresses as bait. Thereafter, the scammers lure unsuspecting victims into sending their hard-earned funds to these fake addresses with the ultimate goal of hijacking their wallets.

A well-known fact in the world of Ethereum: zero-transfer scammers have their sights set on Ethereum Virtual Machine (EVM) chains as their primary prey.

Furthermore, by utilizing the “TransferFrom” feature via a cleverly written smart contract, the scammers move zero tokens from any wallet. Additionally, building a bogus wallet history void of any transfers. All this is done to deceive naive victims.

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Unwary users who blindly trust and use the scammer’s address without taking the time to investigate put their funds in jeopardy.

Therefore, with the rise of zero-transfer scams, it’s more important than ever to be vigilant when making blockchain transfers, especially on the Ethereum network. 

Always verify the legitimacy of the wallet addresses you’re using before sending any funds.

Taking these simple precautions can safeguard your money and prevent you from becoming a target of these devious schemes.

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