PeckShield: The top two gas spenders on the Ethereum network are zero-transfer scammers
According to the latest findings by blockchain security firm PeckShield, the two most active gas spenders on Ethereum are zero transfer scammers. These scammers use fake wallet addresses to try to deceive users into sending money to them, hoping to compromise their wallets.
Scammers use the ‘transferFrom’ feature to conduct 0 transfers from ANY wallet address via a smart contract, thus making the 0 transfer show up in users’ wallet records & on #etherscan.
Innocent individuals may mistakenly use these scam addresses without careful examination. pic.twitter.com/xdRmEMHcJF
— PeckShieldAlert (@PeckShieldAlert) February 7, 2023
These zero transfer scammers are mainly targeting Ethereum Virtual Machine (EVM) chains. They create fake wallet addresses that look like the real ones used by their potential victims. Then, using the “transferfrom” feature in a smart contract, they transfer zero tokens from any wallet.
This way, they can create a fake wallet with no history of transfers, which can fool unsuspecting users into using the scammer’s address without further research. Unfortunately, this could put their funds at risk of being compromised.
PeckShield has detected that the leaders in gas spending on Ethereum are actually these scammers engaging in zero token transfers. This highlights how important it is for users to be extra careful when conducting blockchain transfers, especially on Ethereum. Users should always make sure they verify the authenticity of the wallet address they are using before sending any money. By taking these precautions, users can protect their funds and avoid becoming a victim of a zero-transfer scam.
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