Be careful SCAM! Spam Tokens🆘

INSIDERS VENTURES
2 min readMay 13, 2022

Today we will analyze 2 situations, how scammers can leave you without money. The schemes are very similar to each other, so we combined them into one post.

1️⃣ Spam attack in the form of an airdrop of tokens.

Most likely, many of you have already received unknown tokens to your wallet. The addresses of your wallets are publicly available on the blockchain, if you have made any transactions, then it is not difficult for a fraudster to find out your address.

Scammers create tokens on a smart contract and distribute them to user addresses that they take from the network.

Example spam tokens: MiniDOge.io, APE-NFT.io, BowDao.net.

In some wallets, such as 1inch, you see these tokens immediately in your wallet. On some, they can be detected through a blockchain scanner, or if you have an EtherDrops Tracking Bot connected, then you will receive notifications about received transactions.

When you see the coins in your wallet, as a rule, the total amount of received tokens is indicated there.

You go to the site in order to make an exchange. Make an approve and connect your wallet.
After that, you lose all the contents of the wallet.

2️⃣ NFT airdrop spam attack.

The second method is almost completely similar to the first, only here NFT acts as a bait.

In your wallet, you find a new NFT with a link to the site. You go to the site and learn about the possibility of minting this NFT. To do this, you need to connect the wallet and make a confirmation, which hides the permission to use all NFTs and your tokens. The result is an empty wallet.

How to protect yourself?

▪️ Any tokens or NFTs that came to your wallet just like that is a scam. There may be exceptions if you yourself participated in an airdrop somewhere and are waiting for a receipt from a specific project.

▪️ Check the information on the site to which they offer to connect the wallet. You can google the name of the site and read what they write about it. Sometimes there may already be reports that this is a scam, but if there are simply no mentions, this is just as bad and you are at great risk.

Be careful!

Click 👍 if it was helpful, share the post with your friends.
#scam

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