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Ethereum 2.0: Top 5 most common scams

 

While the date of September 19 is frequently advanced for the implementation of “The Merge”, the merger of the Ethereum network also attracts crooks. Crooks see this major event as an opportunity to win big. Because we are talking about one of the most critical events in the history of digital assets. In this article, we’ll cover the most common scam attempts you may see in the coming weeks. The goal? To prevent as many users as possible from falling into traps that are sometimes well oiled.

1 - Phishing

As old as the world, phishing (phishing in French) is a scam technique still widespread today. In practical terms, this often involves sending false communications to clients, leading them to believe that this is an official communication. In the general case, phishing usually takes the form of sending mail to a fake site. A fake website is frequently built as a carbon copy of the official website. Through this, the scammer can then recover your personal data via its mirror site. For digital assets, these may be the credentials to connect to your wallet.

With The Merge, phishing scams should explode. While some attempts are crude and easily detectable, not all phishing attempts are. To improve their “success rate”, some scammers invest a lot of time to build increasingly sophisticated methods.

Our tips to avoid this type of scam: 

• Never click on a link without verifying the issuing address. This also includes attachments or software to download

• Do not provide your personal information, your passwords, or your seed phrase

• Remove communications from doubtful or unknown senders

Mining pool scams

The fusion or “The merge” must allow the transition of the Ethereum blockchain, from a Proof of Work protocol to a Proof of Stake protocol. This means that eventually the miners will be replaced by validators. A system that will improve the environmental footprint by more than 99% for the Ethereum blockchain.

While waiting for the merger, some scammers may be tempted to try to scam users by having them join a mining pool. The scam is already happening with other digital assets.. Very concretely, the scammer will ask his prey to send money to join a pool. Often suspicious, the user will execute by paying a small amount. But it is after seeing that it is possible to make gains, sometimes important, that the trap closes. In reality, these gains are false and only serve to encourage the user to send more money. After that, you’ll never hear from crooks again.

Our tips to avoid this type of scam: 

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• Always inquire about the offers offered by mining pools

• Understand how mining pools work and concepts like staking or mining

• Beware of APY promises often too important to be true

The airdrops

For a crook, an airdrop has a certain potential to try to scam his neighbor. Indeed, an airdrop is a gift of tokens. Many users sometimes let their guard down when they are told that they have won something. And the exact opposite should be done. As a general rule, an airdrop rewards users of a platform or holders of a token or NFT.

Airdrop scams often take the form of a scammer sending tokens to your wallet and prompting you to approve the transaction so you can claim your chips. It is by approving the transaction that the trap closes on the user. Because by approving, you could well give control of your wallet. The scammers will then give the heart to empty your wallet.

Our tips to avoid this type of scam: 

• Know that there is no airdrop for ETH 2.0 according to the data of the Ethereum Foundation

• In the general case: beware of new tokens available on your wallet, for no apparent reason

The ETH 2.0 tokens

If The Merge is not airdropped, the transition from Proof of Work to Proof of Stake will not result in the creation of new tokens. We already see this type of scam emerge. The scammers try to believe that it will be necessary to exchange their old ETH tokens for ETH 2.0 tokens. It is in reality obviously nothing and the maneuver consists in sending tokens to the wallet of the con artist.

But these fake ETH 2.0 chips are not to be confused with some derivatives that may exist around ETH. Thus, we find strength in the Lido platform or other 100% legitimate names on platforms like Coinbase or Binance.

Our tips to avoid this type of scam: 

• Know that there are no new tokens for ETH 2.0

False client services

On social networks, some scammers are also lurking. hese scams involve many newcomers to cryptography who often have limited knowledge. Fake client services act on the same principle as hammeconage, namely that they try to impersonate a legitimate entity.

We sometimes see accounts on Twitter or Telegram groups that take names like “Ethereum Support” to establish their credibility. When these accounts ask you for information such as your private key, your seed phrase, or any password, it means that this is a scam attempt. Some will even request remote access to your computer.

Our tips to avoid this type of scam: 

• Never share your personal information, seed phrase, or private key

• Do not allow remote access to your computer to a stranger

• Find out if your contact person is legitimate in case of doubt

Conclusion

While the world of cryptocurrency includes many cryptophiles, the democratization of digital assets has also brought its share of neophytes. Neophytes are more likely than the informed public to get ripped off. To avoid as much as possible crypto scams, whether on the Ethereum blockchain or elsewhere, knowledge and mastery of your subject will always be your best assets.

If most tips to avoid scams are common sense tips, never forget that some scammers are very imaginative to get to extort money from users. Mistrust and doubt will probably save you from certain situations.