Although the date of September 19 is often promoted to establish “The Merge”, the Ethereum network merger also attracts scammers. Crooks to see in this big event, a chance to win big. Because we are indeed talking about one of the most important events in the history of digital assets. In this article, we will go over the most common scam attempts that you are likely to see popping up over the next few weeks. The back? Avoid as many users as possible from falling into traps that are sometimes well-oiled.
1 – Fishing
As old as the world, phishing is a scam technique that is still very prevalent today. In practice, it is often a question ofSend false communication to customers, leading them to believe it is an official communication. Generally, phishing often takes the form of sending an email that redirects to a fake site. A fake site often built as a carbon copy of the official site. Through this, the scammer can then retrieve your personal details via their mirror site. In the context of digital assets, this could be identifiers to connect to your wallet.
With The Merge, phishing scam attempts are set to explode. While some attempts are crude and easily detectable, this is not the case for all phishing attempts. To improve their “success rate”, some scammers invest a lot of time in building bigger and more sophisticated methods.
Our advice to avoid this type of scam:
- Never click on a link without checking the sending address. This also includes attachments or downloadable software
- Do not provide your personal information, passwords or seed phrase
- Delete communications from suspicious or unknown senders
2 – Mining pool scams
The merge or “The merge” must allow the Ethereum blockchain, protocol Proof of Work to a protocol Proof of Stake. Which means that in the end, miners will replace validation. A system that will improve the ecological footprint by more than 99% for the Ethereum blockchain.
While waiting for the merge, some scammers may try to scam users to join a mining pool. This scam already exists with other digital assets. Specifically, the scammer will ask his prey to send money to enter a pool. Often suspicious, the user will comply by paying a small amount. But after noticing that it is possible to make gains, sometimes significant, the trap closes. In reality, these earnings are fake and only trick the user into sending more money. After that, you will not hear from scammers again.
Our advice to avoid this type of scam:
- Always find out about the offers offered by mining pools
- Understand how mining pools work and concepts such as stacking or mining
- Avoid APY promises that are often too big to be true
3 – Airdrops
For a scammer, an airdrop has some potential to try to scam his neighbor. In fact, airdrop is a token subscription. Sometimes many users let their guard down when they are informed that they have won something. And the exact opposite should be done. As a general rule, an airdrop can reward platform users or holders of vouchers or NFTs.
Airdrop scam attempts often take the following form: a scammer sends tokens to your wallet and prompts you to approve the transaction so you can claim your tokens. Approving the transaction closes the trap on the user. Because of its approval, you can gain control over your wallet. The scammers will then have a great time emptying your wallet.
Our advice to avoid this type of scam:
- Be aware that there is no airdrop for ETH 2.0 according to data from the Ethereum Foundation
- In general: beware of new tokens available on your wallet, for no apparent reason
4 – ETH 2.0 tokens
If the Merger is not issued, the change from Proof of Work to Proof of Stake will also not create new tokens. We are seeing this type of scam already. Scammers try to trick people into believing that they will have to exchange their old ETH tokens for ETH 2.0 tokens. In reality, this is clearly not the case and the trick is to send signals to the scammer’s wallet.
But there is no need to confuse these fake ETH 2.0 tokens with some possible derivatives around ETH. So, we find steETH on the Lido platform or other 100% legitimate names on platforms like Coinbase or Binance.
Our advice to avoid this type of scam:
- Be aware that there are no new tokens for ETH 2.0
5 – False customer service
On social networks, some scammers are also on the prowl. These scams affect many crypto neophytes who often have limited knowledge. Fake customer services operate on the same principle as hammeconage, that is, they try to impersonate a legitimate entity.
Sometimes we see Twitter accounts or Telegram groups flourishing that take names like “Ethereum Support” to establish their credibility. When these accounts ask you for information such as your private key, seed phrase or any password, it is a scam attempt. Some will even go so far as to request remote access to your computer.
Our advice to avoid this type of scam:
- Never share your personal information, passphrase or private key
- Do not allow remote access to your computer to a stranger
- When in doubt, find out if your intermediary is legitimate
Conclusion
If the world of cryptocurrency includes many cryptophiles, the democratization of digital assets has also brought its share of neophytes. Neophytes more inclined than the knowledgeable public to be fraudulent. To avoid crypto scams as much as possible, whether on the Ethereum blockchain or elsewhere, knowledge and mastery of your subject will always be your best assets.
While most advice on avoiding scams is common sense, never forget that some scammers are very imaginative in extorting money from users. Distrust and doubt will probably save you from certain situations.
Also read: How to buy cryptos safely?
