In a few hours, the Ethereum blockchain will definitely switch from a Proof-of-Work transaction validation protocol to a Proof-of-Stake protocol. The number of scams accompanying this major event in the crypto arena has increased in recent weeks. And at this game, scammers have no shortage of ideas with fake airdrops or fake betting programs, promising high rewards.
The betting pool scam
Some players in the crypto market, like Steve Bassi, CEO and founder of the Polyswam’s cybersecurity platform, again warning about possible betting pool scams. Indeed, the transition from Proof of Work to Proof of Stake significantly validates the modification of transactions. After the merger, to become an independent collector, it will be necessary to have 32 ETH.
This portal, which is a barrier especially for small investors, is already pushing for grouping between different players. As Steve Bassi points out:
Staking is a fairly new concept to most of the crypto community, and if you don’t have 32 ETH on hand, you’ll need to join one of the staking pools to earn a return from your ETH.
And in this game, scammers can also get good, promising higher returns if you are meant for ETH in their pools. Especially since providers sometimes require users to deposit their ETH and relinquish control. If you want to enter a swimming pool, you are advised to inquire in advance.
Upgrade scams
Upgrading the Ethereum network could also be a vector for new scams. Some evil minds are already trying to defraud ETH token owners. How ? Stating that their “old” ETH tokens need to be exchanged for “new” tokens to change from Proof of Work to Proof of Stake. Of course, it is not. To best protect yourself from this scam attempt, remember that users will have nothing to do with their tokens. Recently, the Ethereum Foundation shared the fact with the public that there would be no ETH2 or ETH 2.0 tokens.
With this type of scams, the risk is well known to users. Specifically, the scammer will ask you to sign a fraudulent transaction or share your private keys. By invoking the reason for the migration to the new Ethereum chain. Steve Bassi also returns to this element:
We will likely see scammers trying to trick users into signing fraudulent transactions and/or leaking private keys based on the false pretense that the user needs to do something to migrate between chains.
fake airdrops
Steve Bassi is also warning the public about possible fake airlifts. To trick users, scammers may try to trick them into sending them to phishing sites.
The ETH merger will be a good reason for these scammers to become known projects, which have economic value, and promise airstrips. These airdrops are likely to redirect users to a phishing site where they can be scammed out of their ETH, and/or private keys.
Again, to protect against this situation, be aware of that the migration will not cause any airdrop. Other players like the Ethereum Foundation are warning users to be wary of information shared around The Merge. With the crypto event of the year just hours away, the eyes of the world are fixed on the Ethereum blockchain.
Also read: What changes after The Merge?
