1. PixelPlaygroundHome
  2. Web3 News

Understanding the Latest Cryptocurrency Scam: The Zero Transfer Scam

• Web3 News • 102 views

According to reports, Paidun monitoring data shows that a Zero Transfer scammer scammed 10000 USDCs from addresses starting with 0x6f6c.
Zero transfer fraudsters scammed 10000 USDC

Understanding the Latest Cryptocurrency Scam: The Zero Transfer Scam

According to reports, Paidun monitoring data shows that a Zero Transfer scammer scammed 10000 USDCs from addresses starting with 0x6f6c.

Zero transfer fraudsters scammed 10000 USDCs from addresses starting with 0x6f6c

As more people continue to invest in cryptocurrencies, the number of scamming activities in the crypto market is also on the rise. Among the latest cryptocurrency scams to hit the market is the Zero Transfer Scam, which has caused losses amounting to thousands of dollars. The scammer uses sophisticated hacking technology to transfer cryptocurrencies from the wallets of unsuspecting victims without their knowledge or consent. In this article, we will discuss the Zero Transfer Scam, what it is, how it works, and what you can do to protect yourself from becoming a victim of the scam.

What is the Zero Transfer Scam?

The Zero Transfer Scam is a new type of scam that targets cryptocurrency investors. The scammer uses a hacking technique that involves transferring cryptocurrencies from the wallets of victims without their knowledge or consent. The scam is perpetrated through the Ethereum network, and the scammers target Ethereum wallets that use a specific type of programming language called Solidity. One popular attack vector is through the use of a smart contract that the victims unknowingly interact with. The scammer creates a fake contract that transfers the funds from the victim’s wallet and replaces the original contract as the active one.

How does it work?

The scammer uses a smart contract to hide their tracks and prevent tracing. After creating a fake smart contract, they use it to transfer the victim’s funds from their wallets to the hacker’s wallet. The scammer uses a zero transfer function that allows them to bypass the authentication checks that require the transfer of funds from an Ethereum wallet. The scammer targets Ethereum wallets that are created using Solidity programming language, which is common for creating smart contracts. Once the victim unknowingly interacts with the fake smart contract, the funds in their wallet are transferred to the scammer’s account, and they lose the funds forever.

How can you protect yourself from the Zero Transfer Scam?

To protect yourself from the Zero Transfer Scam, it’s crucial to follow these steps:
1. Keep your private keys safe – cybercriminals can gain access to your wallet and steal your funds if they have access to your private keys. Always store your private keys in a safe place and never share them with anyone.
2. Only interact with smart contracts created by reliable sources – be sure to double-check the contract address and source code to ensure that they are legitimate. In most cases, the contracts will be audited, but it’s always essential to perform your research.
3. Avoid interacting with unknown links – never click on links from unsolicited emails, social media messages or posts on forums that you’re not familiar with.
4. Use a hardware wallet – hardware wallets keep your private keys offline, making hacking impossible. Choose a hardware wallet from a trusted manufacturer.
5. Regular updates – Keep your wallets updated for the latest security patches and updates to prevent hackers from exploiting any vulnerabilities that may be present.

Conclusion

The rise of cryptocurrency scams and cybercrime is a significant threat to investors. The Zero Transfer Scam is just one of the types of scams that pose a significant threat to the crypto community. However, by following the above guidelines and being extra careful, you can protect yourself from this scam and other types of cryptocurrency scams, and increase your chances of staying safe while investing in cryptocurrencies.

FAQs:

Q: What is the Zero Transfer Scam?
A: The Zero Transfer Scam is a new type of cryptocurrency scam that involves scammers transferring cryptocurrencies from the wallets of victims without their knowledge or consent.
Q: How does the Zero Transfer Scam work?
A: Scammers use a smart contract to hide their tracks and prevent tracing. They create a fake smart contract that replaces the original one, and once the victim interacts with it, the funds in their wallets are transferred to the scammer’s account.
Q: How can I protect myself from the Zero Transfer Scam?
A: To protect yourself from the scam, you should keep your private keys safe, only interact with smart contracts created by reliable sources, avoid interacting with unknown links, use a hardware wallet, and keep your wallets updated.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/18446/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 04/25/2023 05:54
Next 04/25/2023 06:08

Recommended articles