The rapid rise of cryptocurrencies has brought about numerous benefits, revolutionizing the financial landscape and offering individuals new opportunities for investment and financial independence. However, where there is potential for prosperity, there is also room for exploitation. In recent years, the crypto world has witnessed the emergence of various scams, one of the most prominent being the "Crypto Zero Transaction Scam."
In this article, we will delve into the intricacies of this scam, and provide advice on how to protect oneself from falling victim to such fraudulent activities.
What is Zero Transfer Scam?
The victims of the Zero Transfer Scam received 0 USDT from unrecognized addresses severally. This was seen on the transaction history of TRON network users and though it is paramount in the TRON network, the scenario could be replicated in the Ethereum network. The scammers used the “Transfer From” function to make a transfer of 0 tokens from any user’s wallet. This created a fake wallet history with 0 transfers. The “Transfer From” function allows any user’s account to transfer 0 to an unauthorized account without the transaction failing. Scammers utilize the ‘Transfer_From’ feature to conduct 0 transfers from any wallet address via the help of a smart contract, thus making the 0 transfer show up in users’ wallet records. Hence, as an innocent user, you may use the scam address for blockchain transfers without carefully checking it. This is possible because Zero Transfer scammers create fake wallet addresses that are similar to users’ real wallet addresses. Hence, your wallet could be compromised and scammed if you use the scammer’s address. The zero-value token transfer attack is a fraudulent technique in which an attacker impersonates an Ethereum address using the same first and last few characters as the victim's address. This can deceive the target into believing that they are interacting with a familiar address and instead send funds to the attacker's wallet.
How Victims were attacked by the Zero Transaction Sca
The victims of the Zero Transfer Scam received 0 USDT from unrecognized addresses severally. This was seen on the transaction history of TRON network users and though it is paramount in the TRON network, the scenario could be replicated in the Ethereum network.
The scammers used the “Transfer From” function to make a transfer of 0 tokens from any user’s wallet. This created a fake wallet history with 0 transfers. The “Transfer From” function allows any user’s account to transfer 0 to an unauthorized account without the transaction failing.
This scam is targeting EVM chains and the Tron network. Scammers utilize the ‘Transfer_From’ feature to conduct 0 transfers from any wallet address via the help of a smart contract, thus making the 0 transfer show up in users’ wallet records.
Hence, as an innocent user, you may use the scam address for blockchain transfers without carefully checking it. This is possible because Zero Transfer scammers create fake wallet addresses that are similar to users’ real wallet addresses. Hence, your wallet could be compromised and scammed if you use the scammer’s address.
How to avoid being scammed by the Zero Transaction Scam?
To maintain safety, users should apply caution and confirm addresses before initiating a transaction.
Unavoidably, if a user discovers a transaction record that is not his or her own, he or she may fear that his or her wallet has been compromised. When a user attempts to alter his or her wallet or re-download it, he or she runs the danger of being scammed and robbed; conversely, if a user’s transaction history is “hijacked” by an attacker, the user may lose assets by copying the wrong transfer address.SlowMist would like to remind you that due to the immutability of blockchain technology and the irreversibility of on-chain transactions, you should double-check the address before executing any activities. Additionally, if you see any unexpected transactions occurring from your address, please exercise caution and analyze it thoroughly.
