Revoke Introduces New Feature to Combat Crypto Scam
Revoke, the approval management platform, has introduced a new feature to combat a new crypto scam. Users have reported receiving “fake approval” requests, which result in exorbitant transaction fees. The platform’s Twitter account shared that they received reports of unknown approval transactions in users’ transaction history, which turned out to be a new scam involving the use of “gas tokens” to steal money when victims revoke these “fake approvals.”
Key Points:
1. Scammers are creating fake gas tokens to trick users into revoking approvals.
2. Gas tokens were developed as a way to store “cheap gas” when Ethereum network fees are low.
3. The scam operates by airdropping fake gas tokens with fake approvals, leading users to believe they need to revoke requests.
4. The fake tokens generate a lot of gas during the revoked transactions, which are then sent to the scammers.
5. Revoke has introduced a fix to disable revoking approvals with excessive gas fees and advises users to ignore fake approvals to protect their funds.
Hot Take:
The recent crypto scam involving fake approvals and gas tokens highlights the importance of staying vigilant and practicing safer wallet behavior. Revoke’s new feature is a step in the right direction to combat such scams, but users must also be cautious and avoid interacting with suspicious requests. The crypto industry continues to face evolving threats, making it crucial for users to stay informed and take necessary precautions to protect their assets.
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