Ethereum 2.0: the 5 best scams

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While September 19 is often favored for the formation of the “Merger”, the merger of the Ethereum network also attracts scammers. Scammers who see this big event as an opportunity to win big. It is, in fact, one of the most important events in the history of digital assets. In this article, we’ll take a look at the most common scams you may encounter in the coming weeks. Objective ? Avoid falling into well-oiled traps as many users as possible.

1 – phishing

Phishing is a fraudulent technique as old as the world and still very widespread. In practice, it often countssend fake messages customers, making them believe it is an official message. Typically, phishing often takes the form of sending an email that redirects to a fake website. Fake site, often created as a copy of the official site. This allows the scammer to retrieve your personal information through their mirror site. In the context of digital assets, these could be identifiers to connect to your wallet.

With The Merge, phishing scams will explode. While some attempts are crude and easily recognizable, not all phishing attempts are. To increase their “success”, some scammers spend a lot of time developing increasingly sophisticated methods.

Our tips for avoiding this type of scam:

  • Never click on a link without checking the sender address. This also includes attachments or software downloads
  • Don’t share your personal information, passwords or passphrases.
  • Delete messages from questionable or unknown senders

2. Mining pool scam

The Merger or “Merger” serves to allow the passage of the Ethereum blockchain, the protocol proof of work to the protocol Proof of use. This means that miners will eventually be replaced by validators. A system that will improve the ecological footprint of the Ethereum blockchain by more than 99%.

While waiting for the merge, some scammers may be tempted to trick users into joining a mining pool. This scam already exists with other digital assets. Specifically, the scammer will ask his victim to send money to join the pool. The user is often suspicious and accepts by paying a small amount. But only by realizing that significant profit can sometimes be made does the trap close. In fact, these earnings are fake and only serve to trick the user into sending more money. After that, you will no longer hear the scammers.

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Our tips for avoiding this type of scam:

  • Always be aware of mining pool offers
  • Understand how mining pools work and concepts like staking or mining.
  • Watch out for APY promises, which are often too big to be true.

3 – drop of air

For a scammer, an airdrop could attempt to scam its neighbor. Basically, an airdrop is a token donation. Many users sometimes back down when told they have won something. And you have to do exactly the opposite. Basically, an airdrop allows you to reward users of the platform or holders of tokens or NFTs.

Airdrop scams often take the following form: the scammer sends tokens to your wallet and asks you to approve the transaction so that he can receive your tokens. Approval of the transaction closes the trap for the user. Because by approving it, you could very well give up control of your wallet. Then the scammers will enjoy emptying your wallet.

Our tips for avoiding this type of scam:

  • Keep in mind that according to the Ethereum Foundation, there are no airdrops for ETH 2.0.
  • In general, beware of new tokens appearing in your wallet for no apparent reason.

4 – ETH 2.0 Token

If the merger is not removed from the air, even switching from Proof of Work to Proof of Stake will not result in the creation of new tokens. We are already seeing the emergence of this type of scam. The scammers are trying to make people believe that they need to exchange their old ETH tokens for ETH 2.0 tokens. In fact, this is clearly not the case, and the ploy is to send tokens to the scammer’s wallet.

But these fake ETH 2.0 tokens are not to be confused with some derivatives that may exist around ETH. This is how we find stETH on the Lido platform or other 100% legitimate names on platforms like Coinbase or Binance.

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Our tips for avoiding this type of scam:

  • Be aware that there are no new tokens for ETH 2.0

5 – False customer service

There are also scammers on social media. These scams affect many newcomers to cryptography, who often have limited knowledge. Fake customer support works the same way as Hammeconage, that is, it tries to impersonate a legitimate person.

Sometimes we see thriving Twitter accounts or Telegram groups using names like “Ethereum Support” to prove their credibility. When these accounts ask you for information such as your private key, seedphrase or any password, it is a scam attempt. Some even go as far as requiring remote access to your computer.

Our tips for avoiding this type of scam:

  • Never share your personal information, initial phrases or private key
  • Prevent strangers from remotely accessing your computer
  • If in doubt, find out if the person you are talking to is legitimate.

Conclusion

If the world of cryptocurrencies includes many cryptophiles, the democratization of digital assets has also brought its share of newbies. Newbies are more prone to deception than the informed public. To avoid cryptographic scams as much as possible, both on the Ethereum blockchain and elsewhere, knowledge and mastery of your subject is always your best resource.

While most of the advice on how to avoid scams is based on common sense, never forget that some scammers are very resourceful when it comes to extorting money from users. Distrust and doubt will likely save you from certain situations.

Read also: How to buy cryptocurrencies safely?

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