Topic: Contract Addresses: The need to be more cautious (Read 262 times)

This thing actually has been occuring since long time ago, even since uniswap was first popular then there are many fake contract address even one that's trying to impersonate the real address and right now things have gotten out of hand honestly. dex should just list the contract of tokens themselves, the users shouldn't input the contract address manually if they don't want their user get scammed.

When it comes to Binance Smart Chain, you will often receive fake tokens that don't have any usage or anything just to be there in your wallet perhaps hoping one day you will gonna lose your focus and mistook it as a real token from your wallets. Back then, it was just a few of them but right now, there are lots and as soon as you posted your BSC address on the internet for airdrops, expect lots of fake tokens on the way to get in your wallet and the best thing to do is to ignore them and maybe create another wallet that you don't share the public address with the people.

This is the first case I have encountered and I am quite amazed by what these scammers are doing. They can create an address that is almost similar to the original address and that of course will fool people who carelessly look at the token address in their wallet and mistake it for the real one. So now it's important for us to be able to match the original address on CMC with the one in our wallet by means of CTRL+C and CTRL+V, if no match is found it is certain that it is a fake one

Now, in the wave of AI hype, there are many different clones and all sorts of projects that parasitize on well-known projects. Even if the ticker is the same, even if the name of the project is the same, you should always pay attention to the network in which the smart contract is deployed. The most popular networks for scamming well-known projects, in my opinion, is BNB. Every day there appear thousands of dubious tokens, which have zero value.

I don't understand what is the danger to my wallet? The fact that a fake coin is on the balance of my wallet does not lead to a loss of balance. To lose the deposit, you must at least allow the withdrawal of coins from your wallet, and this cannot be done without your consent.

That is incorrect. The transaction does not sell any tokens, neither it also buying any tokens. Instead, it mints the CHI token from the users' token approval transaction.

Simply thing to overcome this gas "stealer" scam is to not approve unknown or shady tokens/smart contracts, and verifying any particular contract is the intended one. Kindly see the reffered link I have mentioned above for further information. You can also inspect any of the fake tokens transactions, it has nothing to do with PancakeSwap smart contract transactions/calls.

Thank you.

I haven't thought that these scammers will even be interested in robbing fees since the majority of them are into the actuality of stealing the entire funds of their victims.

I understand now the tactic of it and those that are into pump and dump tokens are likely to be victimized by this scheme. Because they can do this when many of them are attracted to new tokens.

It's been a long time that this case has been on the BNB BSC network a lot of spam fake tokens sent to wallets randomly or actively transacting, they throw money for random sending fees to many active wallets, if you see receiving a lot of strange tokens in your wallet, never sell them on pancakeswap even though it has expensive and high value, "no free money" if you never take part in an airdrop event or anything but you get free tokens forget about it and ignore it. I will explain as follows, pay attention to the image below



Every transaction you agree to on the pancakeswap platform sells the token in question, then you see the transaction fee is very large and spends your money in the wallet you should ignore it, it will automatically buy the CHI GAStoken in the picture above and send it to the owner of the token, indirectly you share your money to them.


Cases like this are difficult to overcome because low fees will always be filled with spammers in contrast to blockchain which has expensive transaction networks so you will not find this on that network for example on the ETH network a few years ago many fake tokens then after transaction fees were expensive and went up then no more cases of counterfeit tokens, currently it only works on the BSC BNB network, so for anyone who sees a lot of strange tokens in your bnb bsc wallet, I can confirm it is a fake token.

Ohh wow, This is the first time of me seeing this kind of method that scammer use. Scammers are really doing clever moves just to scam people. I wonder if how many people think this kind of trick and someone did it as a scammer. As technology progresses, We can see that new scamming methods are born along with the improvement of technology. Most of them are just clever moves that even experienced ones won't noticed until they do a investigation against the method used. Be careful fellas! Especially on these new coins.

I have to dig deeper to see the scammer's reason, turns out they are not merely expecting a wrongly entered addres.

What they are doing is "stealing" a consumed gas fee from those who approve the contract. The approval transaction contains, gas limit increment and mints CHI tokens from the user's wallet. Thus the CHI token itself is sent to the scam contract address where after it accumulates large enough, the scammer can claim the users' consumed gas fee for a reimbursement.

This is wild, and I barely heard about this. For further reference, take a look at:

https://twitter.com/SlowMist_Team/status/1640614440294035456
https://www.reddit.com/r/ethereum/comments/128dift/scam_token_called_gpt/

of course the other address which is scam not gonna listed in CMC since listing in CMC also require verification, they've always been carefully selected one by one.
but the other smart contract are taking advantage of the resemblance and scams people using something like uniswap.

this scenario has been the practice of scammers ever since. pancakeswap, and other DEXs, they are prone to listing fake tokens. and that is true, it is your responsibility to check the legit contract addy, otherwise, you will get rekt.
this is why the devs are providing their contract address upon listing on exchanges. if you won't verify, then that's your fault.

Is both contract address listed on Coinmarketcap? I wonder if CMC did a cross checking on this one before making it available in the public, this is also why I always ask the developer for the real address details to avoid problems. Be careful, there’s also a lot of fake tokens on many wallet which scammers are sending it to fool the owner of that wallet because if you do transactions with those fake tokens, your wallet will surely be in trouble.

Yes, the resemblance is indeed very similar. But personally, I always check such moments on sites specially created for this. I also try not to be lazy and put contracts for comparison one under the other and thus you can immediately see the difference. Even if it differs by one number or letter

The contract address is really similar and could easily mislead ... literally anyone!
Well a free-token in a wallet it's always some "suspicious" at least to me

This is really an interesting report and thanks for sharing it. Yes is not a new one tactic for scam, but is not common.

I suggest OP to post a report in Scam Accusation board, other people could become aware of it https://bitcointalk.org/index.php?board=83.0

This is an old tactic, is not really a new one. People do this because there is actually money to be made from this, if you check some of the bigger ones of this attack, there are people who got away with millions of dollars from this. Which is why its such an important thing, it really does make it a lot more worse for many people. Hence, the best thing in this case would be making sure that we end up with a proper security of our own. Your mind is your own best security, obviously tools and software and better protected websites are all great, but when it comes down to security, your mind is the best one. How? Because if you end up protecting yourself from these silly attacks and fakes, then you would be able to do a lot better. Most people just rely on tools for that, and that is why they end up losing a lot of money as well. I don't, I know all the latest scams and hacks, so I try to stay away from them all.

That's more likely the reason why they do that.

I guess everything that's related to attack means to fool the users and think that they're on the right contract address and this gives the benefit to the developer of it that has only one intention.

And that's to trick people, that's why those people that are into so much stuff in the altcoins market are the ones prone to this attack.

there may be filtering and regulations when listing the coin in those sites. So how did they launch fake coins and scamming people on that trusted reputed sites?
 

This sounds quite new to me as this is also my first time hearing about contracts being quite similar, I don't understand how they are about them. However, it is not too much of a concern for me, as I have a habit of always checking everything before proceeding to accept a transaction, but it should also be warned to many people because if it is just a glance, many people will also it's the same address.

I didn't know that that was the strategy now. The scammers are adapting and making sure that they catch some unknowledgeable people that can fall into the trap that they have set.

I'm curious as to how they did it to be that similar. Isn't it something hard to do?

Also, you have to check the transaction history of the token. Because anyone can create a fake token and list it in Coinmartketcap or Coingecko.

It is quite alarming to see how hard working these scammers are in finding new ways just to scam others when they can just put these efforts in other things and be more productive earning in the right way. If you think about it, isn't it such a waste of knowledge and talent?

Anyway, I never knew that you can now generate addresses that are similar to other addresses. I used to think that addresses being generated per wallet are completely random.  And depending on how the contract was coded/created, this may be just a prank and also a study to record data on how effective it would be to use as phishing and stealing crypto online. Anyway, seems like the crypto people now has to be more careful and give extra effort when sending funds from one wallet to another.

This seems similar to an address poisoning however why would you do a phish smart contract exactly ? What would you get out of it? From what I understand you can’t withdraw from a smart contract so what is the point exactly?

With regular addresses they are hoping you only look at the first few and last few characters and copy and paste the wrong address and send to them. However no idea why they would use a smart contract address.

It is your money and if you are lazy and can not spend few seconds to fully check a smart contract address, you are deserved to lose your money.

In addition, you can check those contract address with coinmarketcap, coingecko, dex screener, dextools, dex guru.
to see their trading volume and liquidity pool.

Faked token will have very low trading volume and low liquidity pool. That is easy to realize if you know those checking steps.

https://www.dextools.io/app/en
https://dex.guru/token
https://dexscreener.com/

The contract does indeed use a vanity address as the smart contract address. But I don't understand what is their purpose to execute the scheme with the smart contract address, one plausible scenario is they expect the user to wrongly enter the intended smart contract token address, although I'm not sure how effective it is.


I'd expect there might be also a clone/similar token name on CMC that might deceive the user. Verifying the smart contract address besides only from one source, CMC, should be also a priority.

It may not be an address but it's a contract address so I think that it's still inside of this type of attack which is the address poisoning.

Thread: What are Address Poisoning Scams?

That thread is giving the description of it and everything related to it. Just as the example you've said that the first and last texts/letters are the same but in the middle, it's totally different.

this is why rechecking the address is always essential, it's just ridiculous how these scammers have quite literally created so many fake token smart contract address that actually we've lost count, considering the fact that now the address almost identical, I think its time for the swap platform taking care of their platform by adding further massive verification of the verified token into their swap platform, maybe even pulling data from cmc and coingecko.

Haven't looked into how this is done, it looks like scammers are slowly finding more sophisticated ways to generate nearly identical addresses.
However, one should be more careful dealing with altcoin projects because scammers are increasing their ability to trap users.

i've just heard about it just now, fake coins with their uncanny resemblance with the original contract address, i'd say nowadays, if i want to add token i'd just go to coinmarketcap and add it from there, since they provides button for it, more convenient and definitely hardly gonna be scammed by these fake coins.

This is new to me though I haven't been trading altcoins but seeing this was helpful to all of us. And also we should be very cautious and careful to check every numbers and letters of the address before doing anything or just triple check everything if you aren't satisfied but just don't be too quick to send.

Thanks for this newbies should be aware of this in the first place since scammers are doing everything they can to make advantage or steal our coins. It may not be just in the altcoins but it's mostly likely existing to BTC address too.

I am fully aware of that and I also received a lot of fake coins trying to resemble a real one, so to keep yourself safe from this check the official site to get the contract address or from the market aggregator if you're going to trade in a Decentralized Exchange.

These are spam tokens created as a trap if you're careless about how you transact.
Scammers are improving they can now use a contract address that is very much similar to the real one, so awareness is very important you should check and double the details.
One moment of carelessness and you lose your coins.

I saw a token in my wallet which I suspected could be a fake one. On visiting Coinmarketcap to check if the contract address on Coinmarketcap is the same as the one in my wallet, I noticed there was a difference. But that was not the problem, what bothered me most was the striking resemblance of the two contract addresses. There is some noticeable frightening resemblance:

Token Name: CryptoGPT
Blockchain: Binance Smart Chain

Original Contract Address (from Coinmarketcap: https://coinmarketcap.com/currencies/cryptogpt/): 0x153c0c947177e631e3dfc594ba28750d3a921fb5  https://bscscan.com/address/0x153c0c947177e631e3dfc594ba28750d3a921fb5

Fake Contract Address (Fake token sent to my wallet): 0x513C285CD76884acC377a63DC63A4e83D7D21fb5  https://bscscan.com/address/0x513c285cd76884acc377a63dc63a4e83d7d21fb5

On comparing the two:  you notice the last five digits of the two addresses are the same. There is also some similarity on the four digits after the 0x at the beginning of the addresses.  Also there is a ‘77’ somewhere between the addresses. The striking resemblance marvelled me and I decided to share this experience to alert both newbies and experienced. Interacting with a malicious token may lead to loss of tokens in your wallet. Please share your comments. Perhaps some of you already have such experience?