Beware of New Ethereum Node Scam: USDT Fraud Exposed
Crypto Scammers exploit Ethereum nodes and USDT to deceive crypto users. How are they pulling it off and what essential tips can help you protect yourself against these crypto scams?
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Recent news has surfaced highlighting a concerning trend in crypto scams that target unsuspecting users through offline transactions. This scheme utilizes USDT (Tether) and manipulates Ethereum nodes to deceive users into believing false transactions. Here is all you need to know:
Can Ethereum Node be hacked?
Crypto Scammers entice users to download the legitimate imToken wallet, initially using 1 USDT and a small amount of ETH to gain trust. They then instruct users to modify their Ethereum RPC address to the scammer's node, which has been altered using Tenderly's Fork function. This alteration falsifies the user's USDT balance, making it appear as though the crypto scammer has sent funds. When users attempt to transfer miner fees to access the USDT, they discover the deception, by which time the scammer has vanished.
Risks of Modified Nodes
Tenderly's Fork function, beyond modifying balances, can alter contract information, posing substantial risks to users. RPC connections allow users to interact with blockchains, but linking wallets to untrusted nodes can lead to manipulated balance and transaction displays, resulting in financial losses.
On-chain Analysis Reveals Scam Patterns
Some on-chain tracking tools have identified victims who received 1 USDT and 0.002 ETH, subsequently transferring funds to other addresses, indicating multiple scams originating from one address.
How Is User Psychology Involved?
Crypto Scammers exploit users' tendency to overlook potential risks, focusing solely on wallet balances. These Crypto Scammers deceive users who trust such operations by executing seemingly authentic transactions, such as small fund transfers.
Tips for Prevention
To prevent crypto scams and mitigate those risks, users must exercise caution during transactions, maintain awareness, avoid undue trust in others, and prioritize self-protection to safeguard against property damage. And always consider the apps offering safer transactions, as many are now aware of such scams and differentiating themselves by offering additional services providing additional safety layers, such as Bitpanda's new #Safe tools.
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