Revoke adds new feature after users complain about fake approval scam
Approval management platform Revoke has released a fix aimed at taking down a new crypto scam that entices crypto users to withdraw “fake approvals” and then charges them exorbitantly high transaction fees.
On July 9, Revoke.cash said it had received reports of people seeing unknown approval transactions in their transaction history.
Yesterday we received reports of people seeing unknown approval transactions in their transaction history.
This has turned out to be a new scam where scammers use so-called gas tokens to steal money when victims withdraw these “fake approvals”. pic.twitter.com/vpY2sGIv0T
— Revoke.Cash (@RevokeCash) 9 July 2023
In fact, scammers are using so-called “gas tokens” to trick victims into believing that they have suspicious transaction approvals.
“It turns out this is a new scam where scammers use so-called gas tokens to steal money when victims withdraw these ‘fake approvals’.”
Gas tokens were developed when the cost of the Ethereum network started to rise. Users can effectively store cheap gas during periods of low network demand.
“This allows users to obtain gas tokens when the cost is low and burn them when the cost is high, effectively “locking in” the low cost,” Revok explained.
However, Revok said that the scammers have created fake gas tokens that they release into the air with fake approvals and that users think they should cancel.
Counterfeit tokens are programmed to generate a lot of gas during extracted transactions, the newly created gas tokens are sent back to the scammers, causing the victim to pay high transaction fees.
Revok said it has now resolved the issue by adding a checkmark that disables the cancellation of approval if gas costs are too high. It advised users to ignore fake endorsements:
“The best thing to do with these fake approvals/fake tokens is to ignore them. They can’t steal your money unless you interact with them.”
Connected: ‘Scammers’ posing as nearly 100 million logins on crypto Twitter users threads
Revoke is a preventive tool that helps users practice more secure crypto wallet behavior by managing or revoking active approvals, such as are no longer required by DeFi protocols.
Platforms like Revok are urging users to withdraw approval for MultiChain following a multimillion-dollar network scam on July 7. This gives scammers a new way to entice victims into approving their fake transaction withdrawals.
magazine: Crypto Twitter Hall of Flame, Gabriel Haines: posting shirtless shit on the meme streets and hunting down SBFs
Stay Connected With Us On Social Media Platforms For Instant Updates, Click Here To Join Us Facebook
