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How to Avoid The New Wallet Scam

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A new type of scam has developed and emerged in the last month. Scammers are becoming more and more sophisticated and penetrate each wallet to plant a seed to deceive every wallet owner and potentially trick users into sending money away. How has such a new scam has implemented, and how can we avoid such a new scam?

Here is a 1 min summary of the article if you want to skip the reading.

Unknown Token

If you play around with your wallet in different networks, you will realize many unknown tokens with xxxx.io in the Polygon network. You cannot resist but realize more than 800k tokens are sitting in your wallet and waiting for you to exchange them for fiat currencies. Some wallets even calculate the worth of more than $200K! You are so surprised yet so lucky that you finally made it and want to cash out. 

Swap The Unknown

After doing some research about the token, a cool-looking website seems legit. A button asks you to connect your wallet to claim airdrop tokens. You then, without any consideration, connect the wallet, and they ask permission to enter your wallet. Of course, you want to have your $200K cash out immediately; you then agree to connect and start swapping tokens. There is a network fee of 2 ETH or $9K cost. You, of course, think they $9K to exchange $200K, hey! No brainer. Once you transfer the fee and agree to swap, something happens! Your wallet may empty the fund, and a network error occurred that your swap cannot be completed, but the fund you spent was gone. You then realized you got a scam!

A Combo of Airdrop + Dust Attack + Phishing Scam

This type of scam is pretty sophisticated. It is a combination of different scam types to trick users. Here is how you likely got unknown tokens from and how scammers want you to follow their steps to send funds to them.

Step 1: Free Airdrops

Scammers are well-known users eager and FOMO. So they created the airdrops site to collect wallet addresses or scan all available wallet addresses online and send tokens into wallets.

Why: the more people with fake tokens, the more likely one will fall with the tricks. Scammers use an active way to push tokens into wallets or passive to collect wallets and send tokens. 

Step 2: Given a Large Number of Fake Tokens

You will realize you have at least 800k or more tokens in your wallet. Large amounts make people look into the possible way to activate such tokens. However, those amounts are just fractions of what scammers made. 

Why: it is part of a dust attack. You realize those scam tokens are layer 2 tokens on Matic or Polygon network because layer 1 or blockchain has dust attack prevention. Tiny fractions of amount transactions cannot be validated through layer 1 but it is easily get passed through layer 2 

as there is no lower limit of the transaction amount in layer 2. Scammers can mint as many tokens and send as small amounts to users.

Step 3: Active Tokens

Those scam tokens are smart contracts. The bad thing about smart contracts is they can be harder to detect as routine transactions and broadcast on the blockchain like regular token transactions. The good thing is that a smart contract needs a destination to send to and commands for execution. Scammers want users to go through layer 2 swap to complete the transaction.

Why: layer 2 smart contracts can be challenging to distinguish between entice token transactions or swaps. Also, swap can create an unsuspected way to require swap fees and embed secret codes to control your wallet and send funds to programmed addresses.

Step 4: Requires Swap Fees 

You will bring to an unknown and a new swap platform that requires you to spend a little bit of money to activate your funds.

Why: the swap platform will have embedded codes to transfer swap fees as payment to scammers’ wallet addresses and possible active send command to take your wallet funds away.

Step 5: Broadcast Error 

Likely, your swap will broadcast as an error in the polygon network and your funds will be stuck because the smart contract cannot be executed entirely in the network due to insufficient gas fees.

Why: those swap fees will directly be programmed to send into scammers’ wallets, and no transactions will be completed on the blockchain without sufficient funds. You got scammed!

What To Do

Since those fake tokens were smart contracts, they were required to be active. The best way is DO NOTHING to those tokens. Ignore them completely. Don’t send or swap or trade. Some wallets like Metamask can delete the token list. Coinbase wallet will not detect tokens value but only show the amount. If the wallet mistakenly showed the wrong amount. Tried to reach out to their services and ask for help. However, because the tokens were so new and they were smart contracts. It is unlikely the wallet service can do anything about it at this point.

Also check out my article: Dogecoin Is Back In The Top 10 But The Moon Shot Is Looming

How To Avoid Scam Tokens 

Check Blockchain Token Contract 

Go to Etherscan or alike to check the token contract. There is a lot of information that can spot a scam token.

Step 1: Check Holders and Transfers

Check how many transactions are within the network, the closer the transfers to holders, the more likely people are not active in the network due to the token unavailable in many exchanges.

Step 2: Check Transfers Tap 

Check transaction hash and particular in age. See if any transactions are in and out but no single out direction. Also, try to see the last page and check age. It seems there is only outflow to each account with the same quantity of 800K for each transaction which raises a huge flag.

Step 3: Check Holders Tap

Check how many people hold tokens. The scam token is very concentrated in single or few users. It will immediately raise a red flag.

Step 4: Check Contract Tap

The legit project will reveal contract code while scams will not. No information on the contract will raise questions on the credibility and authenticity of the token.

Step 5: Check Analytics Tap

If there is only a send transaction but not receive transaction, it is likely a scam.

Step 6: Check Comments Tap

Other users may share information about this token and let people know if that is a scam token.

In Conclusion

Crypto scams have become more sophisticated than ever. Always double-check anything suspicious and unknown to you. Ask around and seek help because click and send funds. Once you send, there is no way the transaction can be reversed.


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First Mover Asia: Bitcoin Hovers Near $17.3K, but Does It Have Staying Power?

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First Mover Asia: Bitcoin Hovers Near $17.3K, but Does It Have Staying Power?




First Mover Asia: Bitcoin Hovers Near $17.3K, but Does It Have Staying Power?



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Reddit NFT mints reach all-time high, EU’s $400K Metaverse party flops and more

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Reddit NFT mints reach all-time high, EU’s $400K Metaverse party flops and more


Reddit’ NFT minting hits new high

Reddit’s nonfungible token (NFT) collection hit another milestone on Dec. 3 with a record 255,000 of its “avatars” minted in the one day.

The new minting record beat the previous all-time highs on Aug. 30 and 31, which saw just over 200,000 Reddit avatars minted each day.

The NFTs are primarily used on the social media platform as a users’ avatar and are created by a number of independent artists that use the platform.

At the time of the collection’s launch in July, it was widely seen as a way to boost mainstream adoption of blockchain technology as Reddit shied away from using crypto for purchases of the avatars and chose to call them digital “collectibles” instead of NFTs.

The number of Reddit avatars minted, one bar represents one day. Source: Dune

With the record mint day, Reddit’s Polygon (MATIC)-based NFTs now boast around 4.4 million in circulation, according to data from Dune Analytics.

However, despite the amounts minted, Dune data shows just over 40,000 Reddit avatar NFTs have been sold since their launch,  and there are around 3.7 million holders of avatars indicating that most choose to hold onto their NFT.

The sales volume of the collectibles recently hit an all-time high of $2.5 million on Oct. 24 across 1,991 buyers.

Some of the rarer Reddit NFTs have seen premium prices on secondary NFT marketplaces such as OpenSea with some of the most expensive selling for over $300, while the platform’s own marketplace sees prices of around $50.

EU went all out on a Metaverse party, barely anyone came

The European Union’s (EU’s) foreign aid department is understood to have dished out nearly $408,000 (€387,000) on a metaverse and hosted a party on Nov. 29 to celebrate, but only six people reportedly turned up.

Devex reporter Vince Chadwick tweeted a video on Nov. 29 showing his metaverse avatar attending the “gala” and said “after initial bemused chats with the roughly five other humans who showed up, I am alone.”

“Is anybody out there?” reads one of the messages on the screen in the video. “The concert is just the same DJ spinning the same music,” another message says.

The EU-crafted metaverse was made to promote it’s “Global Gateway” initiative that aims to develop and build infrastructure in developing nations.

The metaverse, seemingly also named “Global Gateway”, was quietly launched in mid-October with a “depressing and embarrassing” promotional video according to an anonymous EU foreign aid department staff member that spoke to Devex.

According to an EU spokesperson the target audience for its metaverse is 18 to 35 year olds “who identify as neutral about the EU and are not particularly engaged in political issues,” and the promo video was “to intrigue that audience, primarily on TikTok and Instagram” and encourage them to engage with the campaign.

TimeX ‘Goes Ape’ with the BAYC

Watch manufacturer TimeX said on Dec. 1 it’s partnered with the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT projects to create custom watches.

TimeX is creating 500 physical watches and matching “twin NFTs” that will allow Bored and Mutant Ape holders to customize a watch including its case, strap and etchings while, of course, featuring the owners’ NFT on the watch face.

The watches will be gated behind an NFT at the cost of 2 Ether (ETH), or around $2,500, with BAYC and MAYC holders then able to use the NFT to create a watch from mid-December that will ship in in the second quarter of 2023.

NFT sales increase for first time in 7 months

U.S. dollar-denominated NFT sales have managed to jump 16% in the month of November, bucking more than seven months of decline, according to data from Cryptoslam.

In November, NFT sales amounted to $534 million, up from October’s nearly $460.4 million.

It was the first month since April that NFT sales increased, January saw record NFT sales totaling $4.7 billion, while October was the slowest sales month in 2022.

Related: How NFT court summons could change the legal landscape

The increase in November is likely due to high-priced NFT sales, such as two BAYC NFTs that sold for close to $1 million each on Nov. 23 and 24.

Cryptoslam data shows over the past 30 days the top three NFT collections were BAYC, MAYC and Otherdeeds — all Yuga Labs-owned projects. The top BAYC collection has seen 30-day sales increase by 89.5% indicating that high-priced NFT sales could have driven November sales up.

Meanwhile, total transaction volume between October and November saw a 17.6% decrease.

More Nifty News

Internet browser Opera has created an NFT minting tool that allows users the ability to drag and drop media files into its application which will turn those files into NFTs by writing a smart contract and uploading them to a blockchain.

Coinbase has slammed Apple over the firm blocking the latest release of its crypto wallet app. Coinbase says Apple wanted it to disable NFT transactions until it could “collect 30% of the gas fee,” something Coinbase says is “clearly not possible” as Apple’s system “does not support crypto so we couldn’t comply even if we tried.”



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Elite CBD Products Affiliate Program – Learn How To Earn Money

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Elite CBD Products Affiliate Program - Learn How To Earn Money


What is Elite CBD Products Affiliate Program?

Elite CBD Products Affiliate Program Helps You Earn Money While You Refer Users To Elite CBD Products Platform Through Your Affiliate Links From Your Blog, Social Media, Email Lists, Etc.

It’s Easy And Only Takes A Few Minutes To Complete The Sign Up Process. Earn Up To Fixed Per Sale!

KeyPoints Of Elite CBD Products Affiliate Program

Affiliate BasicDetails
Product NameElite CBD Products Affiliate Program
Commission TypeCPS
Minimum Payment$50
Payment FrequencyMonthly Net-20
Joining FeesFree To Join
Deep Linking PossibleYes
Payment MethodCheck, ACH (Direct Deposit)
Referral CommissionN/A
Tracking SoftwareShareASale
Cookie Length90 days
Official Affiliate WebsiteClick Here To Visit Official Website

What Is Elite CBD Products?

Elite CBD Products In 2017, Awin acquired one of North America’s largest platforms, ShareASale. ShareASale has been a pure-play affiliate marketing network, successfully growing its business by nurturing relationships, building cutting-edge technology and guiding clients to success in affiliate marketing since 2000. As a leading network in the US, ShareASale is known as a fair and ethical business partner with a goal of supporting performance-based partnerships.

Elite CBD Products

With over 20 years of affiliate marketing experience for both Awin and ShareASale, your trusted platforms offer a global community of people, technology and business intelligence insights. No matter what type of partner, level of service, or tools your business needs, the Awin Group provides solutions to drive sustainable growth.

How To Join Elite CBD Products Affiliate Program And Make Money From Elite CBD Products

First Step To Sign Up At Elite CBD Products Affiliate Program. It Is Very Easy To Join Elite CBD Products Affiliate. Just Fill Necessary Data Like, Your Name, Date Of Birth & All Required Data By Elite CBD Products. Once Filled Everything Correctly Just Click On Submit Button. Once Your Submit Application For Elite CBD Products Program .Your Application Sent To Affiliate Team Of Elite CBD Products. If Your Profile Eligible For Their Affiliate Program Than You Get Another Approval Email Once You Approved By Team.

Once You Approved By Elite CBD Products

Now It Is Time To Login Your Elite CBD Products Affiliate Account. And Start Promoting Elite CBD Products Program To Your Friends By Email Marketing , Blog , Social Media Etc. Once Any Sale Made By Your Refer Link You Get Fixed % From Elite CBD Products.

How To Start Promoting Elite CBD Products Affiliate And Earn Money ?

After You Successfully Join Elite CBD Products Affiliate Program, You Can Choose From Several Banners And Text Links To Go With The Layout Of Your Website. Place Them Strategically Within The Content Of Website, Blogs, Emails, Newsletters, Etc. Whenever A Visitor (On Your Website) Clicks On One Of These Banners Or Links, They Will Be Directed To Elite CBD Products Website, And Their Activity Will Be Tracked By Elite CBD Products Affiliate Software. If They Buy Any Of Elite CBD Products Products, You Will Earn A Commission Of Up To fixed % Per Sale.

What Are The Elite CBD Products Affiliate Commission Rates?

You will Earn upto fixed % commission at Elite CBD Products Tool.

Why Choose Elite CBD Products Affiliate?

This Is One Of The Most Elite CBD Products Affiliate Programs In The World. Elite CBD Products Is A Well-Known Brand In Tool, And Its Generous Affiliate Commission Rates Have Made It A Favorite Choice For Many Affiliates Marketer.

Elite CBD Products Affiliate Program Payment Options

Once You Are Signed Up With Elite CBD Products Affiliate Program You Need To Update Your Payment Option. Elite CBD Products Affiliate Minimum Payout Is $50.

They Offer Payment Options. You Can Select Check, ACH (Direct Deposit).

Elite CBD Products Affiliate Program Features

ShareASale has spent over 20 years growing our network by nurturing relationships, building cutting-edge technology, and guiding merchants and publishers to success in their affiliate marketing channel. Keep a pulse on your program with real-time insights into performance data, affiliate partner activity, and personalized program diagnostics. Use your platform and extensive network of partners to tap into new sources of revenue for your online business.

Why Elite CBD Products Affiliate Program Is Best For You ?

Being A Elite CBD Products Affiliate Program Is Great For You And Your Visitors. Your Visitors Get Special Offers From One Of The World’s Top Tool Providers And You Earn Money For Qualifying Purchases They Make Via Your Affiliate Link!

Below Are A Few Reasons Why You’ll Love Being A Elite CBD Products Affiliate Program

Free Membership

Membership To Elite CBD Products India’s Affiliate Program Is Free – So You Don’t Lose A Thing. You Don’t Even Need To Buy Anything From Elite CBD Products India

What Are The Alternatives For The Elite CBD Products Affiliate?

These Are Some Of The Alternatives :

How Can You Reach The Elite CBD Products Affiliate Support?

If You Need Any Help, Then Reach The Elite CBD Products Team At [email protected]

Frequently Asked Questions

How Do I Become A Elite CBD Products Affiliate?

Visit this page To Become A Elite CBD Products Affiliate. It’s Free To Sign Up As An Affiliate For Elite CBD Products.  

How Much Does Elite CBD Products Pay Its Affiliates? 

The Standard Payout Commission Per One Elite CBD Products Signup Is $65. However, Your Commission Goes Up If You Generate More Sales As You Can Earn Up To $125 Per Sale!

What Is The Minimum Payment Threshold Of Elite CBD Products?

To Receive Your First Payment, You Need To Make At Least $100 As A Elite CBD Products Affiliate. That Means You Need To Generate At Least Two Successful Signups To Be Able To Receive Your First Payment. 

How Do I Contact The Elite CBD Products Affiliate Team?

If You’ve Any Questions, You Can Email [email protected] For Affiliate Program Questions And Support.

Conclusion

One Must Join The Elite CBD Products Affiliate Program For Maximizing Their Earnings.

Many Of The Bloggers Are Sharing Their Payments Screenshots. So, The Elite CBD Products Affiliate Is Legit. Speaking Frankly, I Never Tried Their Affiliate Program.

If You Had Worked As A Elite CBD Products Affiliate, Then Please Share Your Experiences. Hope This Review Help The Affiliates For Getting Started.

Affiliate Disclosure: In Full Transparency – Some Of The Links On your Website Are Affiliate Links, If You Use Them To Make A Purchase They Will Earn A Commission At No Additional Cost For You (None Whatsoever!).



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