Revoke team warns of a new form of scam

The developers of the transaction-management app Revoke have reported a new form of fraud involving ‘fake approvals’. 

Representatives of the project explained that attackers began sending users fake tokens that, in the Revoke interface, required additional confirmation. The token’s smart contract was designed so that cancelling a transaction would require a huge fee.

To implement the scheme, the attackers used the so-called ‘gas tokens’. This type of EVM-based asset appeared several years ago when Ethereum gas fees began to rise. The initiative was implemented under EIP-3529.

This enabled users to create tokens when gas fees were low and burn them when they rose. Thus fees remained low, saving network participants money.

In Ethereum itself, this cost-cutting method has fallen out of use, but in other EVM networks, including BNB Chain, it remains widespread, which attackers exploit.

To counter this form of scam, the Revoke team has introduced an additional feature that checks fee totals and alerts users when they rise too high.

Earlier, in Meta’s new microblogging service Threads, fake accounts of cryptocurrency-related projects appeared. DeFi platform Wombex Finance and Taiwanese entrepreneur Jeffrey Huang warned about such fake accounts.

Beosin experts reported that in the first half of 2023 the digital assets sector lost about $655.6 million due to hacks, fraud, and rug pull.