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According to the latest findings by blockchain security firm PeckShield, the top two gas spenders on the Ethereum network are zero transfer scammers.
The scammers are using fake wallet addresses to trick users into sending money to these addresses, with the aim of compromising the victims’ wallets.
It is known that zero transfer scammers are mainly targeting Ethereum Virtual Machine (EVM) chains.
Fraudsters create fake wallet addresses that resemble their potential victims’ real addresses. They transfer zero tokens from any wallet with the help of the “TransferFrom” feature via a smart contract. In such a way, they are able to create a fake wallet history with zero transfers to trick innocent victims.
Unsuspecting users can use the scammer’s address without doing any research, which puts their funds at risk since their wallets will likely be compromised.
PeckShield has detected that the leading spenders on Ethereum are, in fact, scammers who conduct such zero token transfers.
It is crucial for users to be extra careful when conducting blockchain transfers, especially on the Ethereum network.
Users should always check the authenticity of the wallet addresses they are using before sending any money.
By taking these precautions, users can protect their funds and avoid falling victim to zero transfer scams.