• A new scam has arisen from the Multichain hack that affects multiple EVM chains.
• The scam involves creating fake approvals on wallets that require 100 times more gas fees than necessary to get revoked.
• Gas tokens are used to take advantage of the “storage refund” feature of Ethereum Virtual Machine (EVM) chains and gas tokens.
New Gas Token Scam Arises
A new scam has arisen from the recent Multichain hack, with the potential to affect multiple EVM chains. Security service Revoke.cash, wallet provider Rabby, and Multichain have urged users to revoke approvals associated with the protocol in order to prevent further losses. However, scammers have taken advantage of this by creating fake approvals on several addresses which require unusually high costs when revoked.
How to Spot Gas Token Scams
Gas token scams allow scammers to earn gas tokens when users revoke fake approvals created on their wallets. These scams typically appear as unknown airdropped tokens with fake approvals that may tempt users into revoking them in order to secure their wallets; however, Revoke.cash points out these fake approvals usually require about 100 times more gas fees than necessary for revocation. Additionally, these airdropped tokens usually do not have logos or any other information associated with them.
How Do Gas Token Scams Work?
Gas token scams take advantage of the “storage refund” feature of Ethereum Virtual Machine (EVM) chains and gas tokens which were developed specifically for utilizing this feature; it rewards users for clearing storage on the blockchain by deleting data from a smart contract along with its associated gas fee cost for storing said data. Gas tokens are bought and stored when gas prices are low and burnt or sold when prices are high in order to save on fees as the network pays for freeing up data previously occupied by storing said gas tokens..
Protect Yourself from Gas Token Scams
In order to protect yourself from these scams, you should check transaction histories carefully before revoking any unknown transactions as they may be part of a scam created solely for earning free gas tokens at an unsuspecting user’s expense . Additionally, if you receive an unknown transaction requesting unusual amounts of Ether or any other form of currency , it is recommended not to act upon it immediately but rather investigate first whether it is legitimate or not . Lastly , ensure your security measures such as multi-factor authentication are always enabled on your wallet in order to avoid falling victim .
Gas token scams are becoming increasingly prevalent in light of recent hacks targeting multiple EVM chains; however , following these basic steps can help protect you from becoming another victim . Remember , always be careful while conducting any transactions online and use common sense before clicking ‘send’ – even if something looks too good to be true , it probably is!