Irem B.
Lots of crypto investors and some popular names, like Mark Cuban, encounter various scams in the sector. These scams affect the desire to invest negatively. Because of the reality, some security companies focus on cryptocurrency scams, and SlowMist is one of these companies.
Popular blockchain security company SlowMist has identified a new type of crypto scam. This scam involves tricking users into believing they have received a higher balance of USDT (Tether) than they actually have. The scam uses a modified version of Ethereum’s node communication system, known as Remote Procedure Calls (RPC).
Here is how it works: The scammers convince people to download a legitimate cryptocurrency wallet and send them a small amount of USDT and Ethereum as a lure. They then persuade the victims to switch their Ethereum node to one controlled by the scammers. This fake node shows a false USDT balance, making the victims think they have received more money.
When victims try to use this USDT, they realize the money is not there, and the scammer has already disappeared. This type of scam exploits basic trust, as victims often do not suspect their wallet display could be manipulated.
SlowMist points out that while RPC technology is critical for blockchain interactions, using an unsecure node can lead to altered account balances and transaction details. The firm has traced the scammer’s transactions and found links to other fraudulent activities and trading platforms known for scams.
The security firm advises crypto users to stay alert and improve their security measures to avoid falling for such deceptive tactics.
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