Revoke.cash saw a new kind of cryptocurrency scam around “fake approvals” recently.
It turned out that the scam involved baiting crypto users into revoking fake token approvals with “gas tokens”. The users then ended up paying excessively high transaction fees. So, how does this work?. Users could mint gas tokens while fees were low and burn them when fees were high, essentially ‘locking in’ the lower gas fees. Though it is no longer feasible on Ethereum itself, there are a number of Ethereum Virtual Machine chains where users can trade gas tokens.
This is the junction at which the scammers took advantage of the active users on Revoke.cash. The platform explained, These scammers created fake tokens that they airdropped and created fake approvals for these tokens, which people think they need to revoke. But the scammers programmed these fake tokens so that it mints a lot of gas tokens during a revoke transaction. These gas tokens are then sent to the scammers, who can sell them.
The platform said that it addressed the issue by introducing a check that prevents approvals from being revoked if the gas fee is exorbitant. It encouraged consumers to ignore fake approvals.On 7 July, the cross-chain protocol Multichain experienced an exploit of nearly $130 million due to a hack.The team is not sure what happened and is currently investigating.
It is recommended that all users suspend the use of Multichain services and revoke all contract approvals…
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