Three ways scammers will try to fool you over Ethereum merge

Three Ways Scammers Will Try To Fool You Over Ethereum Merge

With the Ethereum merger, proof-of-stake will replace proof-of-work on the network and without doubts, scammers have started taking advantage of people’s ignorance. According to Steve Bassi, CEO and co-founder of PolySwarm, scammers are expected to take advantage of the hype surrounding the Ethereum Merge to begin fresh frauds targeted at novice cryptocurrency users. In this article, we would show you the possible scams this con artist can perform, so that you could protect your wallet or private keys.

What are the 3 ways scammers would try to fool you over the Ethereum Merge?

According to Bassi, these frauds might take the shape of false ETH 2.0 tokens, fake mining operations, and malicious airdrops, according to his interview with Cointelegraph.

1. Fake airdrops

False airdrops are another possible exploitation method, tricking users into signing trade messages or entering phishing websites in exchange for a false airdrop.

These scammers will use the Ethereum Merge as a pretext to disseminate airdrop promises while posing as well-known, financially significant businesses.

Users who click on those fake links to “airdrops” will probably be taken to a phishing website, where they might be tricked into giving out their private keys, ETH, or both, or they might even be the target of fraudulent efforts to authenticate trades.

The impending Merge has been dubbed by the Ethereum Foundation as the most important upgrade in Ethereum history, and the organization has warned users to be on the lookout for frauds that may attempt to prey on them during the changeover.

2. Fake staking pools

According to Bassi, if an Ether (ETH) holder doesn’t have 32 ETH, which would allow them to be an independent validator, accessing the staking pool is their sole option for making money via staking.

Bassi claims that this approach poses disadvantages because it would demand users to give up ownership of their own ETH in exchange for putting their assets in the pool.

Bassi forewarned that “rug pulls” would be issued by staking companies that suddenly appeared and provided “very enticing rates.”

3. Upgrade scam

The potential of consumers being duped into executing fake trades or handing over their private keys while pretending to be shifting to the upgraded Ethereum chain is among the most obvious scams. 

Bassi emphasized that the transition to proof-of-stake ought to be open and that users shouldn’t have to take any action to drift or protect their ETH-based tokens.

Be extremely cautious, particularly if you get letters asking for assistance or invites to make money using ETH2 tokens.

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