The top two gas spenders on the Ethereum network, according to the latest data from blockchain security firm PeckShield, are zero transfer scammers. Scammers use bogus wallet addresses to deceive users into sending money to these addresses to compromise the victims’ wallets. Zero-transfer scammers are known to primarily target Ethereum Virtual Machine (EVM) chains. Fraudsters generate bogus wallet addresses that look just like the real addresses of their potential victims. They use the “Transfer From” feature of a smart contract to transfer zero tokens from any wallet. In this manner, they can generate a phoney wallet history with zero transfers in order to deceive innocent victims.
Unwary individuals can use the scammer’s address without conducting any research, putting their assets at risk because their wallets are likely to be compromised. PeckShield has discovered that the top Ethereum spenders are scammers who make such zero-token transfers. Users must exercise extreme caution when making blockchain transfers, particularly on the Ethereum network. Before transmitting money, users should always double-check the wallet addresses they are using. Users may secure their assets and prevent falling victim to zero-transfer fraud by adopting these precautions.
