Unrelenting Scammers are already devising means to exploit the buzz around the Ethereum Merge to execute fresh scams targeted at crypto users, crypto developers has noted.
In the next 24 hours, the Ethereum Merge is scheduled to take place.
Steve Bassi, founder, and CEO of PolySwarm a decentralized cyber security market place, said these scams could come in the form of: fake ETH 2.0 tokens, fraudulent mining pools, and fake airdrops.
Beware Of Fake Saking Pools.
The Ethereum merge marks the transition from the current proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).
Experts believe that for many Ether (ETH) holders, being part a staking pool will be their only way of benefiting from staking rewards if they don’t have the 32 ETH required to become an independent validator.
“Staking is a pretty new concept for most of the crypto community and unless you’ve got 32 ETH lying around you’re going to have to join one of the staking pools to make a yield off your ETH.” Bassi noted.
Note however that pooled staking providers “carry their own risk” as it often requires crypto users to deposit and forgone the control of their ETH.
The upstart staking providers usually offer very attractive terms could perform sudden rug pulls that would affect those participating in the pool leading to losses which on face level may look genuine but in reality was fraudulently done.
The dangers are common with DeFi platforms/pools and tokens.
Ethereum Upgrade Scams
Scammers are bound to try and deceive crypto traders into false upgrade projects by getting them sign fraudulent transactions or part with their private keys under the guise of transitioning to the Ethereum merge.
The upgrade is expected to be transparent and seamless. User do not need to do anything to migrate or preserve their ETH-based tokens.
Scam Airdrops
Beware of Phishing sites trying to pass off as Ethereum organization or it’s partners offering bogus airdrops. This is the usual scam tactics and people usually fall for it
This occasion will be flooded with scammers usual format of pretending to be launching economically valuable projects promising airdrops somehow relating to Ethereum Merge. They usually try to create a false link between their fraudulent projects and the buzz around the merge
The airdrops will redirect users to a phishing site where they would be fleeced of their cryptocurrencies and security keys .
The Merge is the most significant upgrade in the history of Ethereum. Extensive testing and bug bounties were undertaken to ensure a safe transition to proof-of-stake.
According to Ethereum organization, “Despite swapping out proof-of-work, the entire history of Ethereum since genesis remains intact and unaltered after the transition to proof-of-stake. Any funds held in your wallet before The Merge will still be accessible after The Merge. No action is required to upgrade on your part.“
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