Beware of New Cryptocurrency Scams Using Fake News and Phony Websites

Unveiling a dangerous new trend in the cryptocurrency world: scammers using fake news websites to spread misleading information and steal assets.

This article delves deep into a recent case involving a fake Blockworks website and a phony Etherscan, exposing the tactics and offering safeguards to protect yourself.

Luring to Scam Websites Through Misleading News

A new type of cryptocurrency scam has come to light that involves creating fake cryptocurrency news websites to disseminate "false breaking news."

The aim is to steal cryptocurrencies from unsuspecting readers.

In this report, it has been disclosed that a fraudulent website mimicking the genuine cryptocurrency news outlet, "Blockworks," is part of the scam.

This fake website lures people to another fraudulent site, a "fake Etherscan," with the intent of stealing their cryptocurrency.

Specifically, the counterfeit Blockworks website publishes a false breaking news article claiming that "a multi-million dollar leakage has occurred on the decentralized exchange Uniswap."

The article then suggests that authorization should be revoked by going to a "fake Etherscan."

Importance of Revoke Mechanism and Associated Risks in the Cryptocurrency Industry

In the cryptocurrency industry, several services allow you to execute a "Revoke," an act that can revoke access authorization to a wallet.

However, on malicious fake websites, users may be tricked into signing a contract that allows for the theft of their cryptocurrencies under the guise of a Revoke action.

The recent case is a sophisticated scam that involves publishing fake news alerts suggesting that a Revoke is necessary on the counterfeit website.

It then uses social media to spread this false information. Panicked users who try to execute a Revoke are lured to another fake website, where they are tricked into signing a malicious contract to steal their cryptocurrency.

Due to the continuing likelihood of similar scams in the future, it's crucial to exercise utmost caution.

Be vigilant when verifying URLs, confirming the reliability of information, spreading information on social media, and when signing contracts.