Bitcoin Forum

Few days ago I was debating with my friend on a transaction. Then while debating on this we found some changes that can differentiate the correct tokens from the incorrect ones.

Sample transaction: https://etherscan.io/tx/0x6f3ca5d21b27dd5f03dad947cdabfedfed75fe9303578660676f626903faa23c  

The above transaction is not containing the correct ITC tokens. Below are the few differences that can help you identify this:

First:

The value in $ will be mentioned in the Token transfer detail incase you have received the correct token. (Portion is marked in below image)

Note: This along can not be considered as bench mark and conclude that the token sent is wrong. There are two more ways to checking. Please read the complete post.
This option is just for alert not the confirmation step that is what I meant. If the $ missing in any of the transaction it is better you check before providing the service or product form your end.

https://i.imgur.com/0FOQMI8.jpg


Second

The Contract address of tokens are available at coinmarket cap(I found it at CMC there may other source as well). This contract address should match with the contract address mentioned in the transaction hash that is given to you by the sender. If the it does not then the token sent are wrong.

Address at CMC for ITC:
https://i.imgur.com/U3NJNLW.jpg

Address in the hash I have shared at the top of this post(wrong tokens):
https://i.imgur.com/Kd3avSS.jpg

Third:

This is last one but not the least one. The number of transactions on the contract address.

The number of transaction on CMC contract address:
https://i.imgur.com/fe8eq1u.jpg

The number of transactions on the hash I shared which hash incorrect tokens:
https://i.imgur.com/aY90ljL.jpg

Please let me know if you have few more ways to identify or if there are any improvement that can be done in the identification.

I was going through this thread and wanted to confirm whether I received a correct ERC20 token. Recently, I did a transaction for Wrapped BTC (WBTC). As per the steps you provided, I found that the transaction value is showing in $ value. Also, the number of transactions on the CMC contract address of WBTC was more than 14000 and the number of transactions on the contract address of the transaction I did was also around same number of transactions.

But only the step 2 found incorrect for me. The contract address of WBTC on Coinmarketcap was different from the contract address of my transaction. Sharing the screenshot for reference -
Contract address of WBTC on CMC -

https://imgur.com/a/r6bmKP4

Contract address of my transaction -

https://imgur.com/v3jKjbB


Does this mean my WBTC token is invalid? But there was a news that this WBTC token was newly added to ethereum blockchain recently in January. Now, how do I believe whether my tokens are valid or invalid? Please someone help me.

I earlier did not know that more than one ERC20 token can have the same symbol and that's what creates a confusion. I received XBASE token but luckily the token has a market value and hence I could identify the correct token else I always check the contract address before sending any token to the exchange else the tokens would be lost.

I had created similar thread ( forgot the link). However it's not bad remind it again and again. I have seen few more people's cheated by fake token. I think best option to check on CMC and match the contract address of original token. Lot of scammer around us and they are trying to scam use by latest way. So obviously we should be more be careful about trade token with other user or from DEX.

for me, the last place to buy any token is on DEX exchange. i am not familar with the transcation there. also i have so many fake tokens in my wallet. could there be any way of sending it out to a waste wallet.

Can you please share the link of the hash as it is difficult check with the details in the image.

Here is the hash for your reference -
https://etherscan.io/tx/0x1384af79aba7321cc05abfa26f8f9be61e76ae7d02fc82d3d45c11a3aec1ff76

Please help me whether I received a right token or Fake token?

I checked the hash you shared also, dicussed about the hash in my contacts the transaction looks authentic. I heard that WBTC is doing some recent developments due to which this difference occurs

I mean, you can just compare the token address and this is it right? Thank you very much for your effort, because people are going like crazy when they see 100 ETH tokens arrived in their wallet, but they simply do not mention that it is another contract address.

That is the biggest disadvantage of all these token platforms as they allow anyone to create n number of tokens with the same name and if you are not careful in understanding how to check those contract address which normally not everyone should be aware of will fall for these traps and Waves is full of these fake tokens and anyone could fall victim for those scams.
@ OP good tutorial for newbies.

Useful information. In my opinion, in that way other people easily identify if someone has sent a token or not. And it's also easy to detect multiple accounts or not.

I remember when my friend was scammed with fake USDT airdrop. He sent KYC via google form and thought that he earned for that real 20USDT  :D.

In my opinion, there is a big problem on the market. Check the contract address for each project. However, there are problems with the accuracy of these data.

Transaction numbers are trivial because it can be easily handled.

I think platforms like Coinmarketcap or Coingecko can add details like the contract address of the tokens. So we can get a second control phase.

The coinmarketcap already as the information about contract address of the tokens. We just need to validate the contract address on the transaction page and the contract address on the Coinmarketcap. If it matches, then it's the correct token(there are other parameters to check though).

Bump.