Bitcoin Forum

I don't think it is fair for newbies in the crypto space not to understand that there are thousands of shitcoins on their BSC, POLYGON, heco wallets waiting to steal their real token. this never happened in the main ethereum smart contract. i don't know why these side chains allow these loopholes for scammers to create, distribute shit tokens just to steal people coins for interacting with their smart contract. 

the rate by which these new fake tokens are growing is alarming. it is disturbing that some even has to provide fake liquidity on exchanges.

please if you are new to this cryptospace. please do not sell any free token that you have little or no idea of in your wallet. these are loop holes to access your wallet. be careful out there.
please are loosing there funds just because they found a token in their wallet and they tried to exchange it.

It does not matter what is the cha. The scammer can use any kind of chain to scam us. Any token actually does not have value. Once a project successfully raised funds they add into the exchange for liquidity. But the problem is most of the projects just skip with the fund they raised. It does not have value even you try to exchange or sell. You cannot do it because there is no exchange for this token. It doesn't matter also you got a free token or bought it from the project. Only token will have value if added on multiple exchanges including decentralized and centralized, then you can exchange it.

Can't say I follow completely on the message. I suppose this is peculiar to the listed wallets but then, how does this really work.
Is it that, they make away with the funds you invest in exchanging there tokens, be it as an actual investment or exchange fees?

It's never been a new thing that, shitcoins are everywhere in the crypto space, even a project with a genue intent can turn out to be a shitty one should it have low liquidity and the team behind its management aren't working hard enough to keep the project alive. You just see the project dying out and having the funds made from pre-sale of token as a compensation which is wrong!

What makes scammers prefer binance smart chain over other chains is the ease of creating smart contracts and the cheap fees for deploying them and sending transactions. This is why you'll see more scam tokens on bsc than any other chain.
It doesn't mean that bsc is less secure.

And if am not wrong, the same thing happened on the ethereum network in the past when fees were way lower. But back then, it was used for spamming (advertising) more than scamming.

Lots of people have been scammed, currently am having like 10 coins in my wallet which I don't really know where I got them from I don't know the coin gets into my wallet which from the look and the name you will definitely know the coin is a scam coin. I even tried to make confirmation about some view weeks ago I tried to swap one which is Minereum coin which I saw on my coin, I tried to swap it which they ask me to migrate and I will have to pay first before I can migrate. So we all have to be very careful now scammers are really hunting us.

https://bitcointalk.org/index.php?topic=5355464.msg57734959#msg57734959
Their are many more coins again that are in my wallet.

I would suggest not paying attention to coins that you do not know or that you have no reference to or that you deal with .
I also have some coins because i dont know where they come from, but i leave them alone and i dont use the coins either .
What i dont know i dont touch , safety comes first !

In addition, you need to look the whitepaper/roadmap of a project if it's legit or not and also you need to do your own research about the project and the team who's behind it. Since all I know these scam projects are all over the place when the DeFi is the thing in mainstream.

Do not fall easily if someone you know promoted a project but instead do your own research always to avoid getting scammed. Since scammers are all over the place and would do everything they could just to scam someone, you should be vigilant when it comes to money.

As long as crypto still exists, scammers will still exist.
Scammers have been existing for years ago. They scam with scam tokens, projects, investments, programs, and many more types of scams.
About scam tokens itself, actually, when ICO was very popular, there're so many scam projects that we could found, every day like never-ending scam projects.
And now, scammers are also still here.
They don't only scam with BSC or Polygon platform, but also ERC tokens. As long as they can create the tokens easily, they can create them and scam many more people with very very promising profits, projects, and also use cases (that is too good to be true, but seems impossible sometimes).
That is why we must be more and more careful in the crypto world. Be smarter in analyzing the projects, moreover the new projects., Never only desired on that very promising profits to be promised, never be greedy, and also be wise on investing

That's is hella lot of work to consider researching the whitepaper or roadmap about any tokens that popped out of nowhere on an wallets. I'm sure the only thing needed is to not be bothered by any unknown tokens that got transferred onto the wallet, just like what @Lafu said.

If I'm trying to be subjective, the issue raised by the OP is, of course, a concern within this space, and for sure affected many newcomers that fall as a victim. But I believe the concern is multi-variate problems, a lot of things need to be fixed to make cryptocurrencies easily embraced by the mainstream, but if only most of the people aren't lured by greediness and thought this market as a way to get rich quick, I'm sure people will do their diligent to not get easily get scammed, in fact, most of them actually thinking it as a way to get rich, which what many scammers benefiting.

This is true, if your wallet is filled with huge eth or have a lot of transactions. Some assholes sending some tokens like airdrop and you will see a lot of different tokens on your wallet. Sometimr youll ger curious if they got value or what, but something you get free and without you joining is kinda dangerous it could have some sort of malware or malicious files that could trigger any kind of breach leading to hack.

This is a thing since ethereum allowed token creation, you just see this more on sidechains these days because ethereum fees are way too much, even scammers are afraid of it  :P

The number of people I've seen on Twitter(even peeps with 10k+ followers) that lost their funds and NFTs through such scam is probably in the dozens already. Not sure if the devs thought of the potential drawbacks of this function, because as far as I know, there isn't a single DeFi platform that uses a sort of "send all" or "stake all" token function.

Probably because the number of new users in crypto or Ether user had skyrocketed and scammers see them as potential victims. Sending tokens to them would be like activating dopamine in their brain and wants to cash it out but only turn out to be a scam. The light bulb shuts down after it when one user I've read on Twitter losing 2ETH. I can imagine how long he saved that money to buy ETH and then losing them all with just one mistake.

No, wait a minute, I'm afraid you are going to far with your assumptions. What does this imply, that scammers are brought by cryptocurrency? What if crypto dies? Would that mean scammers will also exit from the picture?  

My point is, whether there is crypto or not, whether crypto will continue to exist or not, scammers will always be here. There is no causal relationship between crypto and scammers. Even before crypto came into this earth, scammers were already here.

For as long as humans exist, scammers will also exist.

I would rather say that scammers will stop if they stop scamming. Scammers still exist not because of cryptocurrency. Even in local place a scammer also exist. Its up to people if they scam or not and the victim is either get scammed or safe.

yes usually per day i got 2-3 scam coin per day they scan blockchain and then spread about their scam coin waiting the owner to approve :D

why happen in bsc and polygon its because the cheap of transcation fee, if the scammer using eth well the itself to send token is crazy

Or maybe you are new to crypto, their are many ethereum tokens that are scam tokens in the past, this also still never mean there will not be another one very soon, even the so called DeFi consist of many scam too not to talk of ethereum tokens generally.

It is simple, holding bitcoin is enough to avoid these type of scam because all bitcoin supply are legit and not scam. But some people do not have option because they want to buy altcoins, but these people should make a very good research before they buy any type of tokens because many of the tokens are shitcoins which is just a way to make investors lose their money they invested completely.

It is highly unlikely that the developers of these sidechains deliberately make their systems vulnerable to external attacks. Developers won't ruin their reputation for the sake of small one-time profits, they are interested in their project to grow and get attention from the crypto community. It is rather because the systems that they are building are complicated and confusing, they are written on Turing-complete programming languages, which means no one can predict in what ways the internal processes may be abused by hackers. The more complex a system is, the harder it is to protect from perpetual molestations of hackers wanting to steal users' money.

Looking at the whitepaper will only get you to avoid cheap scams that can't even afford to pay somebody who is at least an English native to write down a few pages.
Just because the whitepaper is well written and there is a road map on it it doesn't mean anything, look at the amounts scammed, don't you think they could afford to pay somebody who really knows this business $2000 to make one that's really credible? Besides, even if the team is real, nothing prevents them from grabbing the money and leave the project as it was, they will simply claim they were unable to develop because of whatever and that's it.

I've always wondered about this whitepaper norm, I'm quite sure less than 0.1% of the poeple who invest in tokens have completely read even half of the whitepapers of the tokens and coins they have bought, and even less than that have actually understood what's about.
Nowaydasivnesting in these is just gambling, you know you won't win with every bet but you hope at the end, you will make a profit by hitting the jackpot.



And he is saying the same, as long as there is still a way to scam poeple scammers will keep on being scammers.
You can't deny the opposite of what you're saying if every other thing dies, fiat, banks, as long as there is a way to scam poeple they will use it.
There is no way to stop scammers in real life, there is no way to stop scammers in crypto, simple as that.

There is a lot of talk going on about shitcoins. But there needs to be a distinction between a coin that had a decent idea, some realization a development, but ultimately the project did not attract enough interest and it flopped. In eyes of some that would be considered a shitcoin, but those are not the same as coins designed to scam people out of their money. If it's a coin you want to invest in, go through the whitepaper, check their social pages, look at who the team is, and so on. If it's just a coin that magically appeared in your wallet, just disregard it.

The main people are victims of scam is that they don't prefer to do any kind of research before investing the funds into that particular shitcoin which is not going to give them any kind of return but they have been under the influence of others and in the era of shitcoins hype have invested in it.Now the prices are already up and they think it will give them million dollars of profits.They never make upto the expected mark and also loose the initial capital also.Take example of doge or shibu ina at this time as they are two most hyped one at this time but what utility or security do they provide to users? The whales wallet contain all the concentrated supply and they can dump the market any time so what's the fun of holding them.There is one very interesting meme for the @OP thread which suits this one :


The exchange can be any if the hackers or say team behind that coin has aim of looting the funds from newbies then it could be BSC or Eth blockchain as both have same possibilities.There could be bugs through which hackers can also scam you of funds like in many DeFi projects in which million of users lost funds to hack.For example the polygon network who was scammed for millions of dollars due to a security breach and see the outcomes.

The newbie need to think and have proper research before investing money and if possible avoid these shitcoins as much you can.Rest your funds your decision.

It is simply related to its easy creation of tokens and "decentralization" platforms  based on low fees, when your wallet is connected to those platforms, all other tokens in your wallet may be withdrawn.

In short it is linked to permissions as you give many powers for smart contracts for getting quick profits because of low fees but the likelihood for scam is high. In short, it makes you prey to protectors and they will not lose much of the creation of those projects.

scam tokens raise because low fees that makes "dex" chains are good.

It's truly unstoppable at least in the near future. Anyone who has money will be able to create their own coins or tokens because the fees are quite cheap. I agree that low fees will provide more opportunities for scammers to create token or coin for scam purposes and this has been happening all the time and it continues to happen today. However one should always be careful with such "shitcoin" altcoin and always do some analysis before investing. If we don't find a way to stop the scammers, then raising awareness is the best solution.

Thats for sure a good point and yes if you doing this it can safe you a lot of trouble and your money.
Mostly you find some Information here on the Forum about it or just use google to find something.

This should be only done if you want to use the Coins or Tokens that you dont know about .
But i never have done it with mine as i dont bother myself with that kind of coins i dont know .

Scammers was and are always active even if you dont see them , they try it with emails , FB , Twitter , Telegram , here on the Forum or phone calls.
You have to watch out every day .