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Author Topic: Verify erc20 tokens  (Read 156 times)
blackrabbit1
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November 15, 2018, 05:22:36 PM
Merited by LimLims (2)
 #1

Hello community,

Some members are asking me for a loan recently, with their alt-coin/token as collateral.
However, I heard that erc20 tokens can be faked, and I'm really worried about it.
I did some search online, but I couldn't find the info I need.
Is there anyway I can verify whether the tokens I received are true ones?
Thank you guys in advance!

Best regards,
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November 15, 2018, 05:24:49 PM
 #2

Hello community,

Some members are asking me for a loan recently, with their alt-coin/token as collateral.
However, I heard that erc20 tokens can be faked, and I'm really worried about it.
I did some search online, but I couldn't find the info I need.
Is there anyway I can verify whether the tokens I received are true ones?
Thank you guys in advance!

Best regards,
Always check for the contract address for the tokens the peoples asking loan are offering as collateral with the contract for the token in etherscan.
Checking the contract address and comparing the price on etherscan itself can keep you safe.

 
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blackrabbit1
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November 15, 2018, 05:30:03 PM
 #3

Hello community,

Some members are asking me for a loan recently, with their alt-coin/token as collateral.
However, I heard that erc20 tokens can be faked, and I'm really worried about it.
I did some search online, but I couldn't find the info I need.
Is there anyway I can verify whether the tokens I received are true ones?
Thank you guys in advance!

Best regards,
Always check for the contract address for the tokens the peoples asking loan are offering as collateral with the contract for the token in etherscan.
Checking the contract address and comparing the price on etherscan itself can keep you safe.

Thanks for your prompt reply, how do I check the contract address and know it's real or not?
For ex, this tx: https://ethplorer.io/tx/0xcd2e3d18bd5e1c77beb87f48c71be3963fab57c7cb2f94a3a5d852fd8303a1be
It shows the ETH value is 0, does this mean it's fake?
Thanks.
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November 15, 2018, 05:52:27 PM
Merited by DdmrDdmr (2)
 #4

Hello community,

Some members are asking me for a loan recently, with their alt-coin/token as collateral.
However, I heard that erc20 tokens can be faked, and I'm really worried about it.
I did some search online, but I couldn't find the info I need.
Is there anyway I can verify whether the tokens I received are true ones?
Thank you guys in advance!

Best regards,
Always check for the contract address for the tokens the peoples asking loan are offering as collateral with the contract for the token in etherscan.
Checking the contract address and comparing the price on etherscan itself can keep you safe.

Thanks for your prompt reply, how do I check the contract address and know it's real or not?
For ex, this tx: https://ethplorer.io/tx/0xcd2e3d18bd5e1c77beb87f48c71be3963fab57c7cb2f94a3a5d852fd8303a1be
It shows the ETH value is 0, does this mean it's fake?
Thanks.
Showing ETH value 0 does not prove that the token is faked.
The contract address for the above transaction is: 0x5d5f815cC79D3660B3B40817fd39af516c975d53
You can confirm this address from the team members of the project or on their telegram group.
But, i would like to suggest you to only accept tokens as collateral which are already listed in coinmarketcap to avoid your loss.
Rest tokens may turn out dead tokens soon with no value ahead.
You should try to make a deep research before accepting tokens as collateral.

 
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Lakai01
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November 15, 2018, 06:46:09 PM
 #5

Indeed, you have to be very careful if you accept ALTs as collateral. The name of the token ("UBQ", "ANN", ...) can be faked easily, what can't be faked is the address of the contract issuing the tokens.

 If you accept only well known tokens you can check the contract of the received tokens if it matches the contract of the original token (which can be found eg. at coinmarketcap).

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blackrabbit1
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November 15, 2018, 07:07:26 PM
 #6

Indeed, you have to be very careful if you accept ALTs as collateral. The name of the token ("UBQ", "ANN", ...) can be faked easily, what can't be faked is the address of the contract issuing the tokens.

 If you accept only well known tokens you can check the contract of the received tokens if it matches the contract of the original token (which can be found eg. at coinmarketcap).

Thank you guys for your help, the member in question has just admitted it's a scam. (just to clarify, not the tx I mentioned above, I'm still trying to verify it)
Do you have any idea how do I verify the tokens, if I can't find its smart contract address? (e.g. URAllowance, eHealth First)
Thanks again for your help!
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November 15, 2018, 07:47:42 PM
 #7

Do you have any idea how do I verify the tokens, if I can't find its smart contract address? (e.g. URAllowance, eHealth First)

You are asking how to be sure that token X is not a faked copy of token Y (from which you don't know the correct contract address) ?
Did i understand you correctly?

If this is the case, you can't. The only way to verify that the token is the original one is by knowing the contract address of the original one.


But to be honestly.. if you don't even know the contract address of the original token (and are not sure whether the one offered is fake or not), it probably is better to NOT accept it as collateral.
A token whose contract address can't be found out.. can't be worth much (if anything at all).



Regarding your 2 mentioned tokens:

URAllowance:
Seems to be a scam for me. They claim to give a '30% bonus' if you deposit ether to a given address. This address hasn't received anything at all.
Additionally there is no smart contract or anything. A simple money grab. Those tokens (if they have setup a smart contract at all) can't be worth anything.

eHealth First:
Doesn't have any link to their smart contract.
Tokens can be bought by contacting them via email. This sounds shady.
I can't imagine these tokens will be worth anything.

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November 15, 2018, 09:17:46 PM
 #8

Hello community,

Some members are asking me for a loan recently, with their alt-coin/token as collateral.
However, I heard that erc20 tokens can be faked, and I'm really worried about it.
I did some search online, but I couldn't find the info I need.
Is there anyway I can verify whether the tokens I received are true ones?
Thank you guys in advance!

Best regards,

Just to add at some replies here..

In the first place, no need to go technically honestly. Whenever dealing on a loan as a lender, only accepts an altcoin collateral that you are quiet familiar. If you are not familiar with that coin then you can disregard it. You can also search first if that token does have a good market price or being traded at good exchanges.

In that way you will know if that collateral is worth to accept.

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November 15, 2018, 11:08:45 PM
 #9

I'm the one who asked for a loan providing Urallowance and EHF as collateral , for the loan , at ICO prico the values of the tokens are way more the the loan itself , 10x more at least , regardless , like I said it's up to you decide to approve it or no ,  but blackrabbit1 , I don't appreciate the fact that you took 2 days to consider it ,  then you asked me to send the collateral , I've sent it ! And after that you stopped answering , reading my messages on telegram ! It seems like collateral theft , like many of the people here said , if you want to verify the tokens I sent you are the real ones , Just check if the contract address corresponds to the ones the telegram admins say.
The reason I think Urallowance is legit is because there is another ICO running , SID (shared internet data ) that have raise a good amount of money , and their are offering the option to purchase SID tokens using Urallowance tokens , even though Urallowance is not on any exchange yet , and still in their ICO , for me this already gives them a stable value. Plus the countless events they've participated in the US , all their team members checked out , the partnerships they have etc . For me this makes them legit , but of course this is only my oppion.
I have no problem if you don't want to fullfill the loan request anymore , but I do have a problem if you continue to stop answering me on telegram and send me back my tokens !

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November 16, 2018, 12:12:46 AM
 #10

~snipped~

Saw your thread here: https://bitcointalk.org/index.php?topic=5069724.0

You mean you already handed your offered collateral to OP without using a escrow or any clear agreement?


The reason I think Urallowance is legit is because there is another ICO running , SID (shared internet data ) that have raise a good amount of money , and their are offering the option to purchase SID tokens using Urallowance tokens , even though Urallowance is not on any exchange yet , and still in their ICO , for me this already gives them a stable value. Plus the countless events they've participated in the US , all their team members checked out , the partnerships they have etc . For me this makes them legit , but of course this is only my oppion.

Even how good the project vision is, we can't just say what will be their market price once it was listed on exchange.

Anyways we will wait for OP's response on this matter for a fair discussion.

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November 16, 2018, 08:18:47 AM
 #11

~snipped~

Saw your thread here: https://bitcointalk.org/index.php?topic=5069724.0

You mean you already handed your offered collateral to OP without using a escrow or any clear agreement?


The reason I think Urallowance is legit is because there is another ICO running , SID (shared internet data ) that have raise a good amount of money , and their are offering the option to purchase SID tokens using Urallowance tokens , even though Urallowance is not on any exchange yet , and still in their ICO , for me this already gives them a stable value. Plus the countless events they've participated in the US , all their team members checked out , the partnerships they have etc . For me this makes them legit , but of course this is only my oppion.

Even how good the project vision is, we can't just say what will be their market price once it was listed on exchange.

Anyways we will wait for OP's response on this matter for a fair discussion.

Yeah I offered the colateral simply because I believe the op is legit and saw that he helped other members here with loans . And considering nobody would offer a loan with ico tokens as collateral I wanted to make it in good faith and send the tokens first.
I know nothing can guarantee the value of the tokens until they're actually on an exchange , that's why I offered as collateral a huge amount , cause even if price would crash 10 times compared to their Ico price , it will still cover by long the loan amount.

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manfredmann
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November 16, 2018, 08:29:21 AM
 #12

OP, you better not accept ERC20 tokens as collateral for some of the tokens could be easily done and could be rename to the same token symbol but will matter on the contract address. However, I suggest not to accept it as a collateral for some of it will not be listed in an exchange or some of the tokens will be undervalued. So tokens will be useless and you could not even get your money back if the borrower will not going to pay you.

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November 17, 2018, 05:31:58 PM
 #13

If sender claimed it is on exchange better take it on exchange. And it is the easiest way to know either it is scam or not. If it is scam then it will not be added on exchange either erc20 token or any other coin. For example developer can create Doge as token and in this case if you use doge address from exchange s/he would not be able to send to you.

Another way:
If it is on coinmarketcap then you can see its value on etherscan/etherplorer. If its price is wrong or lower than it is scam or not the same token which sender saying.

If not on any exchange:
If the token is not on any exchange then you can verify it from the team of the token (it can be bitcointalk, telegram, website etc). Their contact address and senders token's contract address should be same. If mismatch then it is scam.
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