New crypto scam drains users' wallets without transaction approval(beware).

[Nangiconference]

Let us all be guided and beware of this new trick were approvals are not requested before our funds are lost.
As we all struggle to earn legitimately others are waiting for us to gather and they collect from us. millions has already been lost. I didn't know what I know now if not, I wouldn't be scam the time it happened to me.
Because information is power. Let us all safeguard our investment

https://cointelegraph.com/news/new-scam-drains-wallets-without-user-approving-transaction

[worldofcoins]

Do you mean the wallet can be drained without transaction approval?

How is this possible when there's no gas fee used to initiate the transaction?
You also haven't mentioned which network is unsafe: ETH, BNB, SOL, etc.
You could've quoted some lines from the article for readers to understand without going through the whole article.
Anyways, thanks for the info.

[blckhawk]

That's a really scary thing for everyone out there, gas less transaction sure do look attractive but it just so happens that hackers have a way to exploit them anyway, it's such a scary world we're living in that if we're not vigilant or keeping up our guard against these types of people we're bound to be a victim of these kind of thing. Make sure to double check what you're trying to approve when you're dealing with something in your wallet, maybe even triple check because these scam still needs you to do some signing and the hacker still doesn't have a full access to your wallet from what I've understood from the article.

[retreat]

Do you mean the wallet can be drained without transaction approval?

How is this possible when there's no gas fee used to initiate the transaction?
You also haven't mentioned which network is unsafe: ETH, BNB, SOL, etc.
You could've quoted some lines from the article for readers to understand without going through the whole article.
Anyways, thanks for the info.

"The scam only works on tokens that comply with the ERC-2612 token standard, which allows for “gas-less” transfers or transfers by a wallet that does not hold Ether (ETH)." That's what the article says. So this method can really be used by hackers when someone agrees to sign a message on their wallet. Therefore, never carelessly sign a message that appears in your wallet because it is very risky.

[adaseb]

Yeah these scams are getting more and more sophisticated every day. I keep a small amount of funds on any metamask wallet, rest is in cold storage which never uses any approve functions or signs into any website. I used to do some farming here and there and it was basically very scary going to every website and you are praying that you don't get drained.

This attack is pretty scary since they never approved the spend, all they had to do was connect to the site. I guess you can't even do that now. Basically don't trust any telegram links and only use official links from the developers. Its either something like this or some protocol gets exploited like some do every week or so.

[Uhwuchukwu53]

The truth remain that one need always seek ways of securing any investment made on crypto currency because scammers deployed all measure to do away with people struggle, you as investors must keep in search of new development of securing your money, also been aware by studying as many feel reluctant to improve themselves in knowledge because once your short in knowledge it's very easy to become a victim. I think this just occurred merely before the gasless transmission there must be some exchange of personal details either by KYC on exchange or through some search engine one must be careful enough to know where one details and rolling in to avoid most if this scaring issue because this may give high tension to the many if investors, but just as servant can't be wiser than the master, they will be be smarter than investors.

[EL MOHA]

Do you mean the wallet can be drained without transaction approval?

How is this possible when there's no gas fee used to initiate the transaction?
You also haven't mentioned which network is unsafe: ETH, BNB, SOL, etc.
You could've quoted some lines from the article for readers to understand without going through the whole article.
Anyways, thanks for the info.

Yes the transaction can be carried out without transaction approval because this is a possible on the new ERC-2612 tokens which is a gas less network where you don’t need any gas fee for your transaction. No matter how sophisticated the attack is, it still needs one thing from you, signing of a message from that address which requires your private key and according to the victim there his was through a phishing attack where he connected his wallet to a fake site which might have gotten the private key to sign that message.

This particular attack again is still reminding us that no matter how this scammers can go as long as they don’t get access to your wallet nothing can be done. Which means that we all should prioritize the use of cold storage and avoid connecting wallets to any site or better still use a wallet that we don’t have funds on them to do that

[btc78]

Do you mean the wallet can be drained without transaction approval?

How is this possible when there's no gas fee used to initiate the transaction?

I Just read the article and it says that the scam is being shared through telegram. It only targets tokens that require no gas for transactions. It must be a wallet that does not hold any Ethereum. Basically, the victim’s wallet had been drained even if he did not transfer anything because he was tricked into signing an authorized message allowing the coins to be transferred.

The victim also said he signed in twice into what he thought was a connection to telegram.

I think we can stay careful by always checking the links and instructions any website gives you. Telegram usually do not require anyone to go out of the application and sign in on something so do not be fooled. Scammers are getting smarter and so should we.

[Mate2237]

Op from the link you provided the drain only works in token and probably mem coins airdrop and shitcoins and it was mainly from telegram bots so when investing in altcoins be careful with them because they would link you to their telegram bots and drop links there for you to click to do one thing to others. And the warning has been given time without number be careful with airdrops and shitcoins because most of them are developed by scammers so foe them to drain you is very simple for them. They know why they are doing.

There is a level one can look for money that he or she would lost all again. Invest in a project or on a cryptocurrency that you know it is legit. All these are good warning again to everyone, don't sign message online for anything.

[Humblevirus]

Thank you for sharing this information, it's truly appreciated. It will serves as a valuable reminder to be cautious with our investment wallets. The tactics employed by scammers are not surprising to me, as I am aware that they continually develop new strategies to scam people. Many individuals have become disillusioned with the cryptocurrency industry due to falling victim to scams in the past, and they are understandably wary of experiencing it again. My advice is to maintain separate wallets and refrain from using the investment wallet for anything suspicious.the story highlights a potentially suspicious tactic, and if I were in the shoes, I would avoid connecting my wallet altogether. It's essential to stay vigilant and prioritize security in the face of such threats.

[Volimack]

Scams have increased a lot in crypto your information is helpful. We should all be careful but the link you provided here these coins are like shitcoins. These projects are showing more greed to scam the market the reliability of these coins is less. Otherwise they may suffer more due to lack of market strategy. Security should be considered before investing in crypto. And the wallet must be carefully selected for use.

[Orpichukwu]

Let us all be guided and beware of this new trick were approvals are not requested before our funds are lost.
As we all struggle to earn legitimately others are waiting for us to gather and they collect from us. millions has already been lost. I didn't know what I know now if not, I wouldn't be scam the time it happened to me.
Because information is power. Let us all safeguard our investment

https://cointelegraph.com/news/new-scam-drains-wallets-without-user-approving-transaction

It seems like the attacker has everything they need. Just after convincing the victim to connect their wallet to the site, the sign-in page comes with a lot of approval, which the attacker made you sign in with twice, one of which could serve as approval.
 
An automatic access to the wallet was obtained from the user, which will allow the attacker to access specific tokens in the user's wallet, especially those tokens that won't require them to pay a high gas fee.
 
According to the report from the link, the attackers focus only on ERC-2612, as they can easily be transferred and moved to other wallets even when there is not enough gas to be used. Somehow, the tokens will still be moved out. 

[fastmine12]

truthfully i can understand and i can also feel the pain of people  who lost the coins to scammers, there are ways you can prevent that now from happening right there in your wallets but you just have found in in your settings. this is not a spam message but i would love to teach anyone who is interested in securing their coin right from their wallet my telegram is allenlaw67

[joeperry]

That's why it's really important that you should not just connect your wallet to any websites especially when it was trying to prove you are human, at that point you should already question yourself why do they need to connect your wallet to prove that you are not a bot where they can use captcha and other ways to prove that you are not a bot.

I wouldn't be surprised because scammers right now are improving along with the progress of the cryptocurrency and they are trying their all to scam others, that's why we should always be careful and have a second doubt at anything (which is not that bad).

Thank you for sharing this OP. 

[Learn Bitcoin]

Let us all be guided and beware of this new trick were approvals are not requested before our funds are lost.
As we all struggle to earn legitimately others are waiting for us to gather and they collect from us. millions has already been lost. I didn't know what I know now if not, I wouldn't be scam the time it happened to me.
Because information is power. Let us all safeguard our investment

https://cointelegraph.com/news/new-scam-drains-wallets-without-user-approving-transaction

You should move this thread to the beginners and help section as it's not about Bitcoin but about crypto and a beginner guide.
Back to the main topic, crypto drainers aren't new. They have been around for a while and I guess every veteran member knows it. People should know how to protect themself from those wallet drainers!

As a crypto user, you should always use a fresh OS that you never use to browse random internet websites. If you do, you should do it with a different device or a different OS. Please do not use your regular OS for your crypto wallet that you use everyday to visit random website.

[franky1]

Let us all be guided and beware of this new trick were approvals are not requested before our funds are lost.
As we all struggle to earn legitimately others are waiting for us to gather and they collect from us. millions has already been lost. I didn't know what I know now if not, I wouldn't be scam the time it happened to me.
Because information is power. Let us all safeguard our investment

https://cointelegraph.com/news/new-scam-drains-wallets-without-user-approving-transaction

article is about ERC gasless tokens.. so not about bitcoin
there are lots of flaws in regards to the contracts of ETH.
if you hold genuine eth in a genuine wallet you should be fine (bar downloading a trojan/keylogger/virus)

however having value stuck in some tokenised subnetwork is where security lacks
however having value stuck in some tokenised subnetwork using the subnetwork specific customised software is where security lacks more
however using the subnetwork specific customised software, which custodianises or manages remotely the value/keys is where security lacks even more
and all three of those last statements apply to any currency

[bettercrypto]

Let us all be guided and beware of this new trick were approvals are not requested before our funds are lost.
As we all struggle to earn legitimately others are waiting for us to gather and they collect from us. millions has already been lost. I didn't know what I know now if not, I wouldn't be scam the time it happened to me.
Because information is power. Let us all safeguard our investment

https://cointelegraph.com/news/new-scam-drains-wallets-without-user-approving-transaction

Honestly, that's really disturbing. How did it happen that the owner's signature could be used to steal his asset balance? So this Telegram app for me, I don't use it much anymore because it was made hideout by hackers and scammers. It seems like slack before they did the same thing; now it's telegram.

That's why I didn't just click on the links that were given to me on Telegram because of such situations. To fix it and find a way to prevent it from happening again. If we think about it, it seems very impossible, but it happened.

[8rch7]

Regarding the article news, seems possibilities for token with network ERC-2612 and I don't heard yet what kinds of this network then which one coins support trough the network above.
Its seems little acceptable with drain wallet without approval and any transaction to get hack, usually all network wallet drain cases after approving the signature and make approval with scam site has or phising site.
I hope any one here can explain with the network of ERC-2612 and which one kinds of coins or token are categories with that network, actually is new for me and not understand well how possibility wallet get drain without connected, approved and make transaction. I don't sure with how smart scammed without any approval and transaction possibility with wallet get drain.

[Dr.Bitcoin_Strange]

I don't really have fear that old and experienced crypto enthusiasts can be able to fall into those kinds of traps. People I fear for are newbies who sometimes just end up starting to invest in altcoins, particularly the coins that are under the ERC network. Just like franky1 already said, networks usually have some unclear issues, and I just don't like that network at all after the bad experience I had with it in the past.

Just a few days ago, a friend was telling me how he lost about $20 in gas on the ERC20 network. According to him, what happened was that he had about $380+ in his wallet, but the USDT was on the ERC chain, so he had to buy Ethereum from an exchange and deposit it to his custodial wallet so he could withdraw the USDT. After his deposit, he realized he could swap the USDT-ERC to BNB-BSC, and when he tried to carry out the action, he saw that the fee that was displayed was just about $7, so he processed the transaction, and it later failed, but his gas fee was gone, and it was not only $7 he was charged but rather $20.

Newbies are the ones that should take most of those warnings very seriously because they are still new and are unaware of so many things in the space.

[Wakate]

Let us all be guided and beware of this new trick were approvals are not requested before our funds are lost.
As we all struggle to earn legitimately others are waiting for us to gather and they collect from us. millions has already been lost. I didn't know what I know now if not, I wouldn't be scam the time it happened to me.
Because information is power. Let us all safeguard our investment

https://cointelegraph.com/news/new-scam-drains-wallets-without-user-approving-transaction

It is not that important for everyone to know how to read the crypto market chart since we can always buy and sell cryptos without having the fear of losing especially when the price of crypto is going high. Although just having the knowledge might be very useful for us if we know what we are interested in the cryptocurrency market. Some persons are in the market to buy and sell their crypto making frequent profits and they are not interested in learning about what happens in the market because of so many reasons and what they really want to benefit in the market which might be different from each other.