Help - I lost $6000 on Trustwallet - learn from this

[goldkingcoiner]

I use Trustwallet to swap between tokens. This has worked for me for a long time.  

Now, am I correct to think I traded a fake BUSD token? Or did I got tricked by a BUSD low volume look-alike/honeypot?
I did use the built in swap feature of Trustwallet. Same network, (Binance Chain) but the BUSD was fake.

Binance USD (Wormhole) (BUSD) is the real name but it only appears as BUSD in Trustwallet. The custom token was disabled, yet the token I swapped was still displayed in the interface, which led to confusion.

This is the symbol. When using the Trustwallet swap UI, the symbol is made to look extremely similar to the original because the Trustwallet UI blocks out the parts on the image that are different.  

My address: https://bscscan.com/address/0xcead2244f04ca3ff2824708e545aa6bb1c24dc0c
The fake token in question: https://bscscan.com/token/0x035de3679e692c471072d1a09beb9298fbb2bd31
Transaction Hash: 0xec94cb8c6b92625fb9f6d114efcd66501a3e9401ec171f8af53044d41d7fdcfb

What it looks like on Trustwallet:

Customized token settings is OFF for the fake BUSD:


Yet it still appears at the top when searching BUSD in Trustwallet:


If you press the “info” button for the token details then it results in an error,
preventing from verifying important details like the token’s liquidity
and contract address before the swap:

"scammed" by sloppy UI. Thanks Trustwallet.

This was the trade:


Trying to trade it to the real BUSD looks like this:


But Trustwallet is giving me a false estimate. THERE IS NO LIQUIDITY.

So I cannot trade back.

What do I do now? Try to exchange the fake tokens back? Nope. No Liquidity. On Trustwallet it shows me I can get 150 USD back in a swap but I cannot even use 1inch to exchange it due to 100% slippage.

I thought of myself a veteran when it comes to cryptocurrency, but one small mistake and almost 6k gone.

Let this be a lesson to the newbies here: Always triple and quadruple check what you are swapping for. You could end up swapping your money for worthless trash by accident.

This really sucks.  

All of this is because Trustwallet will not implement user protection by at LEAST warning them the same way every other dex does and
had I traded on 1Inch, Pancakeswap or any other serious dex,  I would see a warning like this:


edit: no, I did not add any custom tokens. From my point of view, there should not have been a swap option visible for the illiquid token in the first place.

[Mia Chloe]

I use Trustwallet to swap between tokens. This has worked for me for a long time. Now, I think I traded a fake BUSD token. OR I got tricked by a BUSD low volume look-alike or a honeypot. Either way I consider it a scam.
I thought of myself a veteran when it comes to cryptocurrency, but one small mistake and almost 6k gone.
Let this be a lesson to the newbies here: Always triple and quadruple check what you are swapping for. You could end up swapping your money for worthless trash by accident.
This really sucks.

Sorry for the loss goldkingcoiner. This is the reason I don't work with meme coins and if there be any need for that it should be done on a separate wallet that is funded with the funds just for that particular process. Aside from this too trust wallet sucks it used to be a fairly good wallet back in the day but currently it's worse.

It's security is way low and so many vulnerabilities are easily exploited. I'm sure you too have seen similar incidents of fake contracts too. All I can say is try to be optimally careful with meme coins infact don't ignore the tiniest detail.

[Ivystar5]

Swapping for the wrong token is a very much re-occuring issue on trust wallet.

Must guys don't even get to a chance to get them back while some who did report to the appropriate team got them back.
here is a similar case on trust wallet https://community.trustwallet.com/t/swap-problem-tokens-missing/301062

[BitMaxz]

Sorry for your loss but how exactly you got scammed?
Did you swap to 3rd party site? And in what site? So that other people are aware about the site.

Trustwallet have builtin swap feature why you didn't use the builtin feature?
Or maybe you swap them inside the app? But how exactly you've been scammed?

TrustWallet is a bit buggy there are some reports that after they swap their coins to other coins in different network their coins are gone but the fact is the network where they swap is disable it needs to be enable if you want to see your swapped coins. So maybe you have similar case?

[goldkingcoiner]

Sorry for your loss but how exactly you got scammed?
Did you swap to 3rd party site? And in what site? So that other people are aware about the site.

Trustwallet have builtin swap feature why you didn't use the builtin feature?
Or maybe you swap them inside the app? But how exactly you've been scammed?

TrustWallet is a bit buggy there are some reports that after they swap their coins to other coins in different network their coins are gone but the fact is the network where they swap is disable it needs to be enable if you want to see your swapped coins. So maybe you have similar case?

I did use the built in swap feature of Trustwallet. Same network swap but the BUSD was fake or something. Look at the transaction hash.

Token: 0x035de3679e692c471072d1a09beb9298fbb2bd31

Binance USD (Wormhole) (BUSD) is the name

This is the symbol, when on the Trustwallet UI, is made to look extremely similar to the original.

Transaction Hash: 0xec94cb8c6b92625fb9f6d114efcd66501a3e9401ec171f8af53044d41d7fdcfb

My address: https://bscscan.com/address/0xcead2244f04ca3ff2824708e545aa6bb1c24dc0c

[albon]

I did use the built in swap feature of Trustwallet. Same network swap but the BUSD was fake or something. Look at the transaction hash.

This is a good lesson for beginners because it is clear that you, OP, are not the only one who has fallen victim to this scam. Unfortunately, there are many transactions and holders of the fake BUSD token.



It’s evident that people like you, made a mistake in choosing the official token. Here are the original smart contract addresses on CMC. Indeed, caution is necessary when performing a quick swap via Trust Wallet. People can also rely on Pancakeswap or any DEX and manually input the correct coin contract address, which provides more security than hastily swapping without focus, potentially leading to significant financial losses.

[HONDACD125]

I'm sorry to hear about your loss. It's true that whenever you are making financial actions, always make sure to double-check whether you are doing things correctly or not because exploits are everywhere these days, and even the most experienced users can get scammed even when they feel they are doing everything perfectly. Now, the screenshot you have shared, it shows that even though the icon isn't completely visible on the swap page, but if you notice, you can still see a portion of the Ethereum logo on the left side. These are the details that can save one but only if they look carefully.

Newbies should avoid using swaps and decentralized platforms because they contain too many risks, and newbies can easily get scammed. It's better for them to use centralized exchanges where duplicate tokens can't scam you because centralized exchanges only list coins and tokens after approval and everything.

[Amphenomenon]

I did use the built in swap feature of Trustwallet. Same network swap but the BUSD was fake or something. Look at the transaction hash.

This is a good lesson for beginners because it is clear that you, OP, are not the only one who has fallen victim to this scam. Unfortunately, there are many transactions and holders of the fake BUSD token.

I won't be surprised if many of these victims are using Trust wallet. To be honest I wonder how well their dev teams does in their innovations because it's often common for customers to fall victim of scams and then complain about a feature they can improve on to avoid this before they usually do it.

A really good lesson/reminder for everyone to  be really cautious about swapping and also avoid using Trust wallet.

[BitMaxz]

I did use the built in swap feature of Trustwallet. Same network swap but the BUSD was fake or something. Look at the transaction hash.

Token: 0x035de3679e692c471072d1a09beb9298fbb2bd31

Binance USD (Wormhole) (BUSD) is the name

This is the symbol, when on the Trustwallet UI, is made to look extremely similar to the original.

Transaction Hash: 0xec94cb8c6b92625fb9f6d114efcd66501a3e9401ec171f8af53044d41d7fdcfb

My address: https://bscscan.com/address/0xcead2244f04ca3ff2824708e545aa6bb1c24dc0c

It looks like you use your trustwallet to connect to wormhole before for bridging?
Because in my TrustWallet I can't find this option wormhole or maybe you added it manually as another network?

If you did then it's your fault to trust other network when adding random network in TrustWallet it always gives you warning about the possible cause if you use random network unverified by TrustWallet.
By default TrustWallet EVM protection is enable actually to prevent this similar issue if this feature is disabled in your Trustwallet then you made a mistake.

If I were you check this in trust wallet and enable these protections under swap settings.

[livingfree]

I am sorry about your lost goldkingcoiner. I hope that the other victims will also come out because I know that there are so many users of this wallet and also possibly became a victim of this scam token.

I've seen this trick in some other wallets done by these scammers. A token will suddenly pop on our wallets as if they're the real ones, I hope that smart contracts will be more strict on deployment of new release tokens. 

[goldkingcoiner]

I did use the built in swap feature of Trustwallet. Same network swap but the BUSD was fake or something. Look at the transaction hash.

Token: 0x035de3679e692c471072d1a09beb9298fbb2bd31

Binance USD (Wormhole) (BUSD) is the name

This is the symbol, when on the Trustwallet UI, is made to look extremely similar to the original.

Transaction Hash: 0xec94cb8c6b92625fb9f6d114efcd66501a3e9401ec171f8af53044d41d7fdcfb

My address: https://bscscan.com/address/0xcead2244f04ca3ff2824708e545aa6bb1c24dc0c

It looks like you use your trustwallet to connect to wormhole before for bridging?
Because in my TrustWallet I can't find this option wormhole or maybe you added it manually as another network?

If you did then it's your fault to trust other network when adding random network in TrustWallet it always gives you warning about the possible cause if you use random network unverified by TrustWallet.
By default TrustWallet EVM protection is enable actually to prevent this similar issue if this feature is disabled in your Trustwallet then you made a mistake.

If I were you check this in trust wallet and enable these protections under swap settings.

I did not bridge anything. Both the SOL tokens and the BUSD (Wormhole) tokens are on Binance Chain, as is the real BUSD. I did not add any tokens. I merely used the swap function. When you search for a token before swap, it shows you the options. At the top it showed me BUSD but this was not the real BUSD.

[JoyMarsha]

This feels bad. I am sorry you lost your crypto coins to a fake busd when you thought you had everything under your control since that's what you normally do. Swap your coins peacefully on your trustwallet without any issues.

Of late, because of the high rise of scams, it should be a mandatory attitude to always cross check addresses or coins sent to you before clicking on send. Whatever that is sent or swapped is not reversible in crypto, that's the ugly part of it. Nobody is actually bigger than falling into a minor mistake that could be avoided by simply cross checking gradually without rush

[btcltcdigger]

Veteran user or not, stuff like this will happen to everyone sooner or later. Hopefully you get lucky and it's a small amount.
Especially the older users, who think they know everything and have seen everything. One moment of distraction and bam, you get hooked

[God Of Thunder]

What do I do now? Try to exchange the fake tokens back? On Trustwallet it shows me I can get 150 USD back in a swap but I cannot even use 1inch to exchange it to do 100% loss.

All of this is because Trustwallet will not implement user protection by at LEAST warning them the same way every other dex does:
Had I traded on 1Inch, I would see a warning like this. Same with Pancakeswap or any other serious dex:

I know that you are the person who made the mistake. But Trust Wallet shares the blame here. They are doing nothing to protect their users. Personally, I have not used Trust Wallet for a long time now, I don't know what it looked like and what options you had when you swapped. When I make a swap on DEXes, I usually check coinmarketcap and verify their smart contract first before I perform a swap. I suggest everyone do the same before you perform a swap. It's better to spend some time verifying the smart contract than be sorry for your mistake. Your thread is an example that no matter how experienced you are, you can still make mistakes.

[PrivacyG]

This is so enraging.  You have to be careful what contracts you sign because you may lose your Shitcoins, although smart contracts are pretty much never readable by the average user.  Now you have to worry about making sure the correct BUSD is chosen because in a matter of time maybe you will have to choose the right between hundreds of wrongs.

I suppose you already read a lot of replies calling you out for not checking the coin address before hand so I will not deepen the wound.  I fiddled with some of these Shitcoins a long while ago and ignoring the fact that I always had to be worried about maybe signing the wrong smart contract, I always checked at least three to four times that the right address of the coin has been chosen and I would even double check its legitimacy using a separate device connected to a separate internet connection.  Call me paranoid but so far I have never lost any Shitcoin to a scammer through a mistake.

When I found out that the wrong smart contract may end up being a trap planted by some scammer, I decided to split my Shitcoins into a separate wallet for each.  Meta Mask and I believe even Trust Wallet is easy to work with in this case because it is easy to switch between wallets.  That was my way of, sort of splitting the eggs into multiple baskets in case of a disaster.

This always convinces me that sticking to strictly Bitcoin and Monero is the best choice I ever took.  No more stress.  No more unnecessarily complicated mess.

[Ronsbit]

Sorry for your experience. It is unfortunate to have such an experience, even for a veteran in the crypto space. This demonstrates that no one is immune to mistakes, and the only thing left is for individuals to be cautious whenever they engage in any transaction or activity involving cryptocurrency exchange. Maybe you trusted the system because you have long been using it for transactions, and you least expected this to happen, and unfortunately, the unexpected happened without you having any knowledge of its possible occurrence.

I will also advise other members to also do well to constantly do a check on addresses before they carry out any transaction so they do not have similar experience. Irrespective of how long they have been using that medium to conduct transactions, it is important to take note of it because anything could happen, just like what happened to OP. I believe this would serve as a lesson to others to learn from that it is good to always do a routine check whenever we want to do do transaction.

As for contract verification, you can use this website to verify  honeypot.is to know if the contract address is genuine or not.

[crwth]

Trust Wallet should improve its security and all those verifications with legitimate contracts that it has. I know that in other wallets, you would be notified if you are transacting with a non-verified contract address, and maybe that’s when you would check if it is a legitimate contract.

OP, I am sorry for your loss. Thank you for sharing and making sure that no nobody else here in the forum would be victimized like this

[goldkingcoiner]

Thanks for the condolences, everyone... It means a lot to me.

This is so enraging.  You have to be careful what contracts you sign because you may lose your Shitcoins, although smart contracts are pretty much never readable by the average user.  Now you have to worry about making sure the correct BUSD is chosen because in a matter of time maybe you will have to choose the right between hundreds of wrongs.

I suppose you already read a lot of replies calling you out for not checking the coin address before hand so I will not deepen the wound.  I fiddled with some of these Shitcoins a long while ago and ignoring the fact that I always had to be worried about maybe signing the wrong smart contract, I always checked at least three to four times that the right address of the coin has been chosen and I would even double check its legitimacy using a separate device connected to a separate internet connection.  Call me paranoid but so far I have never lost any Shitcoin to a scammer through a mistake.

When I found out that the wrong smart contract may end up being a trap planted by some scammer, I decided to split my Shitcoins into a separate wallet for each.  Meta Mask and I believe even Trust Wallet is easy to work with in this case because it is easy to switch between wallets.  That was my way of, sort of splitting the eggs into multiple baskets in case of a disaster.

This always convinces me that sticking to strictly Bitcoin and Monero is the best choice I ever took.  No more stress.  No more unnecessarily complicated mess.

Trust Wallet should improve its security and all those verifications with legitimate contracts that it has. I know that in other wallets, you would be notified if you are transacting with a non-verified contract address, and maybe that’s when you would check if it is a legitimate contract.

OP, I am sorry for your loss. Thank you for sharing and making sure that no nobody else here in the forum would be victimized like this

The thing that infuriates me most with this is that I never added any tokens to my Trustwallet. When I swap for BUSD, the real BUSD is always at the top of the search bar. Trustwallet showed me the wrong token this time at the top.

Sometimes the search function does not even work properly on Trustwallet! And it freezes up and shows me nothing or the wrong coins to the ones I searched for. So I have to restart the app if I want to unbug it.

And contract address? You would need to DYOR for that because Trustwallet does not show sufficient details on the app.

[moneystery]

even for crypto veterans like you it is still possible to get scammed like this, let alone those who are new to crypto, they are most vulnerable to being scammed if they are not careful about this. this is a lesson for all of us to be more careful in using the built-in swap feature of trustwallet because it is only more vulnerable to scams like this. i will not comment anymore on what should be done, but this is a warning for us to be more careful using this application until they fix their security issues.

[EluguHcman]

I thought of myself a veteran when it comes to cryptocurrency, but one small mistake and almost 6k gone.

Let this be a lesson to the newbies here: Always triple and quadruple check what you are swapping for. You could end up swapping your money for worthless trash by accident.

That was a damn huge sum you know??? Sorry for the lost and in forebeing it this should be a call to remind us that making mistake can be humility nomatter how knowledgeable you are.
We just need be careful even in the professional cryptographs.

The incident could be scam or literally a mistake leading to the error which might as well be course of the particular coin he held and on the tendency of swapping, boom.... Everything gone.

That just to say he was enable to see the reality of how the trick was structured by the scammers.

@goldkingcoiner has been such as good as admirable mentor impacting beginners specifically to stay free from being scammed or any deeds that may lead to the lost of funds, but here he became a victim.
That another warning and reminder that we are all bond to make mistake but being much careful, crosscheck and even consult if need be will do us lot of good to stay scam free and off from any angle that is potential to the lost of our funds.

Sorry again and thanks for sharing. Let us keep spreading potential means which we can lost our funds even while our Privacies are intact.