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.
I usually use a separate wallet specifically funded for these purposes, although I rarely do this anymore. We often get caught with counterfeit coins because we're not careful enough to differentiate between them which can lead to mistakes. It's not just beginners, but even experienced users can make similar mistakes. Incorrect token swaps are common in Trus Wallet and I remember a friend once reporting the same issue.
Trus Wallet is known for its poor security and vulnerability to exploits that can harm users. I used to use Trus Wallet, but I haven't used it for a long time for various reasons. Hopefully, this serves as a lesson for all of us to be more careful.
I don't think using separate wallets, or differentiating wallets for large and small funds, has anything to do with this case. This case involves negligence, and we can learn a lot from it.
Furthermore, I don't like how a wallet doesn't have a filtering feature, which means a wallet should have a detector for potentially scammy tokens, and they could implement that feature by using a smart contract scanner. Personally, I used to be a Trustwallet user, but I no longer use it, especially after hearing some bad news about it. Well, Trustwallet has actually addressed this, but I think it is understandable that some skeptics would be afraid to use it. Now, I have switched to a decentralized wallet with the initial "O" (they also have an exchange), because they use a built-in risk warning feature, and as far as I can remember, they haven't disappointed so far.
