Always triple check before signing

[GEMIN_M4]

A trader just lost $999,999 not while he was trading or anything similar to this.
He lost this amount of money because of one signature 😔



That must have been very painful, I know that we have new members on the forum and it's why I bring it in here, before you sign that transaction why not have a calm breath first and look into what you are signing?

That single signature might be about moving out all the asset you have on your crypto wallet.
Always take your time to check signings and let this habit be a part of you.

[_act_]

What are you saying? Did anyone complain that he lost any coins? Did you see it on the news and decided to post it on this forum? If you see it on the news, it will be better you also included the link so that people can read about it.

Yes, it is good to check and recheck that the address you are sending to is correct before you sign the transaction.

[nc50lc]

That single signature might be about moving out all the asset you have on your crypto wallet.

Just for clarification, the victim signed an "approval", means that it's not a transaction that directly sent his funds to the hacker.
Instead, he basically gave the hacker a permission to spend the funds on his behalf.

It's trickier for newbies to spot this since it looks like just another step to use a service.
But as you said, it's avoidable if the user is informed about the risk of such signature, and wallets usually show a red warning before proceeding.
The owner must have been new despite owning that much.

[JeromeTash]

It's the same old scam trick, but they always keep getting new victims. I tried to look through the different news channels, and it seems the person fell for the phishing token scam or those wallet drainer tokens by making a signature approval. he basically gave the hacker permission to spend his coins.

A very sad case
1. https://x.com/hackapreneur/status/2075153044044718191
2. https://finance.yahoo.com/markets/crypto/articles/crypto-user-loses-999-999-080727743.html
3. https://www.tradingview.com/news/cointelegraph:3196350b1094b:0-trader-loses-1m-after-signing-phishing-token-approval/

[jossiel]

Never sign/approve a transaction that you're not aware of. It's sad that this might be his entire life savings that's just lose because of his negligence.

Yes, it is good to check and recheck that the address you are sending to is correct before you sign the transaction.

While that's a different case from being infected by a copy pasta malware.

It's always best to verify first before doing a transaction or signing.

[_act_]

It's the same old scam trick, but they always keep getting new victims. I tried to look through the different news channels, and it seems the person fell for the phishing token scam or those wallet drainer tokens by making a signature approval. he basically gave the hacker permission to spend his coins.

In both the scam, the hacker is not given the permission to spend the coin, it always happen in a way that the victim will be tricked to send the coin to the hacker. Or maybe I do not know the one that you are referring to.

Never sign/approve a transaction that you're not aware of. It's sad that this might be his entire life savings that's just lose because of his negligence.

Anyone that want to begin crypto journey, the person has a lot to read about. The way people are losing money in crypto is very high.

[jossiel]

Never sign/approve a transaction that you're not aware of. It's sad that this might be his entire life savings that's just lose because of his negligence.

Anyone that want to begin crypto journey, the person has a lot to read about. The way people are losing money in crypto is very high.

They have to read a lot and also ask a lot if they're unsure of what they do. This can be prevented if they're vigilant and aware of the tactics of these potential scams in signing transactions.

These victims has got a lot of money in crypto and yet in that very few second of being vigilant, they've forgotten some golden rules before proceeding the transaction.

[Orpichukwu]

Never sign/approve a transaction that you're not aware of. It's sad that this might be his entire life savings that's just lose because of his negligence.

Anyone that want to begin crypto journey, the person has a lot to read about. The way people are losing money in crypto is very high.

Some of them don’t appear to have that time; they are always in a rush because they have the money to risk and chase profit. They think everything ends with token risk in terms of a dump; they forget to pay attention to the real danger, which is far worse than a rug pull, and also, using a different wallet for daily trading practice could have reduced this loss even if the hacker gained that permission. much could have not been found in that wallet.

[TastyChillySauce00]

Yep, also use wallet that support clear signing ERC-7733 in which you can understand what are you trying to do.

There is one thing that I'd never do when interacting with the blockchain and it's being in a hurry and not rechecking anything. Check what you are signing, check the right address and make sure it's not dust attack address, check the right contract, check the liquidity when you are swapping and so on.
So many things you need to do before you can be 100% sure that you aren't gonna lose your money. On top of that, use modern wallet that disable eth_sign by default.

[Big Dirams]

It's the same old scam trick, but they always keep getting new victims. I tried to look through the different news channels, and it seems the person fell for the phishing token scam or those wallet drainer tokens by making a signature approval. he basically gave the hacker permission to spend his coins.

A very sad case
1. https://x.com/hackapreneur/status/2075153044044718191
2. https://finance.yahoo.com/markets/crypto/articles/crypto-user-loses-999-999-080727743.html
3. https://www.tradingview.com/news/cointelegraph:3196350b1094b:0-trader-loses-1m-after-signing-phishing-token-approval/

I was really confused at first after reading through the OP post because the story wasn’t clear enough and was just wondering what the OP was talking about but after going through the other posts and yours especially gave me the clearest understanding of what the OP saying. Thanks for the clarification.


This is really so sad for the victim and this also just serves as a big lesson and experience to others to never to fall into victims. We just need to be careful and very vigilant on things we come across. Avoid chasing after profits without making research on thing we are signing up for.

[henmark]

There is one thing that I'd never do when interacting with the blockchain and it's being in a hurry and not rechecking anything.

What about the moment when you are still a newbie on here mate? As newbie, the excitement is still in full bars and that leads us to do things quickly without knowing what risks entails at them. That still taught us an expensive lesson and shapes to what we are now. But yeah, that here in the blockchain/crypto field, things shouldn't be rushed as this is not like the others where a transaction can be reversed if in case there is a mistake that is experienced.

On top of that, use modern wallet that disable eth_sign by default.

ETH is supposed to be the most secure network but not all platforms are using ETH. It is still ridiculous if a wallet will just auto-sign on its own without our permission. Never came across a wallet like that, so I know I'm using a decent wallet. It is not totally a new wallet, as old wallet are still updating their security from time to time.

[o48o]

It's the same old scam trick, but they always keep getting new victims. I tried to look through the different news channels, and it seems the person fell for the phishing token scam or those wallet drainer tokens by making a signature approval. he basically gave the hacker permission to spend his coins.

A very sad case
1. https://x.com/hackapreneur/status/2075153044044718191
2. https://finance.yahoo.com/markets/crypto/articles/crypto-user-loses-999-999-080727743.html
3. https://www.tradingview.com/news/cointelegraph:3196350b1094b:0-trader-loses-1m-after-signing-phishing-token-approval/

People never learn and new people are coming in, so scammers can just rotate old tactics over and over.

Now when regulations in US have gotten even more loose, and scammers can even get away with a fraud, so situation is probably getting worse when markets start to move up again.

I am guessing that even ICOs could come back with a different branding, because there are practically no repercussions anymore. And bigger the scam, more changes for pardon if that scammer praises the right people. So in a way, we are going back in time.

[Balmain]

I've heard this before. By granting signature permission, you're giving digital hackers access to your wallet. People can be careless, and hackers are well aware of this and use it frequently. I've been afraid that this signature permission might happen to me one day, so I usually check it, but I don't want to make any big pronouncements. Don't be lazy; you could lose your wallet in a moment of haste.

[TastyChillySauce00]

What about the moment when you are still a newbie on here mate? As newbie, the excitement is still in full bars and that leads us to do things quickly without knowing what risks entails at them. That still taught us an expensive lesson and shapes to what we are now. But yeah, that here in the blockchain/crypto field, things shouldn't be rushed as this is not like the others where a transaction can be reversed if in case there is a mistake that is experienced.

For a newbie, using the most recommended wallet usually already solves 99% of the problem. It auto hides dust attack, enforce clear signing, and many things that newbies might not know. What newbie need to do is to recheck the website properly and read what they're signing.

ETH is supposed to be the most secure network but not all platforms are using ETH. It is still ridiculous if a wallet will just auto-sign on its own without our permission. Never came across a wallet like that, so I know I'm using a decent wallet. It is not totally a new wallet, as old wallet are still updating their security from time to time.

A wallet don't usually auto sign, but the user signing blindly without knowing what they are signing which is what eth_sign actually is frequently used for. The good news is most wallet have already starting to deprecate it.

[Mayor of ogba]

OP, you should have explained in details what led a trader lost $999,999 so that we will know if it's old scam trick or new scam trick because it will help people to learn and remain guided if it's a new scam trick. People shouldn't rush when sending their bitcoin or crypto; they should learn to examine their receiving address thoroughly to be sure it's the same thing they copied before sending, because there's one common scam where your wallet address might change as soon as you copy and paste.

[Akbarkoe]

OP, you should have explained in details what led a trader lost $999,999 so that we will know if it's old scam trick or new scam trick because it will help people to learn and remain guided if it's a new scam trick. People shouldn't rush when sending their bitcoin or crypto; they should learn to examine their receiving address thoroughly to be sure it's the same thing they copied before sending, because there's one common scam where your wallet address might change as soon as you copy and paste.

Someone is phishing by using a token to access the wallet, and the wallet owner approves the token, or like link link when you get an airdrop or a free token in your wallet then you connect your wallet with the web for a claim when in fact it is a phishing attempt to gain access to the wallet in that way, and instead of you paying fees when it is an agreement to give full access to the fraudster, this is the old way and we are no strangers to it, you can see Jerome Tash's post.

[asriloni]

This is a reason why pocket universe is exist. It helps you to add security layer before you sign any transaction with your wallet. So people have to understand how important it is to ensure this kind of scam won't happen again.

[Mayor of ogba]

Someone is phishing by using a token to access the wallet, and the wallet owner approves the token, or like link link when you get an airdrop or a free token in your wallet then you connect your wallet with the web for a claim when in fact it is a phishing attempt to gain access to the wallet in that way, and instead of you paying fees when it is an agreement to give full access to the fraudster, this is the old way and we are no strangers to it, you can see Jerome Tash's post.

Okay, that's an old scam trick which almost everyone on the forum is already aware of, that's why newbies are always advised not to click on unverified link so that they won't fall for this common scam trick and end up giving scammers access to their wallet, I will take a look on Jerome Tasha's post.

[Iamgoat]

What are you saying? Did anyone complain that he lost any coins? Did you see it on the news and decided to post it on this forum? If you see it on the news, it will be better you also included the link so that people can read about it.

Yes, it is good to check and recheck that the address you are sending to is correct before you sign the transaction.

I guess it should even be an habit for anyone on this space to always triple check their coins and where they are sending it to before sending it knowing fully well it cannot be reversed again. I don't know it they will ever get to work on the reversabilty of the cryptocurrency maybe through exchanges one day but the risk involved in it is high so it does not cost anything to cross check on the necessary things before releasing the coin to anyone out there else you will end up in signing the wrong transaction and will end up crying with tears for silly mistakes.

[PostQuantumBTC]

This is a reason why pocket universe is exist. It helps you to add security layer before you sign any transaction with your wallet. So people have to understand how important it is to ensure this kind of scam won't happen again.

A browser extension which can help people simulates cryptocurrency transactions before you sign them, preventing wallet drainers and offering up to $30,000 in coverage per transaction? This is what I saw about it. I can not download a browser extension because I do want to avoid sending bitcoin to a wrong address, I can easily check and double the addresses that I am sending the bitcoin to which make me not to have made such mistake before.