Ethereum

Blockchain analytics firm Lookonchain has issued a warning about a new type of scam that manipulates the perception of cryptocurrency transactions. The scam involves creating fake Wrapped Ethereum (WETH) contracts to mimic transactions from notable wallets, misleading observers into believing that these wallets are buying certain &#39;meme&#39; cryptocurrencies​​.The analytics platform warned its community, tweeting:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/65a3e6e9c50c4b5ca8ed38c77e0ddf08.png" />The firm provided an example of a scam where fake WETH was purportedly transferred from digital asset manager DWF Labs to buy a cryptocurrency called &#34;PSYOP.&#34; This transaction, which could be viewed on platforms like Debank or Zerion, could be easily misconstrued as a legitimate purchase by DWF Labs of the &#34;PSYOP&#34; cryptocurrency using WETH. However, upon closer inspection of the transaction details, it became evident that the transaction did not originate from DWF Labs​​.Lookonchain further elaborated on how to identify these fraudulent transactions. Per the firm, in a legitimate transaction, the &#34;From&#34; address in the transaction details would be a well-known wallet address. Lookonchain illustrated this by presenting a legitimate transaction where DWF Labs bought a cryptocurrency called &#34;<a href="https://coinmarketcap.com/currencies/milady-meme-coin/" rel="noopener noreferrer nofollow">$LADYS</a>&#34; with real WETH. The &#34;From&#34; address in this transaction was indeed DWF Labs​​.Read full article at <a href="https://cryptotale.org/crypto-analyst-uncovers-weth-related-scam-warns-crypto-investors/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Crypto Analyst Uncovers WETH-Related Scam, Warns Crypto Investors

CryptoTale

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