I just discovered a new way to discover FOR SURE if a token in your wallet is a scam. Here's a little story:
Andre Cronje, the crybaby genius developer behind Yearn.Finance, was testing another coin yesterday. wYFI (and sil). Scammers use Andre's movements to create their scams, and this "test in prod" cycle was no different.
The next day I saw some other coin called "Wrapped YFI" show up in my wallet. It was a different contract from the wYFI Andre put out. But they had a value on Uniswap — around $11 USDC per token. There didn't seem to be any liquidity on Uniswap.info, however.
Now you might think — how can someone scam you by sending you a free airdrop that seemingly has a value?
Well, when I tried to sell the coins on Uniswap and Sushiswap, I got an error. I couldn't sell them, no matter how high I put the slippage. I encountered an "unknown error" that would not even allow me to sign the transaction in my wallet. Buying the coins, however, was no problem. That transaction had no errors in it (too bad, scammer, I didn't actually buy them).
I also tried another trick when encountering transaction errors. Sometimes, when you can't sell small tokens, you need to put a whole number in the amount sold box. I don't know — maybe Uniswap can't handle decimals sometimes or something. But even when I put a whole number in the wYFI box, I couldn't sell the tokens.
I don't know how a scammer might manipulate Uniswap to allow you to buy and not sell, but this is obviously a way to scam you. So watch out for it. Stay tuned for my series on Making Money in Crypto, which will lay out a lot of this shit once and for all.
Bottom line: If you can't sell em, forget about em.
YOUR GUIDE TO MAKING MONEY IN CRYPTO STARTS HERE ---> Making Money in Crypto Part 1