Scam Tokens in Your Crypto Wallet
Scam Tokens in Your Crypto Wallet

Scam Tokens in Your Crypto Wallet

By AlucardLife | cryptoinvesting | 14 Apr 2021


Airdrops are fun to get, but most of them are too good to be true. I've noticed quite a few crap tokens in my BSC wallets especially. I want to make sure that no shit scam dev gets any of our money, so I wanted to alert you all to the situation.

Scam tokens will often try to imitate real projects. For instance, I got one named "Bozon" after the successful Boson project and another drop of Tomochain.io. Tomochain is a real project, but one look on its Coingecko will let you know that its site is tomochain.com, not tomochain.io. I didn't go to the .io site — it might have phishing tools there or other Trojans.

There's nothing you can do to get rid of the tokens. They just have to sit there annoyingly, which sucks. In most cases, you can't sell them because there's no liquidity. But at least here are some ways to tell if the token is legit or not.

The first thing I do when I see an unidentified flying shitcoin in my wallet is try to sell it. If I can't, I automatically assume it's pure shit. One scam these losers will try is to give you a token so you'll buy more. But they'll program the token so you can never sell it. You'll be stuck with the shitcoin that's locked in your wallet programmatically, so there's nothing anyone can do about it. That's why it's always important to check if you can sell something before doing anything else with it.

Second, I check the token's activity and recent history. If it just drops tokens randomly to tens of thousands of people, that's probably a shitcoin. Legit projects are more directed — they'll usually target a specific kind of user.

Third, never visit the website of a possible scam token. You never know what kind of malware is on those sites. Investigate on Twitter first. Going to Twitter protects you from the malware on private sites, and you can get the word on the street about the token from others before following any sketch links.

Fourth, if you want to cut back on scam tokens just showing up in your wallet, break its value up into multiple wallets. My big wallets are obviously targeted by scammers more than my smaller ones.

Now you can get rid of these tokens on your bscscan by clicking the box that says "Hide $0 assets." Because most of those fucking shitcoins don't have a value, they'll get cleaned right up on the ledger. That doesn't mean they are gone, though. And you might also "clean up" some of your liquidity pool tokens that don't have a value measurement in a scan protocol. You'll just have to remember they are there for now.

Let it be known that some great projects will stealth airdrop to you. I got SOAR airdropped to me, which turned out to be a very profitable project that's still building. But it needs to pass all of the tests above. What's more, you'll be able to go to Telegram and talk to the dev and the group before deciding whether to trust the project or not. Just remember, as long as you don't do anything, you can't be hurt by a scam token. You have to interact with it. Only take this risk after you have determined its legitimacy to your satisfaction.

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AlucardLife
AlucardLife

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