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Scam Alert: 0x Works as Intended, Do Not Click Links in This 'Hack' Thread

Sun, 06/04/2023 - 09:12
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Arman Shirinyan
Scammers using alarmism to steal users' funds
Scam Alert: 0x Works as Intended, Do Not Click Links in This 'Hack' Thread
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A phishing scam is currently circulating on social media, falsely claiming that 0x and Maker DAO's smart contracts have been exploited. The false claim suggests that a malicious actor has gained access to the transfer function of these contracts, even stating that the attacker managed to steal over $6 million worth of assets.

The scam thread instructs users to connect their wallets and then revoke any so-called "malicious transactions." Moreover, it prompts users to visit a dubious website under the pretense of revoking any allowances in their wallets.

In response to this misinformation, 0x developers have issued a warning to users and integrators to be aware of this phishing scam. They clarified that the scam thread uses screenshots from a SushiSwap exploit that took place in April, hence distorting the narrative.

The developers strongly advise against clicking on the links provided in the scam thread, emphasizing that the fake site is posing as RevokeCash. 0x reiterated that their smart contracts are functioning as intended and have not been compromised, dispelling the scam's claims.

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Importantly, the price of 0x has remained stable, indicating that the market has not been swayed by the unfounded rumors. However, this event is a sobering reminder to the crypto community to stay vigilant. Scammers often exploit the fear and uncertainty that can occur in decentralized finance, creating situations that pressure users into taking action that compromises their assets.

Investors and traders are advised to verify any information they receive, particularly those suggesting security breaches. Most importantly, users should only use trusted sources when connecting their wallets or revoking transaction allowances.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.