Main navigation

Top Ethereum (ETH) Gas Spenders Are Scammers

Tue, 02/07/2023 - 06:58
article image
Alex Dovbnya
Blockchain security firm PeckShield has issued warning to Ethereum users regarding latest zero transfer scams
Top Ethereum (ETH) Gas Spenders Are Scammers
Cover image via
Read U.TODAY on
Google News

According to the latest findings by blockchain security firm PeckShield, the top two gas spenders on the Ethereum network are zero-transfer scammers.

The scammers are using fake wallet addresses to trick users into sending money to these addresses, with the aim of compromising the victims' wallets.

It is known that zero-transfer scammers mainly target Ethereum Virtual Machine (EVM) chains.

Fraudsters create fake wallet addresses that resemble their potential victims' real addresses. They transfer zero tokens from any wallet with the help of the "TransferFrom" feature via a smart contract. In this way, they are able to create a fake wallet history with zero transfers to trick innocent victims.

Top Mizuho Analyst Slams Crypto as “Pet Rocks”
Unsuspecting users can use the scammer's address without doing any research, which puts their funds at risk since their wallets will likely be compromised.

PeckShield has detected that the leading spenders on Ethereum are, in fact, scammers who conduct such zero-token transfers.

It is crucial for users to be extra careful when conducting blockchain transfers, especially on the Ethereum network. Users should always check the authenticity of the wallet addresses they are using before sending any money. By taking these precautions, users can protect their funds and avoid falling victim to zero-transfer scams.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at