The top two gas consumers on the Ethereum network, according to the most recent data from blockchain security company PeckShield, are zero-transfer con artists. To access the victims’ wallets, scammers utilize bogus wallet addresses to coerce users into sending money to these addresses.
It is well known that Ethereum Virtual Machine (EVM) chains are the primary target of zero-transfer scammers. Fraudsters construct fictitious wallet addresses that mirror the genuine addresses of their potential victims. Using a smart contract and the “TransferFrom” feature, they transfer 0 tokens from any wallet. They can deceive unwitting victims in this way by fabricating a phony wallet history with zero transfers.
Users who don’t do their homework can utilize the scammer’s address, putting their money at risk because their wallets are probably compromised. According to PeckShield, scammers who make these zero-token transactions are the biggest spenders on Ethereum.
Users must exercise extreme caution when making blockchain transfers, particularly on the Ethereum network. Before transmitting any money, users should always verify the legitimacy of the wallet addresses they are utilizing. Users can secure their money and stay safe from zero-transfer scams by taking these precautions.
Ethereum, Platform For Stablecoin Testing
In other news, Visa is reportedly testing the use of the stablecoin USDC to accept payments and make payouts on Ethereum. The transactions were “big value settlement payments,” according to Cuy Sheffield, Vice President and Head of Crypto at Visa.
He supposedly stated,
“That’s been one of the areas where we want to build muscle memory. The same way that we can convert between dollars in euros on a cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars.”
A group of researchers and engineers from Visa have also been analyzing the theoretical underpinnings of several blockchains. Security, scalability, interoperability, privacy, and use cases for various protocols are among the topics of focus.
The business began looking at possibilities for enabling auto payments through Ethereum wallets a few months ago. The industry leader in credit cards published a proposal explaining how customers may set up automated payments in the second part of December 2022. Users were able to take banks and other centralized organizations out of the equation.