Scammers are always looking for events around which they can take advantage of unprepared crypto enthusiasts. The Ethereum merge is no exception. One such scam was pointed out to NFT News Today. The phishing scam relates to an email purporting to be from the Exodus wallet.
The email states, “due to the Ethereum merge, all assets need to be merged to Ethereum 2 to gain access to the Proof of Stake Network.” Note here; THEY DO NOT.
It then brings in the scare factor, with a deadline of October 1st to merge your assets, after which any assets you have not “merged”, will be lost forever on the Ropsten Proof of Work Network. Note here; THEY WILL NOT.
Finally, the email asks you to follow a link to a “new online interface”, where you can ” merge your assets as safely as possible.” Note here; YOU DO NOT NEED TO DO ANYTHING RELATING TO YOUR ASSETS.
Once on the “new online interface”, you are asked for the code to your crypto wallet.
The said link, exodus.com/merge, has an underlying link to https://pxlme.me/dxaiERIr, which thankfully has now been suspended by Google. However, it is more than likely they will try again with a new address.
Possible scams to be aware of relating to the Ethereum merge
Scams around the crypto market are a dime a dozen, and significant events such as the ETH merge will encourage a surge in such activities.
The Ethereum merge relates to Ethereum moving from a Proof of Work (PoW) to a Proof of Stake Network. The move will end ETH mining and replace it with a hugely more energy-efficient verification method, increase the speed of ETH. transactions and reduce Ethereum’s Gas prices.
The hype around this move has opened up opportunities for unscrupulous and bad actors to steal your money and crypto. Here are some scams to be aware of.
Fake Airdrop scams
Blockchain projects are known to use crypto airdrops for promotional purposes. The drop usually entails dropping free tokens into participants’ crypto wallets.
Scammers use this method to gain access to wallets by having you sign in to fake accounts with your account details to receive your free tokens. However, you do not get the tokens. Instead, the scammers impersonating the company steal your funds. Always leave suspicious tokens alone.
Note here. ETHEREUM FOUNDATION IS NOT HOLDING ANY OFFICIAL AIRDROPS.
There is no such thing as ETH 2 token
With all the hype around the merging, it is easy to believe the upgrade will be accompanied by a new cryptocurrency token.
The Ethereum Foundation stated there are no new ETH 2 tokens accompanying the transition.
Upgrade Service
Another service scammers will offer is to upgrade your crypto onto Ethereum’s new network.
Do not fall for phishing scams offering a service to upgrade your Ethereum. Investors do not have to make any upgrades to a new blockchain during or after the merge.
Afterthoughts
Big crypto events always bring out the bad actors intent on stealing your crypto assets. The Ethereum Merge will bring out more than the usual amount of scams.
Always remember there are many scammers trying to relieve investors of their crypto.
Be careful out there, and always do your due diligence before jumping into anything related to the merge. Do not become a victim of phishing scammers. Double-check any suspicious emails
As the foundation says, “Do not send your ETH anywhere in an attempt to ‘upgrade to ETH2.’ There is no ‘ETH2’ token, and there is nothing more you need to do for your funds to remain safe.”
