Revoke added a new feature that enables users to battle new crypto transaction scams after users started reporting high transaction charges. The scammers would lure Revoke users to cancel transactions, then charge them very high gas fees.
However, the new feature Revoke added enables users to mint gas coins when fees are low and then burn them when the fees are high.
Revoke Users Complain About Fake Approval Scams
The notable approval management firm, Revoke added the new feature as users reported getting “fake approval” requests, which involved extremely high fees. The approval management platform was compelled to issue a bug fix following users’ reports about the new crypto fraud.
Scammers of digital currency have been utilizing “gas tokens” to deceive their victims into believing they have suspicious transfer approvals. Gas tokens were created when Ethereum protocol charges began increasing. Thus, users could efficiently save cheap gas during lower network demand.
As explained by Revoke, this new feature enabled users to mint gas coins when transaction fees were low and burn them when the fees increased. Thus, they’d be able to efficiently “lock in” the lower charges.
The fake tokens have been preprogrammed to create an exuberant gas fee during the canceled transaction, with the newly created gas tokens being transferred back to the scammers, leaving the user with a high transfer fee.
Revoke noted on Twitter that the scammers programmed these spurious tokens to mint very many gas tokens while a revoke transaction was going on. Once the scammers receive these tokens, they sell them for profit.
The approval management giant also stated that once a scammer attacks a victim, the wallet pop-up doesn’t show that the victim is transferring any funds but displays a high fee.
Revoke’s Response To These Cryptojackers
The Revoke platform enables users to practice more secure wallet behavior. It manages or revokes ongoing approvals, including those no longer needed by DeFi protocols.
Revoke introduced a check that annuls revoking approvals if the gas charges are incredibly high. Furthermore, the platform urged its users to shun fake approval.
In addition, the platform emphasized that users should ignore these fake tokens, fake approvals, and shouldn’t interact with them. This way, the scammers wouldn’t be able to loot funds.
Following the Multichain multimillion-dollar network hack in July, other notable crypto approval platforms have advised users to revoke transaction approvals.
The process had provided crypto scammers with room to deceive victims into permitting their fake transactions to be revoked. But with this new feature from Revoke, the users and the network can effectively curb such crypto scams.
