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SlowMist, in collaboration with imToken, has discovered a new type of cryptocurrency scam that targets users in offline physical transactions, using USDT as a payment method.
This fraudulent scheme involves spoofing Ethereum node remote procedure calls (RPCs) to defraud unsuspecting victims.
Scammer's Strategy
Initially, the scammer persuades the target to download the legitimate imToken wallet and promotes trust by transferring 1 USDT and a small amount of ETH as bait.
Subsequently, the scammer asks the user to redirect their ETH RPC URL to a node controlled by the former, including using the modified node. Through this manipulation, the bad actor then falsifies the user's USDT balance to make it appear as if funds have been deposited.
However, when the user attempts to transfer the USDT, they discover that they have already been cheated. But in the meantime, the scammer has disappeared without a trace, according to SlowMist. results.
The blockchain security company also revealed that Tenderly's Fork functionality is not only capable of changing balances, but also contract information, posing an even greater threat to users.
As such, understanding RPC is crucial to understanding the mechanism of such scams, SlowMist observed. RPC serves as a way to interact with blockchain networks, allowing users to perform various actions such as checking balances and creating transactions. Typically, wallets connect to secure nodes by default, but connecting to untrusted nodes can lead to malicious modifications, leading to financial losses.
Address of suspect reported for pig butchery scam
Further analysis by MistTrack revealed the scale of the scam's operations. Investigation of a known victim's wallet address (0x9a7…Ce4) shows that she received 1 USDT and 0.002 ETH from another address (0x4df…54b).
This address, in turn, transferred 1 USDT to multiple addresses, indicating repeated fraudulent activity. These addresses are reported as “pig butchering scams” by MistTrack, and are associated with various trading platforms and involved in multiple scam incidents.
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