SNEAK PEEK
- Deceptive “WETH” Scammers Exploit Famous Wallets.
- An example is the creation of counterfeit “WETH” and transfer from renowned wallets.
- Users are advised to verify a wallet’s “From” address.
Recently, a group of scammers has devised a clever scheme to deceive unsuspecting individuals by creating fake versions of the popular cryptocurrency “WETH.” These scammers exploit the trust placed in famous wallets and manipulate transactions to make it appear as if these wallets are investing in trending memecoins.
1/ Be aware of the latest scams!
Scammers created fake “WETH” and call the contract to transfer fake “WETH” out from famous wallets and transfer in #memecoin.
You may mistakenly believe that famous wallets are buying #memecoin and buying #memecoin following famous wallets. pic.twitter.com/LxZy5PwXHP
— Lookonchain (@lookonchain) June 25, 2023
One such instance involves the creation of counterfeit “WETH” and the subsequent transfer from renowned wallets, such as DWF Labs, only to be replaced by “PSYOP,” a memecoin. This fraudulent activity can easily mislead users who rely on platforms like Debank or Zerion to monitor transactions. At first glance, it may seem as though DWF Labs has purchased “PSYOP” using “WETH.”
However, the truth becomes apparent upon closer examination of the transaction details. These transactions are not originating from DWF Labs but are the manipulative actions of scammers. To distinguish between genuine and fraudulent activity, Lookonchain discovered a legitimate transaction where DWF Labs purchased $LADYS with real $WETH. In this case, the “From” address in the transaction details belongs to DWF Labs.
4/ To help you identify better, we found a transaction that DWF Labs bought $LADYS with the real $WETH.
The “From” address in the transaction details is DWF Labs.https://t.co/WPeC7X4TaL pic.twitter.com/0Jx2yLrnpb
— Lookonchain (@lookonchain) June 25, 2023
According to the on-chain smart money tracker, users need to exercise caution and remain vigilant when observing famous wallets allegedly buying memecoins in the future. To verify the authenticity of such transactions, users are advised to always verify the “From” address associated with the wallet in question. This simple step can help safeguard against falling victim to these scams.
In conclusion, the rise of cryptocurrencies has attracted opportunistic scammers who exploit the trust in renowned wallets. By creating fake “WETH” and manipulating transactions, they aim to mislead users into investing in trending memecoins.
