Since DeFi protocols like Uniswap, 1inch, and dYdX started rewarding users with airdrops, crypto enthusiasts have grown accustomed to these surprise tokens. However, some unsolicited airdrops could drain your wallet instead of filling it.
How the Zepe Token Scam Unfolded
On September 10, investor A-Fei fell victim to an airdrop scam. His wallet suddenly showed 750,000 Zepe tokens—valued at over $100,000. Believing it was a windfall, he tried selling them on a decentralized exchange (DEX). When that failed, he visited Zepe.io, authorized a transaction, and moments later, his CHESS tokens were stolen.
Other victims reported losing up to 70,000 USDT. Blockchain investigators traced the scammer’s address, which recently moved 165,000 USDC and 13 BNB—likely laundered proceeds.
How the Scam Works
- Bait: Scammers airdrop valueless tokens to thousands of addresses.
- Deception: Users see high "value" in their wallets but can’t sell on DEXs.
- Trap: A fake website prompts authorization, granting attackers full access to drain assets.
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Evolution of Airdrop Scams: Key Red Flags
- Fake token names: Often mimic URLs (e.g., ShibaDrop.io, BNBw.me).
- Authorization tricks: Smart contracts hide clauses to withdraw funds.
- Private-key phishing: Older scams directly stole keys via fake sites.
How to Stay Safe
- Limit authorizations: Only approve specific token amounts, not "unlimited."
- Revoke unused approvals: Regularly check and cancel old DApp permissions.
- Never share private keys: Legitimate projects won’t ask for them.
FAQ: Avoiding Crypto Scams
Q: Can receiving airdropped tokens harm my wallet?
A: No—simply holding them is safe. Risks arise only if you interact with suspicious contracts.
Q: How do I check active token approvals?
A: Use tools like Etherscan’s "Token Approvals" page or dedicated revoke sites.
Q: What if I already approved a malicious contract?
A: Revoke it immediately and transfer funds to a new wallet.
Q: Are all airdrops scams?
A: No—verified projects (e.g., Uniswap) distribute legitimate rewards. Research before acting.
Final Advice
Blockchain’s transparency is a double-edged sword. Stay vigilant:
- Treat unsolicited airdrops skeptically.
- Verify contracts before approving.
- Remember: "Free money" offers are usually traps.
Adapted from sources including Huoxing24. Always conduct independent research.