Today I want to remind you about an old scam implementation which is called a scavenging. Just remember as a golden rule — the 12-word or private key scam is a pretty common one on TG and if anyone giving you their private key/seed — he is scamming you!
Any funds you transfer in to facilitate the swap will be immediately drained via contract before you can make a tx with it! Do not try to withdraw funds on those wallets!
Usually such attacks happen on side-chains (majority on BSC) and blockchains with poor MEV, so using whitehat.flashbots.net or private pool won’t help. If they target specific project they use its governance tokens, if no then just use blacklisted USDT ETH Mainnet addresses or just honeypot tokens.
In past, when these scammers existed mostly on ETH main-net (without using frozen USDT) and when MEV was not as popular as it is now, researchers made several successful attempts of beating them, let’s take a look:
In short, it targets human greed. There was also this type of attack mixed with more brutal social engineering which targets human anger. The scammer will withdraw assets you sent for funding a gas for transaction and his honeypot will stay untouched.
Stay safe! Now you know what to show to the next “coinbase or metamask support” message you randomly get from a scammer-impersonator asking for your seed phase 🙂
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