A Close Look at the Slow Fog ARB Scam

03/24/2023 05:35 • Blockchain Briefs • 136 views

as report goes, Yu Xianfa, the founder of Slow Fog, tweeted, “From last night to now, we have received feedback from many people, and a rare ARB has been stolen. This is one of the reasons: scammers have built an upgradeable DEX router, luring users to approve the router for token exchange through early publicity. When users apply for an ARB airdrop and exchange it for approved tokens, the router owner steals the previously approved tokens through contract upgrades.”

Slow fog cosine: A fraudster steals ARBs dropped by users through an upgraded DEX router

With blockchain and cryptocurrency becoming increasingly popular, there has been a rise in the number of scams in the industry. Recently, Slow Fog, a blockchain security company, reported a rare ARB scam that cost its users a significant amount of money. In this article, we will take a closer look at the Slow Fog ARB scam and how to avoid falling victim to such scams.

What is the Slow Fog ARB Scam?

As report goes, Yu Xianfa, the founder of Slow Fog, tweeted, “From last night to now, we have received feedback from many people, and a rare ARB has been stolen. This is one of the reasons: scammers have built an upgradeable DEX router, luring users to approve the router for token exchange through early publicity. When users apply for an ARB airdrop and exchange it for approved tokens, the router owner steals the previously approved tokens through contract upgrades.”
Essentially, the Slow Fog ARB scam involves scammers building a deceptive Decentralized Exchange (DEX) router that appears to be legitimate. They then lure users to approve the router for token exchange through early publicity. Once users apply for an ARB airdrop and exchange it for approved tokens, the router owner steals the previously approved tokens through contract upgrades.

How to Avoid the Slow Fog ARB Scam?

To avoid falling victim to the Slow Fog ARB scam, you need to be aware of the following red flags.

Red Flag 1: Unsolicited Messages

If you receive an unsolicited message regarding an ARB airdrop, be wary as it could be a scam. Scammers usually send out these messages to lure gullible users.

Red Flag 2: Suspicious URLs

If the URL provided by the sender is suspicious, such as containing typos or not being an official site, avoid clicking on it. Always verify the URL and ensure it is the official site before proceeding.

Red Flag 3: Airdrop Requirements

If the requirements for the airdrop are too good to be true, such as requiring you to approve a router or doing anything that could put your tokens at risk, avoid it. Scammers use these tactics to lure users into approving a router or surrendering their tokens, which they then steal.

Red Flag 4: Lack of Information

If you cannot find enough information on the airdrop, the router or the tokens, be cautious as it could be a scam. Ensure you do thorough research before proceeding with any transactions.

Conclusion

The Slow Fog ARB scam is a reminder of the importance of being cautious when it comes to valuable financial transactions. Always verify the authenticity of the sites you use for transactions and airdrops. Don’t fall for too-good-to-be-true deals, and most importantly, never share your private keys or approve router transactions without proper verification.

FAQs:

Q: What is a DEX router?
A: A DEX router is an infrastructure built to enable decentralized cryptocurrency exchange.
Q: Why is the Slow Fog ARB scam so effective?
A: The Slow Fog ARB scam is effective because it lures users into approving a router for token exchange through the promise of an ARB airdrop.
Q: What can I do if I fall victim to an ARB scam?
A: If you fall victim to an ARB scam, report it immediately to the relevant authorities and seek appropriate legal advice.

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