Revoke Adds New Feature After Users Complain About Fake Approvals Scam

Scammers have found a new way to create crypto by tricking users into revoking fake approval transactions.

News Join us on social networks

Approval management platform Revoke has released a patch to mitigate a new crypto scam that tricks crypto users into revoking “fake approvals” and then stings them with excessive transaction fees students.

On July 9, Revoke.cash said it had received reports of people seeing unknown approvals in their transaction history.

Yesterday we received reports of people seeing unknown approval transactions in their transaction history.

It turns out to be a new scam where scammers use so-called gas tokens to steal money when victims revoke these "fake endorsements". pic.twitter.com/vpY2sGIv0T

— Revoke.cash (@RevokeCash) July 9, 2023

In reality, scammers use so-called "petrol tokens" to trick victims into thinking they have suspicious transaction endorsements.

"It turns out to be a new scam where scammers use so-called gas tokens to steal money when victims revoke these 'fake endorsements'."

Gas tokens were developed when Ethereum network fees started to climb. Users could efficiently store cheap gas during periods of low network demand.

"This allowed users to mint gas tokens when fees were low and burn them when fees were high, effectively 'locking in' the lowest fees," Revoke explained.

However, Revoke said the scammers had created fake essence tokens that they were dropping with fake endorsements that users thought they should revoke.

The fake tokens have been programmed to generate a lot of gas on the revoked transaction, with the new gas tokens being sent back to the crooks, leaving the victim with high transaction fees.