Crypto wallet users are currently facing a new wave of scams that exploit deceptive user interfaces (UIs), according to Hayden Adams, the founder of Uniswap. These scams involve fake clones of Ethereum Name Service (ENS) domains, which are used to deceive unsuspecting users and potentially steal their funds.
In this particular scam, fraudsters purchase ENS domains that closely resemble legitimate Ethereum addresses by substituting alphabetic characters with alphanumeric sequences. When users input the genuine Ethereum address into their crypto wallet UIs, these interfaces display the scammer’s address as the primary result instead of the intended recipient’s. This can lead users to unknowingly send funds to the scammer’s address.
Adams himself fell victim to this scam when a bad actor purchased the ENS domain “[myEthereumAddress].eth,” which closely resembled his own Ethereum address, “0x11E4857Bb9993a50c685A79AFad4E6F65D518DDa.” He warned the crypto community about this issue, urging crypto wallet interfaces to implement filters to prevent such scams and advising users to exercise caution.
ENS and the Risks of Autocompleting Names
ENS, short for Ethereum Name Service, is a domain name system built on the Ethereum blockchain. It allows users to replace complex Ethereum addresses with more user-friendly names, such as “myname.eth.” However, scammers have previously exploited ENS domains to mimic addresses of major exchanges.
In these cases, scammers register multiple ENS domains that closely resemble highly active addresses of exchanges. By adding “.eth” at the end of these addresses, they create fake domains. For example, the legitimate FTX address “0x2FAF487A4414Fe77e2327F0bf4AE2a264a776AD2” was mimicked as “0x2FAF487A4414Fe77e2327F0bf4AE2a264a776AD2.eth.” The aim is to intercept payments directed to these fake domains, taking advantage of wallets that treat ENS domains as valid destinations for asset transfers.
Protecting Yourself Against Deceptive UI Scams
To protect yourself from falling victim to scams utilizing deceptive user interfaces, there are several precautions you can take:
1. Verify Addresses: Always double-check the Ethereum address you’re sending funds to, even if it appears in your wallet’s autocomplete suggestions. Look for any suspicious characters or sequences that may indicate a fake address.
2. Copy and Paste: Instead of typing addresses manually, use the copy and paste function to minimize the risk of mistyping or being deceived by deceptive UIs.
3. Be Cautious of Autocomplete: Consider disabling autocomplete for Ethereum addresses in your wallet settings. While it may offer convenience, the risks associated with deceptive UIs outweigh the benefits.
4. Stay Informed: Regularly educate yourself about the latest scams and security measures within the crypto community. Follow trustworthy sources and engage in discussions to ensure you’re aware of potential risks and how to mitigate them.
By taking these precautions and remaining vigilant, you can protect yourself against scams that exploit deceptive user interfaces in crypto wallets. Remember, it’s always better to be safe than sorry when it comes to safeguarding your funds in the fast-paced world of cryptocurrencies.
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