Breaking down the ongoing token impersonation scams with DeFi execs
Tres Finance co-founder Tal Zackon warned businesses to not use explorers when tracking their finances. Decentralized Finance (DeFi) protocol Tres Finance warned the community about a scam that involves fake token s designed to mimic legitimate transactions. In an interview, Tres Finance co-founder Tal Zackon and the company’s technical lead Idan David shared the details of a scam using fraudulent transactions that imitate legitimate ones. According to the duo, the scammers attempt to lure unsuspecting users to copy the wrong wallet address and send their transactions there. David further explained that scammers often identify and target wallets with large amounts of stablecoins like Tether (USDT) or USD Coin (USDC). Once the scammers locked into their targets, they create similar-looking wallet addresses and create token s that imitate the legitimate ones. David explained: “So, they're creating a new token that has the same symbol as the original token, and they can create ficti...