Beware of these scams emerging after ETH 2.0 Merge
New opportunities come with new risks and the same is the case with ETH 2.0 which surely needs to be taken into consideration. Well, as you are an owner of the ETH crypto token, you might already be aware of the value it holds. Hence, I can surely say that you can't take the wrong step to lose the hard-earned ETH. Also, as you know about the ETH 2.0 Merge, you might be aware of the risks and challenges that come attached to it.
So, in today's post, I will be addressing one of the major concerns of the users i.e. how to be aware of the scams that come linked with the ETH 2.0 upgrade. But, prior to explaining this, I would like to introduce you a little to ETH 2.0 upgrade.
What do we understand by ETH 2.0 upgrade?
In its pre-merge state, the Ethereum blockchain technology is used to work on the Proof-of-Work consensus mechanism. But, since the launch of Ethereum 2.0 the whole work mechanism got shifted to the Proof-of-Stake consensus mechanism. Meaning, traders will now be able to stake their ETH without the involvement of a third party.
And guess what, they can now generate a passive income just by staking their ETH and traders can also become validators just by staking 32 ETH. But, since the Merge, some scamming activities are also on the rise. Hence, we need to take that into consideration too.
Taking a closer look at the Merge Scams
Just like the cryptocurrency market space is developing, the same way, scamming activities are also taking a rise. They are keeping a close watch on the traders' activities and hence they start to take advantage of the loopholes present in the whole system. Let's take a closer look at them:
Scam #1 - Fake Staking Platforms
Well, there are some imposters who might pretend to be from the official platform for staking Ethereum 2.0 staking but you need to understand the fact that there is no separate ETH 2 token. Hence, if on any platform, you are given the option to stake ETH 2.0 crypto token separately from the ETH token, then it is just a scam.
If we take a look at one such recent activity from the past, it came to our notice that one imposter platform impersonating Infura came up with its phishing offer. As a part of their plan, they offered the ETH 2.0 staking service which promised to give the victim high rewards.
Scam #2 - High APR return promises
Well, there are some scammers who advise you to deposit your ETH into their contracts, and in turn, you are provided with higher returns than the actual platforms. Traders who give into their trap are likely to lose all the ETH they stake with such a platform.
Measures to be taken into consideration
To be precise, we can say that there are a few actions you can take in such a scenario to avoid falling prey to such a scam. Here's your checklist:
- Make sure you don't give in an ad, social media messages, and emails
- Ensure that you do not consider any such request that asks you to upgrade or convert your crypto assets
- Don't let anyone fool you by telling you that they will help you manage your ETH balance
- Under any circumstances, don't get yourself clicking on email links
- Do not allow anyone's request to access your wallet
- And most importantly, avoid sharing your secret recovery phrase
Article Summary:
To sum up this read, all I can say is that you do not have to do any kind of preparation to be ready to enter the ETH 2.0 Merge phase. All the ETH you hold will be available for usage post the Merge as well. Also, make sure that you read the article thoroughly for more safety information.
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