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The ‘Merge’ Is here | 3 ways scammers will try to fool you

CNBC Crypto World | MacKenzie Sigalos | Sep 14, 2022

Ethereum the merge - The 'Merge' Is here | 3 ways scammers will try to fool you

Image: Unsplash/Zoltan Tasi

The 'Merge' Is Here and it May Just Stoke some Institutional Interest (or not)

  • The reduced supply of the cryptocurrency, which some investors say could be a boon to the price, is the result of a new verification model that replaces miners with “validators.”
  • The real investor draw is the slashing of energy usage, especially as bitcoin mining continues to face blowback for its growing power consumption.  According to one estimate on the Ethereum Foundation’s blog, the merge will result in a reduction of at least 99.95% in total energy use.
  • Bank of America said in a note on Sept. 9, that the significant reduction in energy consumption post-merge “may enable some institutional investors to purchase the token that were previously prohibited from purchasing tokens that run on blockchains leveraging proof of work (PoW) consensus mechanisms.”

See:  (Expected) Life After the Merge

  • Institutional money is key to the maturation of digital assets. Research firm Fundstrat wrote in a note that a successful merge would cement ethereum as the “premier blockchain network.”
  • With the upgrade, ethereum won’t become faster, cheaper or more scalable. One developer even told CNBC that:

If the user experience feels the same, that will be one sign that the merge was a total success.

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Cointelegraph | Felix Ng | | Sep 13, 2022

Besides fake ETH 2.0 tokens and malicious token airdrops, crypto users should also be on the lookout for staking pools offering attractive staking yields.

Fraudulent staking pools

  • Many Ether (ETH) holders, joining a staking pool will be their only way of reaping yield from staking rewards if they don’t have the 32 ETH required to become an independent validator.
  • Pooled staking providers “carry their own risk” as it often requires users to deposit and give up control of their ETH. Upstart staking providers, which “may offer very attractive terms” could perform “sudden rug pulls” that would affect those participating in the pool.

See:  Caution: Binance Chain Red Alarm System Flags 50 New Projects as Potential Scams

Upgrade scam

  • One of the more imminent threats involves scammers attempting to trick users into signing fraudulent transactions or parting with their private keys under the guise of migrating to the new Ethereum chain.
  • “We’ll likely see scammers try to get users to sign fraudulent transactions and/or leak private keys based on some false pretense that the user needs to do something to migrate chains.”

Fake airdrops

  • Another likely attack vector will come in the form of “fake airdrops,” added Bassi — convincing users to sign transaction messages or visit phishing sites in order to receive a bogus airdrop.
  • “Those airdrops will likely redirect users to a phishing site where they may be fleeced out of their ETH, private keys, and/or crafted transaction signing attempts.”

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