SafePal CEO Warns of New ‘Zero Transfer Scam’ for Crypto Wallets

Scam Targets EVM Chains, Tron

Crypto can be an unsafe place, and bad actors are always inventing strategies to strip people of their funds. SafePal CEO Veronica Huang issued a warning about a new tactic scammers are using to trick users, called a “Zero Transfer Scam.”

For a detailed explanation of how the scam works, see this Medium post by blockchain security firm Slowmist that Huang links to. The scam targets users on Tron and Ethereum Virtual Machine (EVM) chains.

In essence, the scammer uses the “TransferFrom” function to initiate a transfer of 0 tokens from any user’s wallet, making the 0 transfer show up in their wallet history.

As Huang explains, the faked history could confuse users into using the scammer’s address and compromising their funds.

According to Slowmist: “Unavoidably, if a user discovers a transaction record that is not his or her own, he or she may fear that his or her wallet has been compromised. When a user attempts to alter his or her wallet or re-download it, he or she runs the danger of being scammed and robbed; conversely, if a user’s transaction history is “hijacked” by an attacker, the user may lose assets by copying the wrong transfer address.”

Huang said SafePal has responded to the scam by adjusting the length of wallet addresses shown in the transaction history and by filtering and hiding 0 transfers on EVM chains and Tron from wallet records.

What is SafePal:

SafePal is a cryptocurrency wallet founded in 2018. It aims to provide a secure and user-friendly cryptocurrency management platform for the average user. It is the first hardware wallet backed by Binance and now caters to over 3 million users globally. The company provides both a hardware wallet and a software wallet, both of which can be paired and managed through the SafePal application available through the Apple App Store and the Google Play Store.

Where to find SafePal:

‍Website | Twitter | Youtube | Blog | Telegram | Medium |