As Web3 wallets like OKX Wallet gain popularity, scammers continuously devise new schemes to exploit users. These scams often aim to obtain wallet authorizations or steal recovery phrases/private keys, leading to significant asset losses. Stay vigilant and protect yourself from these evolving threats.
New Scam Alert: Malicious Permission Changes
This scam frequently targets users depositing funds via TRC-based chains (e.g., TRON). Scammers exploit human psychology by offering unrealistically cheap gas cards, gift cards, or SMS platform top-ups. When users follow provided links to "recharge," malicious code alters wallet permissions—stealing signature approvals to gain control of the wallet address.
How the Scam Works
- Baiting the Victim: Scammers lure users with too-good-to-be-true offers, directing them to third-party links that redirect to wallet interfaces prefilled with fraudulent token contract addresses.
- Permission Hijacking: During transactions, warnings about permission changes appear. If ignored, scammers gain control—subsequent transfers show error messages while the wallet's actual ownership is compromised.
Prevention Tips
- Never click links promoting dubious gift cards, fuel cards, or top-up services.
- Avoid recharge services requiring redirect links. Legitimate deposits only need the recipient's wallet address.
- Always verify token contract addresses manually before approving transactions.
Other Common Web3 Wallet Scams
Case 1: Recovery Phrase/Private Key Theft
Scammers screen-share with victims under the guise of "investment guidance" or "private trading," then steal wallet credentials during setup.
Case 2: Address Spoofing
Fraudsters use address generators to create nearly identical copies of legitimate wallet addresses, tricking users into sending funds to the wrong destination.
Case 3: Phishing via Contract Authorization
Some "projects" trick users into approving malicious smart contracts that grant unlimited asset transfer rights. Post-authorization, these contracts can drain wallets automatically—shown as "contract interaction" in transaction histories.
👉 Learn how to audit smart contracts before approval
Case 4: Fake Giveaway Wallets
Scammers post wallet recovery phrases on social media, claiming to "quit crypto" and give away assets. These are usually multisig wallets requiring additional approvals. After victims deposit gas fees, automated scripts immediately steal them while leaving promised funds inaccessible.
FAQs
Q: How do I verify a token contract address?
A: Cross-check the address with official project websites or trusted blockchain explorers like Etherscan. Never trust addresses from unverified links.
Q: What if I accidentally approved a malicious contract?
A: Revoke approvals immediately using tools like Etherscan's Token Approvals checker. Then transfer assets to a new wallet.
Q: Are hardware wallets safer against these scams?
A: Yes. Hardware wallets require physical confirmation for transactions, preventing remote authorization hijacks.
👉 Explore secure wallet alternatives
Q: Why can't I transfer funds from a "giveaway wallet"?
A: These often lack proper permissions or balances. Scammers rely on victims depositing gas fees—which get stolen instantly.
Key Takeaways
- Never share recovery phrases—legitimate services will never ask for them.
- Double-check addresses—manually verify every character before sending.
- Limit contract approvals—only authorize what's necessary and revoke unused permissions.