Scam alert ? How to stay safe in the Merge period

Scam alert ? How to stay safe in the Merge period

The Merge is expected in the next 24 hours.

The event followed by millions of crypto users would most likely attract scammers of all kinds – and these guys have quite an imagination when it comes to tricking people into their traps.

Here are some of the basic security rules for the Merge-related activities.

? The Merge does not require wallet confirmation

The migration from the PoW to the PoS chain is done without users’ approval, so if your wallet shows a “confirm upgrade” request it, it is likely coming from scammers and you should not authorize it.

? Airdrops do not require wallet confirmation

A part of the Ethereum community, mostly related to mining activities, but also some genuinely PoS-distrusting folks, support the idea of a hard fork that would exclude the “difficulty bomb” and let Ethereum blockchain continue operating with a PoW consensus.

In case of such fork, the Ethereum state will be duplicated, and current Ethereum addresses would receive copies of their funds, both native coins (ETH) and different tokens.

Such airdrop would not require any confirmation from the addresses’ owners, so if your wallet asks you to “confirm an airdrop”, it is likely coming from scammers and you should not authorize it.

? In case of PoW fork – check the Chain ID
If the EthPoW developers do not update the chain ID from 1 (Ethereum) to another number, it will open the door to “replay atacks”, when a transaction on EthPoW could be replicated without user’s permission on Ethereum (PoS).
Before engaging in any activity on the eventual EthPoW blockchain, be sure to check its Chain ID.

? Do not get phished

There are plenty of phishing techniques in the crypto space, from mailing to “mirror” websites and false links, all simulating the experience with a trustworthy operator, but instead luring users into revealing sensitive data or confirming fraudulent transactions.

In the Merge period be extra cautious: do not click on “confirm the merge” emails coming from “binanced”, do not type your seed anywhere, and, in case if the PoW fork gets through – double-check the platforms (and their URL) that would start trading its assets.

? Beware of staking pools

Most staking pools offer to stake your ETH for a 3-6% yearly revenue. A significantly higher yield should raise a red flag, as well as newer DeFi staking pools without a proper audit, or centralized ones operated by company without a previous track record.

Stay safe!