Revoke.cash, a popular tool that allows users to revoke unwanted token approvals, BNB Chain revealed a new scam targeting its users.
According to a post shared on social media by Revoke.cash, the scam involves scammers creating fake tokens and endorsements to trick users into canceling them.
However, when users try to revoke these fake confirmations, they have to pay a huge gas fee that goes to the scammers.
Scammers use a technique called gas tokens, which are tokens that can be minted and burned to get gas refunds. Gas tokens were first on Ethereum It was developed as a way to save on gas fees, but was rendered obsolete by a network upgrade in 2021. However, some other blockchains like BNB Chain still support gas tokens.
Scammers take advantage of this feature by programming their fake tokens to print large numbers of gas tokens during a cancellation. These gas tokens are then transferred to the address of the scammers and the scammers can sell them for profit. Users do not see that they are sending money to the scammers, they just pay a high fee.
Revoke.cash said that to protect users from this scam, they have added a control that prevents them from revoking approvals with excessive gas fees. They also advised users to be careful and check the details of any approval process they see in their history.
*Not investment advice.
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