The developers of Revoke, an app used to manage transactions, have reported a new type of "fake approval" fraud.
Attackers started sending fake tokens to project users. In the Revoke interface, users had to confirm these tokens. A smart coin contract was created with a huge fee to cancel the transaction.
The fraudulent scheme was executed using "gas tokens," which emerged a few years ago as part of EIP-3529 when commissions began to rise in Ethereum.
In other EVM networks, including BNB Chain, the method of creating and burning tokens to manage commissions is still used by attackers, although it has become irrelevant in Ethereum itself. To counter this scam, Revoke has implemented an additional feature that will monitor commission amounts and notify users if anything happens.
Beosin provided information that for the half year of 2023, the digital asset sector had a loss of $655.6 million due to theft, scam schemes and rug pull.