Biswappers,
Users’ security is our priority! We want to warn you about possible scams in the Crypto space. Please, be responsible and careful with your data and private information.
The crypto industry is developing very fast and becoming increasingly popular and used. At the same time, due to the lack of regulation, there are many cases of scams. Whether you are new or experienced in crypto, you should remember the essential security rules we will provide later in the article.
We want to make you aware of the most widespread scams and fakes and provide advice to help you in case of a threat.
Note! We care about the safety of our users’ assets. However, the Biswap team is not responsible for your assets if you fall for a scam.
Widespread types of Scams:
Fake tokens
Fake tokens can be visually identical to the “real” token. Still, in its smart contract code, the sell function can be programmed only for specific wallets, which later can drop prices by selling a significant amount of tokens, leaving you with a zero-priced token that you can’t sell.
🚩Red Flag:
- Someone’s address holds 90+% of the supply
- You can buy tokens but can’t sell
🔒Advice:
- Check the token contract
- Pay attention to the number of holders and their supply
Note! You may face fake tokens even on Biswap. Unfortunately, AMM such as Biswap cannot prohibit adding liquidity to any specific token, but we can protect you by informing you about these cases.
Scam smart contract approve
Scammers ask you to approve some Smart contract or Wallet address in your wallet app. This approval allows them to use your tokens without transaction approval from your side at the moment of the transaction.
🚩Red Flag:
- If you receive a direct link to approve the contract.
🔒 Advice:
- Always check the smart contract before approving it
- The Biswap platform will never ask for personal information or DM you first.
Good news: You can remove any contract/wallet approval. Contact the Biswap Support team for help or use the guide below.
1. Connect your wallet
Open https://bscscan.com/tokenapprovalchecker
2. Enter your address in the search bar.
Next, connect your MetaMask wallet app or use WalletConnect.
2. Find the required smart-contract
This page will show a list of contracts. Find the exact smart contract you have an issue with.
3. Revoke permissions
Click the “Approval” button. There is a Decline button on the right side of the contract. Click this button to revoke the approval you gave to the smart contract.
Fake websites
Fake websites, as a rule, have similar but slightly different domain addresses from those they attempt to mimic. They look very similar to official sites, and it isn’t easy to see the difference.
Fake crypto platforms often operate in these ways:
As phishing pages: All the details you enter, such as your crypto wallet’s password, recovery phrase, and other private information, end up in the scammers’ hands.
As straightforward theft: Initially, the site may allow you to withdraw a certain amount of money. As your investments seem to perform well, you might invest more in the platform. However, when you subsequently want to withdraw your money, the platform denies the request.
🚩Red Flag:
- Suspicious domain address
🔒 Advice:
- Always check the domain addresses
Fake crypto giveaways
Scam giveaways usually involve users via social media posts where users are called to send crypto to an address with a promise that they will receive a double or more reward.
🚩Red Flag:
- The reward is significantly bigger than the investment
- Someone send you a direct link for a giveaway bot/channel/site
🔒 Advice:
- Avoid events not launched by Biswap or one of the Biswap OFFICIAL social media
- Always check the sources of the information
Man-in-the-middle attack
When a user logs in to a cryptocurrency account in a public location, connecting to the public Wi-Fi, scammers can steal their private, sensitive information. A scammer can intercept any data sent over a public network, including passwords, cryptocurrency wallet keys, and account information.
When users use VPN software, the traffic is routed to a VPN company’s internal servers, which can be a place where data can be stolen to access your wallet.
🔒 Advice:
- Do not make crypto operations in public- places
- Do not connect to public Wi-Fi to interact with your assets
- Do not use an untrusted VPN software
Trading bot scams
Another typical deception is phony trading bot websites. These platforms guarantee users very high monthly returns. They use the assets from new users to spend on the following scams. Once the fraudsters have acquired enough funds, they shut down the platform and disappear with investments.
🚩Red Flags:
- Extremely high returns are offered
- No documentation about the platform and its processes
- Multiple spelling mistakes on the website
🔒 Advice:
- Always be careful about the projects you want to invest in and not put your money in the hands of scammers
Phishing emails
Phishing is a common cyber-attack. You might receive an email from a malicious actor often posing as a reputable entity or business and asking you to enter a website page that seems familiar to you. However, the website is fake, and you are given access to your credentials when you sign in.
Other types of phishing may include fraudulent stories and requests or demands for money, such as emails that claim to have a record of adult websites visited by the user and threaten to expose them unless they share private keys or send cryptocurrency to the scammer.
🔒Advice:
- Be sure to check the outgoing email address.
- Do not open a link from an unfamiliar sender.
Don’t neglect this advice from Biswap
Biswap cares about your safe user experience!
Biswap team provides users with all necessary information that helps them avoid scammers attacks or other security issues:
Regularly in Telegram Chat, users receive a security reminder.
From time to time, Biswap warns its users in Announcement Chat & Twitter.
There are a few articles dedicated to users’ security in crypto.
How to stay safe in the crypto space: https://bit.ly/3zIfhxY
Safety First! Keep Your Assets Protected: https://bit.ly/3tzuQUT
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