Scam Alert: Fake USDT on Binance Smart Chain (BSC)
Dear CoinsDo Community,
We have been alerted to an influx of fake USDT tokens circulating among CoinWallet users, which has led us to uncover a scam involving fake representatives mimicking The Financial Commission (FINACOM), distributing fake USDT to defraud consumers.
Proof of Scam
Beware if you receive instructions from anyone claiming to be from The Financial Commission but using an email domain other than financialcommission.org. FINACOM had issued a warning earlier regarding this scam, which you can read here.
An email from scammer with known fake email address
info@ifinancialcommission-online.com
The circled area showing fake contract address
How to Prevent it?
Upon receiving any USDT on Binance Smart Chain (BSC), always request the transaction hash from the sender and verify the contract address to ensure the authenticity of the tokens received. Please verify the transaction hash only on trusted blockchain explorers, such as BSCScan.
Double-check that you are interacting with the correct USDT token. Scammers often issue a fake token named USDT that closely mimics legitimate ones to deceive receivers.
Known Fake USDT example on BSC network:
Note that the "Interacted With (To):" shows the fake contract address 0xC8B29E35d0503891E1d7bA8cF58b024A0afc9F9B, and under BEP-20 Tokens Transferred, the token does not show a proper logo.
Real USDT on BSC Network:
The real contract address of USDT on the BSC network is 0x55d398326f99059fF775485246999027B3197955, and it has token logo under BEP-20 Tokens Transferred. However, please note that USDT on BSC network has a different name which is Binance-Peg BSC-USD,
Where can I find the real contract address?
To accurately find all legitimate token contract addresses, you can always refer to CoinMarketCap's token info for all major tokens and compare them to the one you have received. Below is an example of how you can find a contract address of USDT on Ethereum network.
1. Go to CoinMarketCap token info page here.
2. Take note of the contract address under Contracts section
Contract address as circled. Click on more to see all other contract addresses on different network
3. Compare contract address by using transaction hash on trustable explorer (Etherscan for our example here)
Contract address is exactly the same as CoinMarketCap’s and you can see the USDT has a proper logo.
Other Similar Scams
Be aware that there is a high chance of similar scam happening elsewhere, circulating fake USDT across wallets, including CoinWallet. Always follow the steps above to prevent falling victim to these scams.
Why We Can’t Block Fake Tokens
Transactions are recorded as part of the blockchain’s ledger. As the very core function of all crypto wallets available, including CoinWallet, wallets are designed to capture all transactions recorded on the blockchain ledger, regardless of what token it is. Furthermore, CoinWallet’s decentralized and flexible nature allows users to add any tokens, which unfortunately exploited by scammers to deceive our users by convincing them to manually add the token, and claiming the token is genuine.
Report Suspicious Activity
While we strive to improve our products to prevent such incidents, if you encounter any unusual requests or suspect a phishing attempt, please report it immediately to your local law enforcement.
Remember
Your security is our utmost priority. By staying informed and vigilant, we can collectively ensure the safety and security of our digital asset environment. Should you have any concerns or need assistance, our support team is always available to help.
Stay safe and secure,
The CoinsDo Team