What to do with SCAM tokens in your Cardano Wallet!

One common blockchain scam looks like this: the scammer sends an unsolicited Token or NFT to your wallet. If you have been playing around with DeFi, interacting with new projects, or grabbing new tokens at DripDropz.io, you might have dozens of silly tokens in your wallet – a couple of extras COULD blend right in!

Making it even trickier, the scam tokens will usually mimic a legitimate brand. They usually have some enticing language like “Reward token” or “Bonus Air Drop!” Most notably, they will also have a website URL printed somewhere on the image of the token or in the metadata. The linked website will be a convincing doppelganger of the brand they are mimicking - same colors and some of the same content! However, if you do some looking, you will find they are always copycats. For example, a scam token might have “lidonation.io” listed as the website, instead of the correct website, lidonation.com.

The scam website will invite you to connect your wallet to receive a reward, or something similar.

What should you do next?
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Great article to inform people about scam tokens, but I’ve got two enhancements:

  1. There’s a more subtle scam, where they don’t trick you in signing a tx that drains the whole wallet, but only the necessary ADA and then all of some other token you have. (In some wallets) this is less obvious and more people fall for the scam in that way; users should be aware of this too…

  2. When receiving the scam tokens, there will be a little ADA attached to it too. So when sending it to an exchange, it didn’t cost you anything in the end, even not the tx fee to send it to the exchange. You’ll end up with more ADA than you had before receiving the scam tokens. Even with the burn wallets where you’ll lose the necessary ADA attached; if you send at least two scam tokens together (that you received separately), the combined necessary ADA together with the tx fee will be less than the sum of what you’ve received and here also you’ll end up with more ADA than before receiving the scam tokens.

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