Two Ethereum ‘Scam Forks’ Identified As Possible Scams

| Publish date: 01/13/2019
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In the world of cryptocurrency, there is this so-called classic recipe meant to create what is deemed a Flaming Crypto Scam. Basically, one should be able to build a site and add a nearly-invincible whitepaper. Otherwise, the whole point of the same will not work. Now, according to official reports, this is the same recipe that revolves around Ethereum Classic Vision. To put it simply, it claims to have found a way to solve the digital currency’s scalability issues while ensuring the happiness of many miners.

A Rather Confusing Offer

For starters, the name of the cryptocurrency itself is already confusing. In fact, it seems to appear that the Ethereum Classic, which is the original, is basically the pre-DAO hack version of ETH. Taking advantage on the hoo-ha environment, this ETCV is believed to be a fork, especially since it only offers users at least 3 ETCV for every Ethereum in their wallet. Of course, this could have been a lovely offer. Unfortunately, ETCV is not real – its only goal is to steal private keys from users.

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As far as Guarda (responsible for providing multiple crypto wallets) is concerned, Ethereum Classic Vision looked may look real and solid at first glimpse. But as soon as an in-depth analysis is put forward, one could easily tell what is wrong in it. And thanks to Guarda’s performance, it appears that there is a piece of code that subsequently sends private key data directly to the ETC servers. And what is worse is that the process tries to mask it as somewhat an API token.

To put it simply, it starts by capturing a user’s private key data and this is done without the knowledge of the owner. And because of this exploit, the funds can easily be removed from the user’s ETH wallet as soon as he starts downloading from the website.

The Hard Fork Is Already Happening

Ethereum Classic Vision’s hard fork is already happening, especially since it is clearly stated in its own white paper, is happening. The website, in particular, has various links that redirect users to a certain downloadable wallet applicable for both Linux and Windows.

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