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If you receive a strange token in your wallet, don't sell it! It'a scam and you'll lose all your money

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by COINS NEWS 318 Views

Well, I thought it was already common knowledge, but just today a friend told me he got scammed in this way.

I don't know technically how it works, however you get some strange token in your wallet. You never bought it, you just receive it. Usually it's a bep20 token so it works on the bsc.

The first thing you think is "great! Free money! Let's sell this shitcoin and get some BNB in return"

When you sell the token, you activate a smart contract that transfer all your other coins to the dev of the scam coin you got, or you just give away your private key.

I guess the scam is in the exchange you need to use in order to sell the token. Usually you should go to a unknown website, connect your wallet and sell your tokens. I guess that's where you get scammed. Usually these coins can't get exchanged on pancake or other popular dex.

So, if you receive a strange token, just hide it from your wallet.

Maybe, but I'm not sure, you could just send it to another random wallet in order to burn it, but I don't know if sending it will activate some exploit that will scam you anyway. Maybe someone could answer about it in the comments.

Edit: To be clear, I'm talking about not custodial wallets like metamask and trust wallet. If you have money in an exchange, scammers can't use this exploit to steal your money. However be careful because they could use other ways like discovering your password, but that's not related to this topic.

submitted by /u/Trevigol
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