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- 😈Heard of Spoof coins yet?
Good Morning Switchers 🤗
👋Welcome to Switch Daily with a BO'OH'O'WA'ER (British bottle of water) because we are running out of breath with all this hot goss we cant stop talking about.
Speaking of hot goss, did you guys read today’s latest? Not in the newspapers obviously. We mean on Twitter!
It’s insane how Twitter is breaking more stories than the New York Times (NYT). Especially after the FTX fiasco, which was completely covered by Tweeteezens. Now, we are also thinking of applying for a journalism gig at Twitter.
Well, we guess Kudos to Musk for making our lives interesting?
BTW, if you like reading this newsletter, give us a shout out on Twitter and get your friends to subscribe. It will mean a great deal to us!
Here’s what we’ve got for you:
Market pulse
This scam is Spoofing away user funds
No nonsense news
Meme of the day
Market pulse 📈
Oh no! The market remembered FTX again 😑
With the broader crypto market starting another day in the red, it is now obvious that the effects of the FTX collapse will last for the while. Early Thursday — 17 November 2022 — the market is trading at a discount of 1.93%, compared to where it was yesterday, this time.
A lot of otherwise exciting crypto counters, like that of DOGE, XRP, and more are trading flat — showing an ongoing tussle between the buyers and sellers.
Coin of the day: Solana
The most impactful piece of information to come out of all this is the beaten-down DeFi space — primarily led by Solana's insane 70% drop in TVL (Total Value Locked). Ethereum and Polygon TVL figures have also taken a hit.
😈Spooky Spoof tokens?
Spoofing in crypto refers to the practice of making fraudulent transactions on a blockchain network by pretending to be someone else, usually someone with celebritorial status (identity theft much?).
Spoof tokens are fake ERC20 tokens that mimic a real token. These are then used to trick users to make a purchase.
Scammers manipulate investors into thinking they have discovered a yet to be announced drop. And they dive right into the exclusive liquidity pool, buying a bunch to get ahead.
But in reality, it’s not real (such irony, much pain.)
It’s like when you are shopping at one of these boho-chic thrift stores and find a Versace gown!
Like hello of course we will spend some hundred bucks of this ten thousands of Rupees worth of vintage beauty. But then when you get home and check the backside of the label, which says “made in China”.
Like your dream to be the next Deepika Padukone, now you are also broke. (No, this is definitely not a true story and no writer here was ever been scammed by fake couture.)
Anyway, back to Spoof tokens.
With Spoofing, scammers can create a token’s smart contract and then in the ‘transferFrom’ event they can list addresses of well known projects.
These are then picked up by block explorers and services that only show ‘transferFrom’ data rather than the actual sending account.
In fact, good spoof tokens will often involve a lot of fake transfers/airdrops to further deceive users.
Following this, spoof tokens particularly pop up during airdrops or major crypto events like the FTX fiasco.
Speaking of the FTX fiasco, according to a crypto analyst on Twitter, Etherscan transfer logs can be spoofed and the recent movement of funds in the FTX hack saga is one example of that.
Since November 12, FTX Wallet Drainer has received and swapped 3.5 billion and sent 2.8 billion of various profanity and meme tokens such as FTX Sucks, F*ck FTX, CRO Next and others to a number of “meme” and famous addresses.
Oh don’t get spooked out already. We will also tell you how to detect the hell out of these Spoof tokens so no scammer can come near you.
So all you have to do is, don’t be careless and check the transaction info. Oh yes, it’s that simple.
For any of these token transfers, don’t forget to click into the transaction details. After doing this what you will usually see is that the ‘From’ address that initiated the transaction is clearly not the same From address for the token transfer.
At last, neither of us are actually on a first name basis with Vitalik or Elon, so let’s better stop and ask ourselves whether something is too good to be true. And then check the transaction details page.
What’s up? 🤔
In an attempt to get traditional and crypto payment systems to collaborate further, Circle has decided to add support for Apple Pay. This helps crypto-native businesses open up to customers who are keen on traditional payment options.
Church-street—A well-known street in the commercial part of town has now joined the recently launched city’s airport terminal in the metaverse. Luru, the metaverse-based counterpart of the street, will be unveiled at the 25th Bangalore Tech Summit (BTS).
Just days before the start of the FIFA world cup 2022 in Qatar, Cristiano Ronaldo has decided to drop a bunch of Non-Fungible Tokens (NFTs) into the market in collaboration with crypto platform Binance
Meme of the day!
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See you tomorrow, folks. 👋
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