Alarm Bells Ring as New Telegram Scam Emerges in Crypto Community

A fresh scam unearthed on Telegram has sent shockwaves through the cryptocurrency sphere, allowing scammers to deplete a user's digital wallet sans transaction approval. This fraudulent scheme targets tokens that adhere to the ERC-2612 token standard, enabling seamless transfers or transactions without the need for Ether (ETH) holdings. Despite not necessitating transaction approval, the scam dupes users into unknowingly signing a message.

With more tokens embracing the ERC-2612 standard, the risk escalates. A user recounted losing over $600 worth of Open Exchange (OX) tokens after joining what appeared to be the official Telegram group of the token developers, OPNX. Regrettably, the group turned out to be a phishing ploy. Prompted to connect his wallet for bot verification by pressing a button, the user complied, oblivious to the lurking danger. Moments later, all his OX tokens vanished, despite no transaction approvals being granted.

An investigation uncovered the use of a counterfeit Collab.Land Telegram verification system by the fraudsters. While the authentic Collab.Land system employs the username @collablandbot, the counterfeit version uses @colIablandbot, appearing identical due to Telegram's font. Moreover, the bogus version employs a subtly altered URL to further deceive users.

Blockchain data unveiled that the scammer siphoned the funds by leveraging the "transferFrom" function in the OX token contract, typically necessitating owner approval through a separate transaction. However, no such approvals were evident in the data. The perpetrator utilized the "Permit" function on the OX token contract, designating their account as the "spender" and the victim's as the "owner," enabling them to drain the funds without conventional token approvals. The victim unwittingly confirmed an "additional signing dialogue," thereby granting approval for this maneuver.