After Users Complain Of Fake Approval Scam Revoke Adds New Feature

Scammers set up a new way to make crypto by persuading users into invalidate approval transactions.

Revoke, an approval management platform, has provided a fix to diminish a new crypto scam. Which involves luring crypto users into revoking fake approval and hurting them with absurdly high transaction fees.

Revoke.cash reported that they had received complaint from people notice unknown approvals in their transaction history.

In fact, scammers are using ‘gas tokens’ to defraud victims into accepting that they have doubtful transaction approvals.

Gas Token was created when Ethereum network fees began increasing. In the time of low network demand users can effectively store cheap gas.

“This allowed users to mint gas tokens when fees were low and burn them when fees were high, effectively “locking in” the lower fee,” explained Revoke.

Although, Revoke stated that scammers have building fake gas tokens that they airdrop with fake approvals that user think they required to reverse the transaction.

The specious tokens have programmed to create a lot of gas in the reversed transaction, and the newly minted gas token is sent back to the scammers, which increase the victim’s transaction fee.

Revoke announced that it has added a check that will shatter the reversing approvals if there is an exaggerated gas fee. It guides the users to overlook the fake approval.

Revoke is a protective tool that supports users practice safer crypto wallet behavior by managing active approvals, as they are not needed by DeFi protocol ahead.

Revoke have been convincing their users to revoke approvals for Multichain ensuing the multimillion dollar network exploit on July 7. It gives scammers a new way to lure the people through revoke approval.