Covered Events
The most common cryptocurrency scams fall under three main categories of phishing scams:
Malicious transactions and/or signatures
Address Poisoning
Private key or seed phrase compromise
Fairside protects our users from these scams and helps them navigate the complex social engineering attempts used to deliver them.
These covered events focus primarily on scams that target the Ethereum and EVM based chains that Fairside covers.
Covered: Malicious Transactions & Signatures
Fairside will cover most instances where a user is tricked into signing malicious transactions or signatures that leads to crypto theft. These scams can take several forms and typically leverage unique smart contracts that focus on specific types of assets.
Covered: Address Poisoning
Fairside covers malicious transfer scams where users are tricked into sending crypto to a malicious address. This occurs primarily through a scam referred to as “Address Poisoning.”
Address Poisoning occurs when scammers spoof transactions that appear to come from your wallet. Their goal is to trick you into copying and pasting the wrong address from blockchain analysis tools like Etherscan and sending funds to that malicious address.
Covered: Private Key Compromise
Fairside covers some instances of private key or seed phrase compromise. Private key compromise typically occurs when users download malware or viruses that search computers for sensitive information, including the private keys associated with hot wallets or seed phrases for other wallets stored in the computer’s documents or photos.
Fairside covers most instances where private keys are stolen due to malware or a virus. This coverage is contingent on forensic analysis to verify that the user downloaded malware prior to the loss event. Fairside users who believe they have experienced a malware related loss should move all valuable assets to fresh wallets on separate seed phrases and completely separate devices.
Scammers also create phishing websites designed to steal seed phrases or private keys by asking the user to provide this information. Fairside does NOT cover instances where a user sends their seed phrase or private key to a scammer, or enters it on a website.
Legitimate wallets and protocols will NEVER ask users to provide their seed phrase on a website. Users only need to enter their seed phrase on a wallet when restoring that wallet, typically on a new device.
Remember, we're constantly monitoring the crypto landscape to ensure our coverage remains up-to-date with the latest threats, so you can feel secure in your crypto journey.
Don't see a specific type of theft or scam that concerns you? We value your input! Join our community channels to share your thoughts. Your insights help us evolve and provide the most comprehensive protection possible for our community.
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