How can connecting my wallet to a website drain me

Been there, done that, lesson learned. When Telos In February introduced the ERC-20 token I was one of those who lost ethers bcz of a faked address some scammers shared. Iguess I'd be a tlos delphin now without that incident 😉

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26.10.2021

Douglas Horn - GoodBlock, Telos, dStor, Decide Voter, Antelope

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Been there, done that, lesson learned. When Telos ...

Damn. I'm really sorry to hear that. Scammers suck. All we can do is be really clear about the contract addresses, but it is sooo easy to mKe a mistake, unfortunately, when people can make them look so convincing.

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26.10.2021

Douglas Horn - GoodBlock, Telos, dStor, Decide Voter, Antelope · Accepted Answer

We should put out a video on this @lliambuckley There's two issues. One is that people connect and even though the wallet tells them what is actually going to happen (steal your entire balance) they only read the website that says it will hlgive them a free airdrop. This is fairly common and works on people who are new or just in a hurry, whatever. It's hard to solve against human error or failure to educate yourself. The other scam is more insidious because it uses a regular practice by AMMs and farms. In order to do swaps, etc, you have to approve the smart contact handling your monet on your behalf because the contract itself does things with your funds essentially since there are multiple steps. Now legit smart contracts csm only do certain things with that approval but if there's a legit looking website but a smart contract behind it that steals your funds, then you’re in trouble if you go ahead and "Approve' it to spend your money for you. So scammers use this behavior needed by legit apps that defi users are now accustomed to but don't really understand to rob them. Even though anyone could look at the contract address and hash and know it's a fake, the majority of users don't know about this.

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How can connecting my wallet to a website drain me

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