Phishing by Vera token

2 August 2021

Being myself in the crypto industry and as a developer, I never thought I would be scammed. But that happened. And it happened quickly.

I was using https://farmfol.io/ to track my wallet balance. And saw that it has 100K USD. I thought that someone deposited his tokens to me accidentally. So, I researched the token. The token is called Vera. And it’s domain name is http://thevera.io/.

The website had a “claim” button. I clicked on it to approve my wallet. Then, I suddenly realized that they might withdraw my crypto wallet. It was on Binance bright chain, where transaction confirmation speed is 3-4 seconds. I was a few seconds late before the transaction was confirmed. As a result, I was screwed for 2BNB (~600$).

I tried to remove the token from my wallet but without luck. Then I tried to transfer tokens to an empty address, but that didn’t work either.

Tokens are smart contracts where the token developer programs every token function. The developer of the Vera token puts a high fee on any transaction or completely rejects any method call.

This case also proved my Blockchain idea that makes users own their wallets and accounts. What is the point of having a private key when the tokens in my balance are without my acknowledgment? Or when I can’t do anything with them because the developers decided like this.

Solution: The Seascape blockchain will have one token with unlimited minting. When users create a new token, they allocate the part of the native token and add an alias name. Since the core part of the token is a native token, the transferring and burning of the token will be available for any user.

Besides that, since all tokens are backed by the native token, through the native token, users will be able to exchange tokens with each other without any dex.