Tracking the Movement of Funds through CertiK Monitoring: How to Detect Fake-Phishing Scams on Ethereum

According to reports, according to CertiK monitoring, the EOA address (0x2ed8…) associated with Ethereum’s black address labeled “Fake-Phishing76357” transferred 200 ETHs (approximately $365000) to Tornado Cash.

Transfer 200 ETHs from a marked black address to Tornado Cash

Introduction:

Ethereum has taken over the digital world by storm, and to keep tabs on its stability and reliability, people monitor its network activity closely. However, there are instances where individuals or groups attempt to scam investors or users on the network. This article will cover the details of the recent scam reported by CertiK monitoring and how we can detect such fraudulent activities.

What is CertiK monitoring?

CertiK is a leading blockchain security firm that provides a platform for monitoring the transactions on the Ethereum network. The platform alerts users regarding suspicious activities or fraudulent transactions that may be taking place through blockchain systems.

The Fake-Phishing Scam

According to the reports by CertiK monitoring, an EOA (Externally Owned Account) with the associated Ethereum black address named “Fake-Phishing76357” has transferred 200 ETHs (approx. $365000) into Tornado Cash. The Tornado Cash is a newly launched token that lets users transfer money anonymously.
This transfer raised a red flag, causing a stir in the crypto community. It is hypothesized that this EOA was related to a phishing scam that had duped thousands of users worldwide. The cybercriminals sent an email claiming to be from an established and reputed exchange, asking for the user’s credentials.
Once the user fell for the scam and provided their login details, the fraudsters would access the account and transfer the funds to a different wallet address. Then, the hacker re-launched the funds back into the crypto world through the anonymous exchange Tornado Cash.

How CertiK Monitors these Events?

CertiK has a team of cybersecurity experts that utilize the latest analytical tools and technologies to track such illegal activities. These tools help the CertiK team flag suspicious transactions and movements of funds by immediately alerting them of any potential fraudulent activity.
Moreover, CertiK algorithms make use of several factors to scan the Ethereum blockchain system for any abnormal behavior or patterns. These include known wallet addresses, transaction amounts, timestamps, and user behavior. They also have a list of nefarious or blacklisted wallet addresses and scan the network continuously to detect any potential movements.

How to Detect Fake-Phishing Scams on Ethereum

It’s essential to keep informed and aware of the latest scams in the crypto world. To detect fake-phishing scams like the one reported by CertiK, and avoid falling prey to it, follow the steps below:
1. Check the email address – Ensure that the email address is from a trusted source before clicking on any links or responding to the email.
2. Verify the site URL – Make sure that the URL you’re clicking is legitimate and belongs to the trusted site.
3. Keep your credentials safe – avoid sharing your login credentials with anyone, even if they claim to be from the exchange’s support team.
4. Utilize Certik Monitoring Services – choose a reliable platform like CertiK, which provides a secure and trustworthy environment to monitor the activities on the Ethereum network.

Conclusion

The Crypto world is full of uncertainties, especially when it comes to security. CertiK monitoring provides users with constant and dependable security against fraudulent activities like the fake-phishing scam discussed above. Being aware and using reliable monitoring services like CertiK will ensure a safe and secure experience in the world of cryptocurrencies.

FAQs

1. What is CertiK monitoring for Ethereum?
CertiK Monitors the Ethereum network for suspicious activities or fraudulent transactions and alerts users regarding them.
2. How does CertiK Notifies users regarding any scam?
CertiK’s email-based notification system keeps users informed of fraudulent activities or suspicious transactions.
3. Can I limit the notifications I receive from CertiK?
Yes, Users can customize the notification settings based on individual requirements.