HashDit team noted “eth-am.com” trending high up in member interactions. Always do your due diligence before interacting with quick investment sites.
Our Advice: Stay Away! It's a Phishing website aiming to deprive you of your funds via approval phishing.
How this phish works:
The site is set up to look like an automated trading platform mixed with a staking aspect.
As soon as you land on the page it automatically requests a wallet connection.
Clicking the word ‘Open’ or interacting with the supposed trading page triggers the phish.
The transaction asks you to sign an approve function for the spender address.
Looking at the transaction value,you can see that it is set at an almost unlimited value.
The destination address is also a personal address, which is another red flag.
Approving this would lead to a loss of all funds from the victim's wallet.
If the approval is not revoked, anytime funds are added in, the scammer can transfer them out resulting in ever greater losses.
Address: https://etherscan.io/address/0x8Cb9b8fa576C5480BeD7838db8808EEc072b410C
Eg tx : https://etherscan.io/tx/0xc710bdb022b15fc1f554a94564d2c1d093338685c451dbf21872038d96552290
Looking at the above you can see that the approver calls a transferFrom(address from, address to, uint256 _value) function to move funds from the victims address to one of his choice.
Always #DYOR! And review your transactions before signing and if in doubt do not take decisions on fomo basis.
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