Friends, have you done any inscriptions lately? How is your sleep quality?
It is said that virtual currency investors who do not participate in inscription now are called classical crypto asset investments. Inscription is the correct posture for the new generation of currency speculators. We don’t know whether the bull market in the currency circle has arrived, but the spring for Bitcoin miners is definitely here. Two days ago, my friend Amway and I purchased a certain wealth password on a certain Web3 wallet chain. I looked at the gas fees on the Bitcoin network, and they almost caught up with the Token price. It is an inscription that we cannot afford.
Friends in the bubble circle have different opinions on whether this wave of inscriptions is a success, but there are some clues to follow. Generally speaking, most of the friends who are currently singing empty inscriptions belong to those who started fighting without ending in the early days; while the friends who cheer for inscriptions as a paradigm shift of coin power are those who stocked up a lot of inscriptions in the early days or acted as effective leaders in a certain community. . The two groups of people met each other in the cold wind, and they must have exchanged greetings in their hearts.
In line with the principle that watching the excitement is not too big, let me be fair. The currency circle and the chain circle themselves are in the stage of trying to cross the river with various technologies and routes. They should be praised and criticized. It may indeed be a bit premature to label an emerging thing as good or bad. No matter how you say it, it is definitely an eternal truth that the butt determines the head.
As a risk preventer in the industry, when I see many friends around me participating in the process of getting rich by making inscriptions, I can still see some potential risks. I specially set aside time to prepare a short article to give a friendly reminder to all of you who are worth millions. friends.
In the process of retrieving information, I came across an article written by a netizen (GoPlus Security). From a technical perspective, I sorted out some common scams among friends in the currency circle during the process of making inscriptions, and gave some prevention suggestions. It was well written. Its great (but I cant understand some of the technical details). At the same time, based on my experience as a user and seeing some of my friends around me, I have summarized the risks you may encounter when participating in the process of making inscriptions as follows. hope its good for U.S..
01 Phishing website routines
The first method is too common in the currency circle. Not only exchanges, but also wallets will give you a fake one. Scammers are also very diligent. They will create a fake thing to deceive you whenever it is popular. For example, Unisat, which has a popular inscription, will create a fake website, and then optimize and promote search keywords on Baidu or Google, so that Friends who don’t know the truth click to visit or register when checking the website. When you register as their user, there will be a magical phenomenon where you obviously did not leak the mnemonic but your assets are gone, because you transferred the virtual assets in other accounts When it comes to the in-app wallet account, the assets in your wallet have been stolen by them.
How to prevent this situation? My experience is to try to click on links and downloads on the official Twitter of the project team or the community. To be honest, I feel that the Telegram group is already very unsafe. In the past week, I have already had two friends in the currency circle because A tragic story happened when a certain link in the group was clicked to download and the asset was lost. Of course, there are also scammers on Twitter. You will find many accounts with the same name in the same community. This is also commonly used in the following scams.
02 Fake well-known inscription routine
Not only exchanges and wallets can be faked, but the inscriptions themselves can also be faked. When I searched for the same field in a Web3 wallet, I could see many inscriptions with the same name. For example, when I searched for the popular inscription DOGI on a certain website, , I can find four results that look exactly the same, which is a bit silly and unclear. This is because the platform usually only captures specific fields and displays them first, and scammers take advantage of this rule to commit fraud or defraud.
How to prevent it? The first is to find wallets or trading platforms owned by some large companies, such as the Web3 wallet of KX, which is currently relatively well-known in the industry (no product recommendations are made!). It will perform certain identification on the front end of the product, and at the same time, in order to avoid If an unexpected event occurs, compare and confirm whether the inscription format and agreement are correct before the transaction.
03 The routine of claiming east and attacking west
Trading in the secondary market is not satisfying, only by directly participating in making inscriptions can you become rich. Taking advantage of the general publics demand for fresh inscriptions, some groups began to create copycat inscriptions to make money. However, this money-making model is that you can type inscriptions at will, and they only care about your handling fee. Usually, a scammer group constructs a fraudulent Mint contract and uses various methods to induce users to participate in making inscriptions. Friends who make inscriptions will receive a worthless inscription picture after paying a super high gas fee. How to prevent it? Before participating in any Mint activity, take some time to research and verify the legality of the contract, and pay special attention to whether there is an unreasonable fee structure in the contract.
04 Routine to steal wallet private key
During the inscription process, it is inevitable that multiple wallets will be created. If it is too troublesome to copy the mnemonic phrase by hand, many friends will directly copy and paste the private key mnemonic phrase and save it in Notepad or WeChat dialog box. Or when participating in the staking or airdrop activities of some Pheasant project parties, you are led to click on a link that you don’t know what it is. In this case, it is easy for hackers to obtain the private key information and steal the virtual currency in your wallet without you noticing. The currency was transferred away. Just as I was writing this short article, I saw the tragedy of a netizen on a social platform who made hundreds of thousands by participating in making inscriptions, and all his assets were stolen. How to prevent it? Any Mint information you see online must be verified. Especially when it comes to activities and download links sent by well-meaning netizens in Telegram groups and Twitter, be sure not to click blindly.
05 Conclusion
There are a lot of interesting safety and legal issues to talk about around inscription. For example, the reason why the inscription became the protagonist of Shuangwen is that everyone thinks that the inscription has no currency issuance party and is a fair launch. Netizens who participate in the inscription have a gas price, but at the same time, lawyer Honglin also saw another One way is to create a copycat inscription, and then after the dealer goes crazy, create a popular community on Twitter and Telegram to conduct CX. After the inscription is completed, they will continue to raise the price to attract more friends. They came to take over at the top of the mountain. In this case, it does not seem to constitute an ICO (the coins did not go to the project owner’s wallet after all, but were given to the miners), but if you taste it carefully, you will feel that something is wrong. Later, Lawyer Honglin will continue to talk to you about legal essays about inscriptions. If you find it interesting and useful, please click to read and follow!
References
GoPlus Security《A must-have safety hit inscription manual for beginners》
Author of this article: Lawyer Liu Honglin (Founder and Director of Shanghai Mankiw Law Firm)
He has 10 years of experience in law and Internet entrepreneurship. He has served as the vice president of Tencent Strategic Investment Legal Technology Company and the legal manager of a private equity fund of a listed company. He is good at proposing practical implementation plans for cases from the perspective of business models and legal practices, and realizing commercial success for clients. Maximize the benefits.
Served as legal counsel for a number of blockchain companies with backgrounds in listed companies, and has provided compliance consulting and legal services to 100+ blockchain companies and projects, with rich practical experience.
Lawyer Liu Honglin has received many interviews and exclusive interviews from many domestic mainstream media such as Beijing News, Jiemian News, Red Star News, and Financial Lianxin. He led the release of the Legal Industry Blockchain 2020 Annual Report and participated in the writing of the best-selling book Twilight of the Corporate System: Blockchain Thinking and Digital Incentives.
Special statement: This article is an original article by Shanghai Mankiw Law Firm. It only represents the personal views of the author of this article and does not constitute legal consultation or legal opinions on specific matters. If you need to reprint the article, please contact Mankun Law Firm staff: MankunLawFirm
