Websea Security Advisory

As the cryptocurrency market continues to grow, more users are engaging in crypto investment and trading. However, the anonymity and decentralization of digital assets also creates opportunities for scams. This guide outlines common cryptocurrency frauds and provides practical advice to help users safeguard their assets.

 

Whitelist Address Scams

Scammers may disguise fake wallet addresses as Websea official addresses to gain trust. They often lure users with promises such as “deposit rebates” and trick victims into transferring funds repeatedly. On networks like EOS or TLOS, usernames can be customized, which scammers exploit to create addresses like “Websea TLOS” that appear official. Once these fake addresses are created, scammers entice users to deposit funds by promising deposit rebates. Often, after receiving the transfer, the scammer will either not return any tokens, successfully completing the scam. In other cases, they may return the deposited amount and a promised reward at an agreed-upon ratio. This is done repeatedly to build further trust, ultimately leading to the victim transferring larger sums, which are then stolen.

 

Example: A Websea user with the username makemoney may be targeted by a scammer who creates a fake EOS address mαkemoney (using visually similar characters). The scammer claims this is the user’s new deposit address and promises extra tokens. Depositing to this address results in the loss of funds.

 

Investment Scams

Scammers often use social platforms (X/Twitter, Telegram, etc.) to lure users into fraudulent investment schemes, posing as official Websea personnel or claiming partnerships. Common schemes include high-yield or arbitrage promises (“brick-moving arbitrage,” “cross-chain bridge profits”), new token investments not listed on mainstream exchanges, ICOs, gambling, pyramid coins, Ponzi schemes, or staking scams. Participating in such schemes carries a high probability of losing your investment.

Arbitrage Scam Case – HIVE Example: A user sees a so-called HIVE arbitrage tutorial in a community group. The scammer lured the user with a promise: “Deposit 100, get 120 instantly.” The user’s Websea UID was 123456, which the scammer obtained and then created a fraudulent receiving address resembling it, such as uid123456. Following the scammer’s instructions, the user transferred funds to this fake address. Initially, the scammer returned both the principal and a small “profit” to the user’s HIVE deposit address on Websea. After several small successful transactions, the user’s trust increased and they gradually made larger deposits. Eventually, when the user transferred a substantial amount, the scammer disappeared with all funds, resulting in significant losses.

Cross-Chain Bridge Arbitrage Scam Case: A user was persuaded by a scammer to transfer STEEM from Websea to an IOST address on another platform, claiming high returns through a “cross-chain bridge.” The user made a few small initial transfers and received partial “returns” as promised. Over time, the user gained trust in the scammer and joined a group set up by them, following instructions to transfer larger amounts. After multiple substantial transfers, no further returns were received, and the user realized they had fallen victim to a scam.

 

Safety Tips:

1) Anyone falsely claiming to be a Websea partner or staff member should be considered fraudulent. Be wary of all forms of investment, gambling, and betting scams.

2) Only use the official Websea app or website for transactions.

3) Avoid downloading third-party “arbitrage tools.”

4) Never transfer funds to unknown or unverified addresses.

 

Impersonation Scams

Scammers may hack or impersonate friends’ social accounts, requesting loans or urgent transfers. They may refuse identity verification via video or voice.

Safety Tip: Always confirm with your friend directly before transferring any assets.

 

Off-Platform Trading Scams

Scammers may pose as online friends, dating contacts, or investment advisors to conduct off-platform trades. Common tactics:

 

1) OTC Non-Payment: You transfer tokens first; buyer does not pay.

2) OTC Non-Delivery: You pay first; seller does not send tokens.

3) OTC Fake Tokens: Seller deposits counterfeit USDT or tokens.

4) Entrusted Sale with Fake Tokens: Small initial deposits build trust, followed by large fraudulent transactions with fake tokens.

 

Safety Tip: Always trade within the platform. Off-platform trades carry high risk, and Websea cannot guarantee asset safety.

 

Fake Token Scams (Fake WBS)

Scammers may use Telegram or other groups claiming to be “Websea official arbitrage groups,” offering fake WBS tokens in exchange for ETH. The tokens sent are not official WBS, resulting in direct loss of assets.

Safety Tip: Only access platform events and token information via the official Websea website or app.

The crypto market continues to evolve, and scams are becoming increasingly sophisticated, posing significant risks to investors. To safeguard your funds, it is crucial to remain vigilant, strictly avoid private transactions, and always verify all activity information against official announcements. Never trust information from unofficial channels. Enhancing security awareness and following proper procedures are the most effective ways to protect your assets.

You can also explore the security section of the Websea Academy to learn more about preventing cryptocurrency scams, theft, and account protection. Through systematic learning, you can improve your ability to identify risks and enhance your security awareness, ensuring the safety of your crypto assets.