Yesterday, I received a message from a follower. After half a year of struggling to accumulate assets in the crypto market, their wallet suddenly showed a token 'Very High Value'. The displayed number left them stunned, feeling like they had 'Won the Lottery'.

Wanting to quickly realize profits, they followed the instructions: Authorize (approve) to sell the token. In the blink of an eye, all the real assets in the wallet were drained.

  • Contact the platform? No support.

  • Contact the project? It does not exist.

👉 The result: bear all the losses yourself.

Many will think: "Who would believe such tricks?"

But the truth is: this is not an isolated case. Recently, this type of scam is making a comeback with a more sophisticated version, even surpassing the risk alerts of many popular wallets. Not a few long-time players have also almost fallen into the trap.

From the perspective of an industry observer, I will clearly analyze the nature of this trick and present 3 survival principles to help you avoid losing money.

The Nature of the Scam: Preying on Greed

This trick is not new. It has been around since about 2017, but it is still extremely effective today.

A familiar scenario:

  • The scoundrels airdrop fake tokens into numerous random wallets.

  • This token is priced extremely high on wallet interfaces or fake pages.

  • Users see a large number, creating the feeling of "money falling from the sky."

For newcomers, the first reflex is:

"Must sell quickly or I'll miss out!"

And the trap lies in the next step.

To trade, the system requires authorization (approve).
The moment you sign the authorization, in essence, you have opened control of the assets in the wallet to a malicious contract.

Result:

  • Fake tokens can never be sold, continuously reporting the error "failed."

  • While you're still fumbling to try again,
    👉 all real tokens (USDT, ETH, BNB…) have been transferred elsewhere.

Why Are There Still People Falling Into Traps? Because Warnings Are Overlooked

Previously, major wallets had increased risk alerts: strange tokens, dangerous contracts, unusual approvals…
However, scammers have upgraded their techniques:

  • Exploiting display price loopholes

  • Disguising contracts

  • Making fake tokens look "more legitimate," less likely to be flagged as dangerous

At that time, human psychology is the deciding factor.

That fan shared again:

"At that moment, my mind was blank, only thinking about withdrawing money.
Until the balance reaches 0, then I realized."

In this market, the biggest mistake is not a lack of knowledge, but losing control of emotions.

3 Survival Principles to Avoid Losing Your Wallet

1. Completely Ignore Strange Tokens

No matter how high the wallet displays the value, absolutely do not click, do not trade, do not try to sell.

Correct action:

  • Hide token

  • Blacklist (if the wallet supports it)

  • Treat it as if it does not exist

👉 Always remember: Real money does not appear in your wallet out of nowhere.

2. Treat All "Authorization" Actions As High Risk

From now on, engrain a reflex:

Do not understand – do not sign – do not approve

Authorization in crypto is not just "allowing transactions," but can also mean:

  • Allow withdrawal of all tokens

  • Allow unlimited asset transfer

  • Allow wallet control

👉 If you do not clearly understand what rights the contract is granting, never sign.

3. Separate Wallets – Manage Risk Like a Professional Investor

A fundamental principle that many overlook:

  • Main wallet: only store assets

  • Secondary wallet: used for testing, receiving airdrops, interacting with strange projects

If the secondary wallet has issues, the damage is limited.
If the main wallet is compromised, the consequence is often a complete loss of 100%.

Conclusion: In Crypto, Survival is More Important Than Quick Gains

This market is not lacking opportunities, but it is also not lacking traps.
Those who survive in the long run are not the ones who make the most, but those who protect their assets.

Remember:

  • Greed clouds reason

  • One wrong click can wipe out half a year's effort

  • There is no "free money" in crypto

If you find this post useful, please share it with others. Who knows, you might be saving them from a total loss.