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Fraudsters may try to capitalize on any confusion during the merge, so don’t let them steal your crypto.
Key points
- The Ethereum merge will switch the network from proof-of-work to proof-of-stake.
- Scammers may try to profit from people’s confusion, especially if Ethereum forks into two chains.
- Be hyper-vigilant, especially if you receive unsolicited support emails or invitations to profit from ETH2 tokens.
The long-awaited Ethereum (ETH) merge is almost upon us. Ethereum’s merge from a proof-of-work to a proof-of-stake validation model will begin tomorrow (Sept. 6) and be completed within a couple of weeks. The switch will cut Ethereum’s energy consumption by over 99% and co-founder Vitalik Buterin believes it will make the network more secure in the long run.
However, scammers often take advantage of times of change. They can use them to trick investors into sharing sensitive information or signing contracts that could cost them their crypto. Here are three ways to avoid falling victim to scams around the Ethereum merge.
1. Be wary of unsolicited messages from exchanges or wallet providers
Phishing is an increasingly common scam, both inside and outside the crypto world. The…
