Scammers ready to take advantage of the Ethereum Merge

Scammers on the loose with Ethereum merge opportunity

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With The Merge taking place on Ethereum, scammers are on the alert to take advantage of unsuspecting investors to rip them off before the whole event comes full circle.

In essence, reports state that fraudsters are out in full force to rip funds out from users and investors, with investors advised not to click links or interact with suspicious accounts that have to do anything with ETH for The Merge.

The event has provided impersonators, fraudsters to flood the social media space ready to capitalize on the situation with several scams already having taken place on Twitter and several other platforms.

One such scam is Vitalik Buterin, the co-founder of Ethereum being impersonated by fraudsters under the deceit of giving away free Ethereum, with the links leading individuals to give away their crypto wallet details.

Scammers ready to take advantage of the Ethereum Merge

Scammers ready to take advantage of the Ethereum Merge

Although to the co-founder’s defense, Buterin has always vindicated himself with several statements that the crypto outfit does not engage in giving away Ethereums for users to fall victim of such scams.

In response, users are advised not to hastily click on links provided by the phishing accounts and neither should they share private keys with third party. They are also advised to ignore messages from whatever accounts posing as Ethereum.

As The Merge takes place, ETH holders are told to do nothing regarding the event nor to their funds.

As the events charge up, there has been no reports of a hitch or glitch with the first two phases known as The Bellatrix upgrade already having taken place on September 6. What remains though is for the network to reach a total terminal difficulty of 58750000000000000000000.

Scammers ready to take advantage of the Ethereum Merge

After that total terminal difficulty, the network will produce the blocks through a proof-of-stake. This has led analysts to discuss their findings and how network might be affected, with a notable discovery being the reduction in energy usage.

 

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