WXT user transfers money wrongly, how to correctly identify blockchain projects and avoid transferring wrong coins?

According to the query of blockchain browser, from July 4 to 15, 24 WEEX Token (WXT) tokens were transferred to the address labeled "OKX. User", and another WEEX Token was transferred to the DEX address of Wirex Token (WXT).

WEEX Token is the platform currency of WEEX Weike trading platform, which has just been launched on WEEX platform. Wirex Token is the token issued by encrypted payment company Wirex, and it is also the Jumpstart (Launchpad) project of OKX in July 2019. In addition to OKX, it has also been launched on platforms such as Gate, HTX, and Bancor Network. Because the two tokens are both abbreviated as WXT, many users mistakenly think that they are the same project, so there was a mistake in transferring WEEX Token to the Wirex Token address.

In addition, some users recharged Wirex Token on the WEEX platform, but Wirex Token was not launched on the WEEX platform. This may also be a mistake for the same project for the purpose of arbitrage. The current price of Wirex Token is about $0.006, while WEEX Token is $0.013.

Coingecko shows that the total number of cryptocurrencies in circulation is currently 14,908. With so many currencies, it is inevitable that there are projects with the same name, and cases of token abbreviations with the same name are not uncommon. This may be a coincidence, or it may be intentional, such as some "Tugou" clone projects.

So, how can investors correctly identify blockchain projects and tokens Ticker Symbol to avoid buying "fakes" with the same or similar code as the target project, or charging the wrong address and causing asset losses?

Recognize the uniqueness of the contract address

Project names and logos can be cloned, official website domain names, Twitter Username/Handle can be imitated (for example, replace z with 2). But no matter how deliberate (or coincidental), the smart contract address of each project is unique. Therefore, when we charge for "local dogs", we can ignore everything else, but the contract address must not be wrong.

Take the above WEEX Token and Wirex Token as examples. Through the relevant project documents, we can find that they are both ERC20 tokens, and the contract addresses are 0x1B66474c8ECA3827f16202907F41F63785579716 and 0xa02120696c7B8fE16C09C749E4598819b2B0E915 respectively. We can search the contract address in the Ethereum browser (etherscan.io) for verification.

At the same time, we can see that Wirex Token has more than 20,000 transfer transactions, while WEEX Token has only 76. This is because WEEX Token was only launched this month and has not yet been listed on DEX, and CEX internal transfer records will not be put on the chain.

Look at the price, market value, and launch time

The data will not lie, but you have to look at the data of the authoritative platform. Taking CoinGecko as an example, we see that the current price of Wirex Token is $0.005918, the circulating market value is $13 million, the FDV is $59 million, and the earliest time it was included in CoinGecko is July 2, 2019.

The current price of WEEX Token is $0.01299. The earliest time of Coingecko's collection is July 6, 2024. Since it has just been launched, the market value, circulation, and total supply data have not been tracked.

Look at the project name, logo, and official website

Although this information is easy to clone and counterfeit, it is for "local dogs". Normal projects will try their best to seek brand clarity and recognition. For example, Wirex Token and WEEX Token, in addition to being WXT, the full name of the project, logo, official website, social account, and project introduction are all different. It is easy to distinguish them with a little attention.

The above cases are just coincidences of ticker names. If we encounter deliberately fake or fake phishing projects, how can we distinguish them during daily recharge and transfer operations to avoid falling into fraud traps?

Initiate a test transaction before recharging

Before recharging or transferring to a new address, it is recommended to transfer a small amount of assets for testing to confirm that the target address is correct.

Choose the correct blockchain network

To ensure that funds are transferred to the correct address, please make sure that the transfer-in and transfer-out addresses belong to the same blockchain network before initiating the transaction. For example, when you transfer USDT, confirm that the transfer-out and transfer-in addresses are both TRC20 or ERC20. Otherwise, once the wrong network is selected and the tokens are sent to the wrong address, they may not be retrieved.

Confirm the Token Contract Address

Before making a deposit or withdrawal on the CEX platform, please make sure that the receiving platform supports the token contract address to prevent the funds from being sent to the wrong address. When you deposit/withdraw on the WEEX platform, you can click to view the token contract address on the current interface after selecting the network.

Use the cross-chain bridge with caution

Some platforms do not support cross-chain transfer of tokens. In this case, if you send tokens through the cross-chain bridge smart contract, the platform may not be able to charge the corresponding funds into your account. Therefore, before the transfer operation, please carefully read the platform's relevant instructions to confirm whether the target platform supports the token contract address.

This article comes from a contribution and does not represent the views of BlockBeats

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