Crypto trading remains the front burner of trade in this digital age. This is due to its potential as one of the best ways to make online money. As thousands of crypto assets are traded daily, USDT remains one of the top trading assets, attracting fraudulent entities to steal users’ funds. Therefore, it becomes important to know ways to spot fake USDT transactions.
USDT (Tether) is a stablecoin whose price is pegged to the US dollar in a 1:1 ratio. This means that the price of 1 USDT is equivalent to that of 1 US dollar.
This coin was designed to control the volatile nature of the crypto market, in which prices of cryptocurrencies are determined by demand and supply.
The ability of USDT to moderate the crypto market with some level of stability makes it the top stablecoin. Hence, it leads to more traders and investors buying and selling the tokens to make gains, as it currently boasts a market cap of over $83 billion.
However, the safety of USDT transactions among its traders has become a significant concern because of the spate of crypto scams bedeviling the crypto market.
This is similar to the security consciousness of making fiat transactions to prevent losing your funds to malicious entities.
Broadly speaking, a fake USDT transaction is one in which USDT was sent using different networks, but the transaction has no effect. Notable of these are ERC20 and TRC20 networks.
In that light, this article guides you on identifying fake USDT transactions during trade.
1. The Transaction Address
There is an original contract address for every USDT transfer, which varies with the network on which the token is being transferred.
The token addresses for the networks are:
- ERC20 network: 0xdac17f958d2ee523a2206206994597c13d831ec7
- TRC20 network: TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t
- BEP20 network: 0x55d398326f99059ff775485246999027b3197955
- EOS blockchain network: 0x4bb6826e1db889ae30657fa19e1a80d9ae332da5
- OMG network: 0x140427a7D27144A4cDa83bD6b9052a63b0c5B589
However, a fake USDT transaction will be different from this contract address. Therefore, you must ensure you have the above alphanumeric character as the USDT contract address.
In addition, it is important to painstakingly check the characters to ensure that another character is not added or removed from the original address, including the confirmation that the characters are complete.
This is to highlight the point that USDT transactions have a uniform contract address across different networks. So, avoid USDT transfers that involve another contract address.
However, you can sell USDT in Nigeria on Prestmit, as it is a safe platform to avoid the risk of being a scam victim on some peer-to-peer (P2P) trading platforms.
2. Fully Diluted Market Cap
This is the measure of the product of the price of a token and its total supply. It applies to every cryptocurrency, with USDT not excluded.
Therefore, seeing the fully diluted market cap of USDT is important when you click on the USDT symbol in your wallet. But it is a fake USDT transfer when this figure is not displayed to you.
You must stay aware of this major red flag when making USDT transactions.
3. USDT Logo
As simple as this feature may seem, it is essential to be cautious of the USDT logo and its color. Basically, the USDT logo is green; you must be wary of logos other than this.
The fake USDT logo color is grey, designed to confuse USDT users.
Therefore, confirm this simple but important feature to be sure you are making an actual transaction with the user.
4. Funds Not Added To Your Wallet
You must ensure that the USDT transfer is reflected in your wallet balance.
This works in a similar way to detecting fake bank alerts. This is because the amount of the fake bank alert will not be added to your account balance.
Therefore, it is important to know your wallet balance before the USDT transfer to be sure of the addition of the funds.
It is a fake USDT transfer when the token’s value is not reflected in your wallet balance.
5. Zero Token Information
The USDT token is expected to have information like 24-hour trading volume, circulating supply, and market cap when making transactions.
These are details that show the market performance of the token.
However, a fake USDT transaction may not show this information, which must call for caution when such an event arises.
6. Scan The Transaction
Upon completing the transaction, the user is expected to provide you with a transaction hash.
This string of alphanumeric characters is generated when a crypto transaction is initiated. It is an identifier used to track transactions on the blockchain.
Therefore, it is imperative to have this transaction hash and scan it on an ETH network explorer like etherscan.io to see the transaction details.
This would let you know the veracity of the USDT transaction – whether original or fake.
Frequently Asked Questions (FAQs)
How Do I Check If USDT Is Real Or Fake?
You can identify whether USDT is real or fake by comparing the provided hash address to the original USDT hash address. When there is a discrepancy in the addresses, the UDST token is fake.
Can I Get My USDT Back From A Scammer?
There is no guarantee of recovering your stolen USDT. This is because of the anonymous feature of crypto transactions. But there could be hope if you take swift action and seek appropriate assistance to increase your chances of getting the funds back.
Can I Reverse USDT Transaction Accidentally Sent To A Scammer’s Wallet?
It is impossible to reverse the USDT transaction because it is recorded on the blockchain once confirmed. So, alteration or reversal becomes impossible.
Conclusion
USDT tokens hold a real-time market value, making them a viable asset to buy, hold, and sell. However, crypto has become a breeding ground for scammers to steal people’s funds.
Therefore, it is important to take note of the highlighted ways to spot fake USDT transactions to stay safe.
