What is a Fake USDT Transaction? 🤔
A fake USDT transaction is a transaction in which USDT was sent using the ERC20 network, but the specific transaction is worthless.
How to Spot a Fake USDT Transaction 🧐
- The Transaction Address: The contract Address for an original USDT transfer is “0xdac17f958d2ee523a2206206994597c13d831ec7”, but a fake transaction could be anything else except the above contract address.
- The USDT Logo: An original USDT logo is green, however, a fake logo colour is grey.
- Fully Diluted Market Cap: This is one of the most important ways to spot these fake transactions. If after clicking on the USDT symbol you are unable to find the fully diluted market cap.
- Doesn’t reflect in your account: There is no USD Value for the USDT in the holder’s wallets.
- Zero Token Information: If there is no major information on the token, such as its 24hr trading volume, market cap and circulating supply it might be a fake USDT transaction.
- Scan for the transaction: Once a transaction is complete, the user will need to provide you with a transaction hash. You can scan for the transaction on an ETH network explorer like etherscan.io to see details of the transaction.
What to do after you spot a fake transaction
Contact our CX team via the help desk on the app.