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Possibilities & Risks With SendEth Function
By Sandeep Kasalkar
Smart contracts are essentially programmes that run when certain criteria are satisfied and are recorded on a blockchain. They are often used to automate the implementation of an agreement so that all participants may be confident of the conclusion instantly, without the participation of an intermediary or time lost. However, there are several crucial features of smart contracts that must be kept in mind, such as the SendEth Function.
SendEth
The SendEth function, which simply indicates that you are sending Ether to another wallet, is probably already familiar to you if you have engaged with Web3. This may be the case if you’re transmitting Ethereum between multiple wallet addresses you control (for example, if you recently purchased a Ledger and are transferring your coins to safety) or if you’re buying something from the marketplace.
What are the Risks Associated with SendEth ?
However, if you’re unfortunate, this function could also appear where you least expect it. An excellent example is when users think they are minting during an NFT, but they are actually just moving their money to another address.
Scams and ways to spot them
This can be seen not only by looking at the function call, which should have said “mint” if it were truly a mint, but also by looking at the receiving address at the top right. Since minting is a direct transaction with the blockchain itself, not another wallet, the presence of a receiving address here should again be a major red flag.
KEY LESSONS:
- The blockchain is given instructions through smart contracts. They enable certain interactions between our wallets and third parties, such as NFT platforms and DeFi services, that we can authorise.
- Because many users are unsure of how to interpret these functionalities, they affirm the transaction on the basis of confidence rather than really validating what they are signing. Scammers have a great chance because of this blind hole.
- There is an increase in scams based on incorrect smart contract approvals! Understanding what you’re signing has never been more essential.
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