1️⃣Detects scams 1/2
Last updated
Last updated
Wait, what? You read that right; this isn't clickbait.
To explain this, here are two examples:
Imagine this scenario: you hold a valuable NFT you're trying to sell. You list it in marketplaces and also message in the trading channel of the project's Discord.
Suddenly, someone DMs you that they're interested in buying it. You negotiate with them and agree on a price and a reputable trading website. You're excited; selling this NFT will significantly help your current situation.
You set up the trade and wait patiently for the buyer to execute it. He tells you the site isn't working for him and suggests using another site. You're excited, so you agree.
He sends you the link for the trade on the site. Something feels off, but you're armed with a Web3 security app that simulates/translates transactions, and you feel safe. Once you make this trade, you'll get enough money to pay off some debts or bills.
You press the button to give approval to your NFT, and your Web3 security app gives you a translation:
The app tells you to ensure this isn't from a scam site. You worry, but you remember that you saw the same translation for other sites that you needed to give approval to, for example, marketplaces and staking sites—a pattern of false safety.
You decide to move forward with the deal and approve your NFT. While you wait for the transaction to go through, you have a mix of excitement and fear. The transaction is confirmed. Your NFT should leave your wallet in exchange for crypto.
You click on your wallet, waiting for the crypto to appear... but it doesn't. You think that maybe the wallet isn't updating, so you head to a blockchain explorer to verify it.
Reality hits... and it hits hard. You gave approval to the NFT, and it left your wallet... for nothing in return. The trading site you interacted with was a scam site. The adrenaline in your body leaves you, replaced by pure despair.
You blame yourself. How could you be so stupid? How could you fumble the money this way? After a few minutes of self-loathing, you remember... what about the Web3 security app that was supposed to protect you? Did it mistranslate the transaction?
It didn't. The translation was correct. You gave approval to an NFT. Because the app only translates transactions, it didn't stop you from doing it. All it did was tell you to ensure it is not a scam site.
The responsibility of the transaction was 100% on you. The app gave you a false sense of security, and you lost your valuable NFT.
This is one of the most daunting situations for most Web3 users using security apps that simulate/translate transactions.
Once more:
Simulating/translating transactions is not scam detection.
We've been saying this since we launched and must continue until the end of time. Our conscience requires us to know we did our best to protect all Web3 users, not just Sentinel3 ones.
Take a look at this scam site:
It looks pretty simple, doesn't it? It isn't just any scam site.
The scammer's wallet for this site stole over $1,600,000.
Take a look at what it attempts to do when interacting with it:
It doesn't attempt the most common scam transactions (getting approval for your coins/NFTs, listing your NFTs on marketplaces for 0~ ETH, or asking for a hash signature that can do anything to your wallet). It simply prompts you for a contract interaction they name 'claimRewards' that asks for 90%~ of the ETH in your wallet in exchange for... nothing.
This is how other apps simulate/translate this transaction:
Not very different from what MetaMask would show you. Let's look at a similar scam site and two other app examples:
Both are almost identical. But what does 'Some Risk' mean? Should you do it or not?
Security apps that can't determine if a transaction is legit or not state 'Some Risk' to relieve it of any responsibility.
Apps that only simulate/translate transactions put the burden of the decision on you, the user.
And because they aren't in the business of detecting scams... they can't be held accountable for not detecting them.
You try to 'mint' on a scam site, and Sentinel3 blocks the malicious transaction. Simple and effective.
The burden of the decision is initially on Sentinel3. The user can ignore it, but before that, he is presented with a clear warning not to.
New Web3 users don't understand translations because they don't know what they mean. They expect to press a button and get something in return.
Sentinel3 prevents them from interacting with malicious websites without placing the burden of the decision on them.
