How to prevent your finances from encountering a fraudulent contract

The anonymity, decentralization, and immutability of the web3 blockchain world empower participants with freedom and privacy protection. However, these features also come with potential vulnerabilities that can lead to frequent occurrences of fraudulent activities. In such a unique environment, it is crucial to exercise caution and vigilance.

Suppose you encounter a fraudulent contract, how can you minimize the risks involved?

Step 1: Find out who deployed this contract

Utilize our getDeployedInfo API to identify the publisher of the fraudulent contract and gather relevant information about it.

curl --request GET \
     --url 'https://api.footprint.network/api/v2/contract/getDeployedInfo?contract_address=0x1ca86b53017bf49b14eb9cefa79bb8e2dbbe3682&chain=Ethereum' \
     --header 'accept: application/json' \
     --header 'api-key: demo-api-key'

You will receive the information for this contract.

{
  "message": "success",
  "code": 0,
  "data": [
    {
      "chain": "Ethereum",
      "deployer_address": "0x18dd4e0eb8699ea4fee238de41ecfb95e32272f8",
      "contract_address": "0x1ca86b53017bf49b14eb9cefa79bb8e2dbbe3682",
      "deploy_block_number": 9553022,
      "deploy_transaction_hash": "0xfcaa2572aea36bc6edcc71834cdb2069bfb19f0c7b2d29286d33698b45c74516",
      "deploy_block_timestamp": "2020-02-25 13:58:37.000 UTC"
    }
  ]
}

Step 2: Identify all the contracts deployed by the hacker

Build upon the obtained publisher's information by leveraging the capabilities of getDeployedContracts API. This will provide you with a comprehensive overview of all contracts published by the same entity. Having this broader perspective allows for more accurate risk assessment and facilitates the construction of robust defense mechanisms.

curl --request GET \
     --url 'https://api.footprint.network/api/v2/address/getDeployedContracts?deployer_address=0x18dd4e0eb8699ea4fee238de41ecfb95e32272f8&chain=Ethereum' \
     --header 'accept: application/json' \
     --header 'api-key: demo-api-key'

You have now obtained all the contracts deployed by this hacker.

{
  "message": "success",
  "code": 0,
  "data": [
    {
      "chain": "Ethereum",
      "deployer_address": "0x18dd4e0eb8699ea4fee238de41ecfb95e32272f8",
      "contract_address": "0x3845badade8e6dff049820680d1f14bd3903a5d0",
      "deploy_block_number": 8835135,
      "deploy_transaction_hash": "0x43feed4eb9d067a4fa2951c08c04e894cef9b126dbab39f6d7b1f3a3d93a5a63",
      "deploy_block_timestamp": "2019-10-29 16:48:43.000 UTC"
    },
    {
      "chain": "Ethereum",
      "deployer_address": "0x18dd4e0eb8699ea4fee238de41ecfb95e32272f8",
      "contract_address": "0xb48ce889bdfc5164c309d03b9c6126133c85f396",
      "deploy_block_number": 8835136,
      "deploy_transaction_hash": "0x364cafe0c530cf6a3e625a16c2c8d87729c1244008df7b4988514f14e0721b1e",
      "deploy_block_timestamp": "2019-10-29 16:48:57.000 UTC"
    },
    ...
  ]
}

Step 3:Blacklist these potential fraudulent contracts

You can blacklist these potential fraudulent contracts to ensure that you avoid any interactions with them and mitigate further losses. Safeguarding your assets is crucial at this stage. Additionally, consider sharing this information with your team or trusted friends and family members to to foster collective awareness in preventing adverse situations.

By following these steps, you will be better equipped to navigate the web3 world while preserving both your financial security and personal privacy in a manner that aligns seamlessly with this ecosystem's native approach.