Wallet security tool ScamSniffer introduces new fee structure of 0.25%

The well-known cybersecurity software ScamSniffer provides transaction security for cryptocurrency users by conducting secure checks on every action of the wallet until the transaction is confirmed by the wallet. This helps protect users from phishing attacks, malicious contracts, and other scams. In addition, ScamSniffer has introduced a 0.25% fee for transactions on some decentralized exchanges (DEX) to maintain its top-notch security services.

What is ScamSniffer? A Necessary Tool to Prevent Wallet Theft

ScamSniffer is primarily used as a web extension that provides various protections for users interacting online with desktop web pages:

Domain Check

ScamSniffer first conducts a domain check to verify if the current website's domain is legitimate or if it is impersonating well-known blockchain projects. Phishing domains are a common threat, and this step is crucial in intercepting fraudulent websites to prevent user data theft.

Contract Check

ScamSniffer uses contract checks to verify if the smart contracts being called are open-source through the Etherscan API. Malicious contracts are usually not open-source, making this check an important tool in filtering potential risky contracts.

Transaction Simulation

By utilizing TenderlyApp's transaction simulation, ScamSniffer offers a powerful tool for pre-evaluating risks. It simulates transaction execution to check for authorization issues or token transfers. By flagging risky behaviors like unauthorized access, users are alerted before confirming the transaction.

Address Check

ScamSniffer conducts address checks for suspicious activities, analyzing if addresses like spender, setApprovalForAll, or allowance exhibit any suspicious behavior. It uses trusted security sources such as the SlowMist team, GoplusSecurity, and the Etherscan API to analyze if these addresses show abnormal activities.

Malware Check

To detect hidden threats, ScamSniffer employs malware checks to identify code injections like Premint. It scans for malicious functionalities on web pages and alerts users of potential risks before they interact with the attacked webpage.

Signature Check

Phishing websites often request users to sign malicious requests, such as initiating sell orders at zero prices on OpenSea. ScamSniffer's signature check reviews requests on the chain and alerts users to malicious websites attempting to have them sign harmful transactions.

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Controversy Arises as ScamSniffer Introduces 0.25% Fee

On 10/19, ScamSniffer announced the introduction of a 0.25% fee for transactions on certain decentralized exchanges, including Uniswap and PancakeSwap, to ensure the sustainability and continuous improvement of ScamSniffer services.

ScamSniffer stated that compared to the 0.8% fee charged by other services, their fee is significantly lower. To increase transparency, ScamSniffer set a monthly fee cap of $400 per address, ensuring affordability for all users. Additionally, users who have purchased ScamSniffer products will enjoy a three-month fee waiver, with their addresses added to the whitelist.

How ScamSniffer Extracts Fees

ScamSniffer adds custom commands to transactions on the Uniswap Universal Router to seamlessly integrate the 0.25% fee into transactions.

While some in the community believe that ScamSniffer should not charge fees for this service, ScamSniffer stated that this fee enables the company to continuously improve its security tools and threat detection capabilities, ensuring that cryptocurrency users can trade securely.