I didn't know this can happen.
I did not either until DarkStar_ discovered it yesterday while we were having conversation on Telegram.
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That's an expensive lesson in handling Ethereum tokens!
It is indeed, from now on I will ask the borrower to send any token directly to the exchanges (either to me or to the escrow), no exception. My original thread actually says that token has to be sent to the exchanges but at the end I wanted to be more flexible for this scammer. Little know I had the idea that this would cost me a lot. This was my deal...
Since it looks extra hassle and exchange transaction fees involve which is high comparatively, I will be comfortable with DarkStar_ keeping the collateral in his own wallet. If the BTC value of the collateral goes below or equal to 110% (meaning 0.088BTC or below) of my lending amount then yishak will have 24 hours time to top up more coins to keep the collateral value of it's minimum 120% range otherwise I will ask DarkStar_ to release the collateral to me. @yishak, let me know if you are ok with this or you want to go with the original deal of stop/lose on the exchange?
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Any altcoin is currently trading on Binance, Bittrex, Poloniex, Bitfinex only. I will set stop/loss at 110% of your loan amount to ensure I do not risk my capital with small profit. I will ask the escrower to do the same.
I am adding coinex for you since HYDRO (hoping they have stop/loss) is trading on coinex.I would suggest everyone who is in token handing business (especially escrow, lending, buying from third party) to do the same.
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I've added some red to the scam-account too.
Thank you, this will help to create awareness against this kind of outdated token trick. I gotta admit that he came up with a solid plan to reuse those outdated tokens. Quote
I can only see it as another reason to stay away from tokens created out of thin air.
It's the downside. I am sure from now on people will be more careful if they end up seeing this topic. It's another lesson I had to learn the hard way.