Beware of this altcoin project: first it boomed, then it scam!

Beware of this altcoin project: first it boomed, then it scam!

A fake MetaMask governance token was rated at 2600% prior to the pull pull operation, defrauding hundreds of altcoin investors in the process. The coin’s airdrop rumors have been circulating on Twitter for some time. The scammers seem to have taken advantage and managed to lure several hundred users into their scheme. Description CryptoKitties.CIf‘ gives.

A fake token named “MASK” was created

metamask, Ethereum It is the most popular wallet for Android and DeFi played a big role in the summer of 2020. Ever since Uniswap launched its governance token built on ETH, several DEX platforms have been doing the same. Now, users are anticipating an airdrop from MetaMask, and many believe that they will receive their rewards in a matter of days. These are just rumors and speculation as of now, as Metamask has not officially confirmed this airdrop. This is where scammers come in and someone creates a fake MetaMask governance token with MASK registration and opens it for trading on Uniswap tomorrow…

Altcoins have a blue “Approved” badge

This was immediately noticed by traders and more than 390 users bought the MASK token as it reached over $9 million in trading volume. At the time of writing, liquidity is withdrawing. One Twitter user says that MASK token issuers are popular. DeFi Told how he was able to get the verification badge on his app DexTools. You can find technical details in Cobby.eth’s tweet thread below.

Hackers inserted malicious code into the description of the tokens operating on the website, causing a much-anticipated blue “Verified” badge to appear next to the WETH/MASK pair. From Twitter, “cobynft” announced that the sell option was closed after $1 million of liquidity was injected into MASK. Currently, the token is labeled a “honeypot” by automated analytics systems because of a line in its code that does not allow it to be sold.

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About the author: Seth Grace

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