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Market

Almost 400 ETH holders defrauded by counterfeit MetaMask tokens

December 28, 2021 - Around 3 mins mins to read

Currently, the crypto market is buzzing with information about the appearance of a token called MASK – an imitator of the highly anticipated governance token of the MetaMask wallet.

Ethereum community cheated

Owner ETH is currently reporting on a new honeypot project. For the sake of clarity, this is a token that you can only buy, not sell. Or rather, this is a scam imitating MetaMask’s governance token, MASK, which has yet to be released.

User Jeremy shared a screenshot of the transaction history of an Ether holder who bought MASK for 22 ETH (nearly $ 88,000) and was unable to sell it afterwards. According to Etherscan, the actual number of victims of this scam could be closer to 400. The token was issued by “MaskDAO”, the website was registered yesterday, December 27th.

It seems that some traders are able to make a sale in the first few hours. But then it got worse and people started to realize they were being betrayed.

As crypto enthusiast @cobynft explained, MASK token issuers used a trick to get verification badges for the popular DeFi app DexTool.

“Hackers added malicious code to the description of the token displayed by the website, resulting in the highly anticipated blue ‘Verified’ badge next to the WETH / MASK pair,” he said.

@Cobynft later also revealed that the put option was locked after $ 1 million of liquidity was injected into MASK. At the moment, the token is marked as a “honeypot” by automated analysis systems, as its code contains a blocking line.

Snowflake Floki is a scam

In another development, Snowflake Floki, a parody of the Floki Inu Coin Meme, was released by blockchain security firm PeckShield. alarm is a honeypot scam. It starts users buying tokens while deactivating the ability to sell them. The buyer’s money gets stuck in the contract because all withdrawals are segregated, usually because scammers blacklist all other wallets except their own.

This type of scam is not new. Ethereum users have been dealing with honeypots for years. Since Binance Smart Chain is a much cheaper token issuing platform, such scams are commonplace in the smart contract chain.

Snowflake Floki appeared on PancakeSwap, a decentralized platform powered by Binance Smart Chain, on Monday and some followers immediately noticed the red flag.

Now there is an easy way to spot honeypot, if not an easy way. A honeypot detector simulates a buy and sell transaction to determine if a project is a scam.

Many unscrupulous people also try to take advantage of legitimate coin memes such as Floki Inu and Shiba Inu.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

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Market

Almost 400 ETH holders defrauded by counterfeit MetaMask tokens

Currently, the crypto market is buzzing with information about the appearance of a token called MASK – an imitator of the highly anticipated governance token of the MetaMask wallet.

Ethereum community cheated

Owner ETH is currently reporting on a new honeypot project. For the sake of clarity, this is a token that you can only buy, not sell. Or rather, this is a scam imitating MetaMask’s governance token, MASK, which has yet to be released.

User Jeremy shared a screenshot of the transaction history of an Ether holder who bought MASK for 22 ETH (nearly $ 88,000) and was unable to sell it afterwards. According to Etherscan, the actual number of victims of this scam could be closer to 400. The token was issued by “MaskDAO”, the website was registered yesterday, December 27th.

It seems that some traders are able to make a sale in the first few hours. But then it got worse and people started to realize they were being betrayed.

As crypto enthusiast @cobynft explained, MASK token issuers used a trick to get verification badges for the popular DeFi app DexTool.

“Hackers added malicious code to the description of the token displayed by the website, resulting in the highly anticipated blue ‘Verified’ badge next to the WETH / MASK pair,” he said.

@Cobynft later also revealed that the put option was locked after $ 1 million of liquidity was injected into MASK. At the moment, the token is marked as a “honeypot” by automated analysis systems, as its code contains a blocking line.

Snowflake Floki is a scam

In another development, Snowflake Floki, a parody of the Floki Inu Coin Meme, was released by blockchain security firm PeckShield. alarm is a honeypot scam. It starts users buying tokens while deactivating the ability to sell them. The buyer’s money gets stuck in the contract because all withdrawals are segregated, usually because scammers blacklist all other wallets except their own.

This type of scam is not new. Ethereum users have been dealing with honeypots for years. Since Binance Smart Chain is a much cheaper token issuing platform, such scams are commonplace in the smart contract chain.

Snowflake Floki appeared on PancakeSwap, a decentralized platform powered by Binance Smart Chain, on Monday and some followers immediately noticed the red flag.

Now there is an easy way to spot honeypot, if not an easy way. A honeypot detector simulates a buy and sell transaction to determine if a project is a scam.

Many unscrupulous people also try to take advantage of legitimate coin memes such as Floki Inu and Shiba Inu.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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