Many people have been harmed by this fake crypto token, suspected of being a bridge scam


MetaMask, a cryptocurrency firm, recently confirmed that it will soon be adding its own crypto token $MASK to the wallets of its existing users. Following its announcement, a fake MetaMask token was launched in the crypto market, which was available to trade on the UniSwap platform. In a very short time, this MetaMask token built on the Ethereum blockchain has reportedly achieved a 2,600% jump. The sale was put on hold as soon as the purchase figure for this counterfeit token approached $1 million (approximately Rs 7.4 crore), raising suspicions of a rig-pull scam.

According to a report by CoinCodeCap, unknown scammers have robbed several people awaiting the launch of the $MASK token with this fake token. The exact number of people who fell victim to this scam is not clear. This token could only be bought, not sold. This was another reason why people became suspicious about the token scam.

Some with knowledge of the tech shared details of their personal investigation on Twitter, revealing that the fake tokens were given a verified state because scammers used DeFi tools site DexTools to do so.

So far, DexTools has not commented on its role in not being able to prevent cybercriminals from abusing its platform.

The incident is being seen as a “vein pull” scam, but some believe it to be a “honeypot” trick by crypto scammers. While honeypot scams target less-informed people, rag pull scams occur when cybercriminals abandon their project after accumulating a target amount of capital.

In a recent report, research firm Chainalysis had revealed that crypto investors were scammed to the tune of over $7.7 billion (about Rs 58,697 crore) this year. The most common form of scam was ‘Rag Pul’, the report said.

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