Thursday, September 29

Metamask didn’t launch their governance token, it’s a scam!

Key facts:
  • A supposed token was promoted that, after buying it, could not be sold.

  • The scammers hacked the code in the DexTools app to enter false information.

Users of the Metamask wallet should be careful these days, as there is a scam attempt circulating that is based on a supposed token native to this platform. The people affected so far would be more than 400, and the lost funds would amount to more than a million dollars.

According to what the media reports U Today, it is a fake token that can only be bought, but not sold. This, in addition, is a forgery of the Mask governance token, which has not yet been launched by the developer of the wallet, widely used in the Ethereum community.

This is what can be seen in a publication on Twitter from the user @lindyape, who shows the failed attempts to sell the token on several occasions. In the screenshot, it can be seen that the user in question possessed units of MASK equivalent to at least 22 ether (ETH). At the close of this note, that was $ 83,277 according to the CriptoNoticias price index.

The source cited indicates that, according to Etherscan, the number of victims who fell for this scam would be higher than 400. The website of the supposed creator of the token, called MaskDAO, was created on December 27, 2021, it is detailed.

Now, the question that arises is how a cybercriminal can falsify a token of a platform as important as Metamask. That is precisely what tweeter @cobynft tried to explain in a hilo on the social network.

The first thing this person details is that scammers put code in token title in DexTools app which allowed them to add “verified” status (the white check mark in the blue circle) next to their name.

In addition to that characteristic symbol, DexTools also gave other parameters that gave credibility to the token. For example, it was given a score of 99/99 – although this has now been corrected – and it was graded as the Metamask governance token.

In DexTools, MASK appeared as a verified token and with a growth of more than% 1,600 in its price in 24 hours. Source: Twitter @cobynft.

As soon as the token reached $ 1 million in sales, the developers disappeared and took all the money abruptly, Coby explains. In the image below, you can see that the token address is categorized as “honeypot”. That is, a scam, by a site that simulates buying and selling transactions on the Ethereum network.

In DexTools, MASK appeared as a verified token and with a growth of more than% 1,600 in its price in 24 hours. Source: Twitter @cobynft.

This is not the first time that Metamask users have faced the risk of losing their savings to a scam. As reported by CriptoNoticias in September, an alleged airdrop of the VERA token on the Binance Smart Chain network was another method chosen by criminals to try to get hold of other people’s funds.

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