$1.8M Misplaced to Faux MetaMask Token Honeypot Rip-off

$1.8M Misplaced to Faux MetaMask Token Honeypot Rip-off

Key Takeaways

  • A untrue MetaMask token mission has scammed merchants out of $1.8 million price of ETH.
  • The scammers hacked the DEXTools app’s entrance pause to convince customers that their untrue token turned into legit.
  • The untrue MetaMask token is the third predominant rip-off to hit the crypto residence over the traipse season.

A untrue MetaMask token has conned merchants out of over $1.8 million. Hackers injected code into the DEXTools application’s entrance pause, convincing merchants that the token turned into verified.

The MetaMask Token Rip-off

A untrue MetaMask token has left speculative merchants reeling. 

Hundreds of merchants fell victim to a MetaMask token honeypot rip-off Monday evening, with grifters making off with over $1.8 million.

The rip-off, which played on merchants’ anticipation of a MetaMask wallet token, frail a flaw within the current DeFi buying and selling app DEXTools to convince customers of the token’s legitimacy. A scammer turned into in a self-discipline to inject code into the DEXTools app entrance pause for the Uniswap WETH/MASK pair, which, when considered, would open a pop-up telling customers that the MASK token turned into verified.

The untrue MASK token pop-up. Source: @cobynft

After buying the untrue MASK token, unsuspecting customers stumbled on that they gain been unable to sell it. This vogue of rip-off is in total known as a “honeypot,” permitting customers to enter, completely to salvage that the excellent contract governing the token’s interactions prevents them from selling.

Within the case of the untrue MetaMask token, the scammer seems to gain programmed the excellent contract to aid until upward of $1 million price of liquidity turned into traded into it, then to forestall holders from selling. The scammer pulled out 475 ETH from the token’s Uniswap liquidity pool, in step with transaction recordsdata from Etherscan, price $1.79 million at press time. The illicit beneficial properties gain been sent to Twister Money, a preferred coin mixing application, and gain been laundered to an unconnected wallet. 

Stories of the rip-off first emerged on Twitter Monday evening, with several accounts warning that the MASK token turned into a rip-off no matter the pop-up on DEXTools telling merchants it turned into legit. Since then, Twitter user @cobynft has equipped a breakdown of how the rip-off took place, explaining the perfect plot it turned into a “extreme fault” of the DEXTools app builders that allowed the rip-off to convince so many folks to make your mind up on the tokens. 

An additional motive that the MetaMask token rip-off turned into so efficient is the present anticipation for a legit MetaMask token. The MetaMask crew gain persistently hinted at decentralizing the current EVM wallet by issuing a token, with many speculating it will probably possibly well perhaps be finished thru an airdrop. 

The untrue MetaMask token is the third predominant rip-off to hit the crypto residence over the traipse season. On Sunday, Binance Trim Chain mission MetaSwapMGAS stole 1,100 BNB from customers in an obvious rug pull. Impartial the day outdated to this every other Ethereum mission called MetaDAO seems to gain executed a rug pull on its merchants, making off with 800 ETH, price over $3.2 million.

Crypto Briefing contacted DEXTools for touch upon the assault on its application’s entrance pause but did not get a answer by press time.

Disclosure: On the time of penning this selection, the creator owned ETH and several various cryptocurrencies. 

The records on or accessed thru this web direct is obtained from fair sources we predict about to be upright and official, but Decentral Media, Inc. makes no illustration or warranty as to the timeliness, completeness, or accuracy of any recordsdata on or accessed thru this web direct. Decentral Media, Inc. isn’t an funding consultant. We get not give customized funding advice or various monetary advice. The records on this web direct is area to swap without glimpse. Some or all of the knowledge on this web direct may perhaps possibly well simply became out of date, or it will probably possibly well perhaps be or became incomplete or incorrect. We may perhaps possibly well simply, but are not obligated to, update any out of date, incomplete, or incorrect recordsdata.

You may perhaps perhaps serene never form an funding resolution on an ICO, IEO, or various funding essentially based mostly on the knowledge on this web direct, and it’s most lifelike to serene never account for or otherwise rely upon any of the knowledge on this web direct as funding advice. We strongly suggest that you seek the advice of a licensed funding consultant or various licensed monetary professional if it’s seemingly you’ll possibly well very successfully be searching for funding advice on an ICO, IEO, or various funding. We get not assemble compensation in any originate for analyzing or reporting on any ICO, IEO, cryptocurrency, forex, tokenized sales, securities, or commodities.

Peep paunchy phrases and stipulations.

MetaMask Is Beginning to Creating Its Delight in Crypto Token


The present Ethereum wallet provider MetaMask is open to a token open and airdrop, as disclosed in a team name. MetaMask Is Exploring a Token Employ Case All over its first-ever…

MetaDAO Makes Off With $3.2M in Rug Pull


A mission called MetaDAO has made off with roughly 800 ETH, or $3.2 million, in an obvious rug pull rip-off perpetrated over the traipse weekend.  Holiday Crypto Heist Impartial ahead…

What’s a Crypto Airdrop: Why Projects Airdrop Crypto

Crypto airdrops occur when fresh tokens are freely dispensed to various wallets in direct to drive initial growth and invent a team. They symbolize a preferred advertising and marketing and marketing tactic that fresh tasks spend to spread…

How a BSC Project Former Netflix’s Squid Game to Rip-off Traders

The Binance Trim Chain mission has plummeted to nearly zero in essentially the most up-to-date DeFi rug pull on merchants. Traders Scammed by Squid Game Token  Squid Game, a Binance Trim Chain…

Be taught More

Related posts

India Can also No longer Ban Crypto, Says Ex-Finance Secretary

The Crypto News

View: We Need Censorship Resistant Money Extra Than Ever

The Crypto News

Celsius Token Up 65% as Merchants Pull Brief Squeeze

The Crypto News

Leave a Comment

Or Login with

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More