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$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. 

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