How scammers used FOMO and deceptive code to trap 42,000 victims: Blockfence

Even a few of THE industry "carpet to pull detectors » doesn't take up on THE sophisticated carpet to pull diagrams, according to has THE blockchain security close.

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A band of cryptocurrency scammers to have managed has carpet to pull on 42,000 victims For on $32 million Since April 2023 via A novel method that has even fooled a few of THE industry "carpet to pull detectors”, according to has A blockchain security close.

As a lot cryptocurrency pull on a rug scams, THE scammers create tokens impersonate A soon to be launched crypto project token, using investor FOMO (fear of missing out) has attract investors.

However, In A Jan. 18 report, Blockfence head of security research, Paul Sabbatelle, revealed THE scammers used A distinctive method that implied simulate THE maximum token provide through struck And burning And using A coded bait and switch tactical that deceived victims And fooled carpet to pull detectors.

Preview: This crook created thousands of tokens automatically, using interesting techniques : - Fake token maximum provide- Burning of users' tokens- Infinity struck For administrators- LP tokens lockdown- "Checked" contracts"- Hidden contracts- Give up THE the contract property

— Block the fence (@blockfence_io) January 12, 2024

According to has Sabbatelle, THE scammers throw THE process by Sending in progress somewhere between 10-20 Ether (ETH) has A externally possesses account And SO to use those funds has create fake tokens.

As a lot carpet to pull scams, fake liquidity East injected In THE scam project, create A illusion of legitimate volume In liquidity swimming pools (LP) on Based on Ethereum decentralized Exchanges such as Uniswap.

However, THE crook would be SO implement...