The famous MetaMask wallet recently announced the launch of its token and the distribution of an airdrop. This turned out to be an excellent opportunity for scammers.
Fake tokens have been marketed on Twitter for quite some time now among the cryptocurrency community. According to all indications, fraudsters are taking full advantage of this. So far, they have successfully lured at least a few hundred people into their traps.
The MetaMask extension is a browser addon that lets you access Ethereum dApps by simply visiting the website. It runs in your browser and allows you to interact with decentralized applications from the comfort of your favorite browser, without running a full Ethereum node.
During the summer, it played a big part in the world of decentralized finance (DeFi). Since Uniswap started giving away governance tokens, many other decentralized projects have done the same.
Users are also predicting that MetaMask would give away its coins to attract more users. It appears that many of them expect that the snapshot will be done in a few days – maybe on New Year’s Eve.
However, these are only assumptions and rumors at this point, as MetaMask has made no official announcements.
Fake MASK token
Scammers take advantage of this situation. It was discovered yesterday that someone has created a fraudulent MetaMask management token using the mask symbol and placed it into circulation on Uniswap.
Traders jumped on the “opportunity” right away. More than 390 people made purchases, bringing the total to more than $9 million. Liquidity is still at a high level at the time of writing.
One Twitter user said that he could not sell tokens he purchased for $1 million. As he states, the developers are likely to withdraw the monies using the Tornado Cashcryptocurrency mixer.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.