Ethereum-based token MASK is a honeypot scam, not Metamask’s governance asset
Currently, the crypto market is buzzing with information about the appearance of a token called MASK, which impersonates the much-anticipated governance token of the MetaMask wallet.
Ethereum community scammed by token impersonating MASK
Holder ETH is currently reporting on a new honeypot project. To clarify, this is a token that you can only buy, not sell. Or rather, this is a scam impersonating MetaMask’s governance token, MASK, which has yet to be released.
Really depressing. Dude tries to ape a coin 7 times upping ante each time. Fails each time. Gets in his entire net worth on the last go. Coin was a fake metamask token. Dextools exploit. Unsellable. What you’re seeing here is a star going out pic.twitter.com/oDQXIVIuST
— Jeremy (@lindyape) December 27, 2021
Twitter user @lindyape shared a screenshot of the transaction history of an Ether holder who bought MASK for 22 ETH (nearly $88,000) and was unable to sell it. According to Etherscan, the real number of victims of this scam could be closer to 400. The token was issued by “MaskDAO”, the website was registered yesterday, on December 27.
It seems that in the first few hours, some traders are able to make a sale. But then things got worse and people started to realize they were cheated.
As crypto enthusiast @cobynft explained, MASK token issuers used a trick to get verification badges on the popular DeFi app DexTool.
How did someone make a fake $MASK token and scam hundreds of ETH by exploiting DexTools?
A Thread ? pic.twitter.com/pUb9MRwBlT
— coby.eth (@cobynft) December 27, 2021
Later, @cobynft also revealed that the put option was locked after $1 million of liquidity was injected into MASK. Right now, the token is labeled as “honeypot” by automated analytics systems because its code includes a line that doesn’t allow the sale.
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