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Check Point specialists have uncovered a new scam involving the creation of fake tokens.
A team of Check Point identified a new type of fraud using fake tokens. Using Intel's proprietary Threat system, experts identified a malicious cryptographic wallet involved in illegal operations.
Monitoring the activity of this wallet allowed us to detect 40 different scams made by the Rug Pull method, as a result of which fraudsters stole a total of $ 1 million.
The essence of the scam is to create fake tokens and deposit funds into the liquidation pool, creating the appearance of legitimacy of the tokens. Then fictitious trades are organized to simulate real purchases and sales.
Scammers pump up the volume of the token, creating the illusion of its high demand, in order to attract buyers. After attracting a sufficient number of investors, they withdraw funds from the liquidation pool.
As an example, the researchers cite the GROK2.0 token, the name of which may be borrowed from the GROK artificial intelligence system, which was recently actively promoted by Elon Musk.
Fraudsters used two smart contracts to trade and artificially increase the volume of the token. One of the contracts was activated 226 times for this token alone. In the second smart contract, a different address was used, and an operation was performed aimed at artificially increasing the token volume. Fraudsters were able to withdraw funds from their liquidation pool 81 times.
Rug Pull schemes, in general, are very similar to classic exit scams, where scammers first make false promises, and then disappear without a trace with the money.
This incident underscores the importance of vigilance and awareness in the ever-changing cryptocurrency world. Investors should be aware of fraudsters methods and carefully monitor their investments.
Check Point specialists have committed to protecting the crypto community by actively monitoring domains associated with the identified fraudster's wallet.
A team of Check Point identified a new type of fraud using fake tokens. Using Intel's proprietary Threat system, experts identified a malicious cryptographic wallet involved in illegal operations.
Monitoring the activity of this wallet allowed us to detect 40 different scams made by the Rug Pull method, as a result of which fraudsters stole a total of $ 1 million.
The essence of the scam is to create fake tokens and deposit funds into the liquidation pool, creating the appearance of legitimacy of the tokens. Then fictitious trades are organized to simulate real purchases and sales.
Scammers pump up the volume of the token, creating the illusion of its high demand, in order to attract buyers. After attracting a sufficient number of investors, they withdraw funds from the liquidation pool.
As an example, the researchers cite the GROK2.0 token, the name of which may be borrowed from the GROK artificial intelligence system, which was recently actively promoted by Elon Musk.
Fraudsters used two smart contracts to trade and artificially increase the volume of the token. One of the contracts was activated 226 times for this token alone. In the second smart contract, a different address was used, and an operation was performed aimed at artificially increasing the token volume. Fraudsters were able to withdraw funds from their liquidation pool 81 times.
Rug Pull schemes, in general, are very similar to classic exit scams, where scammers first make false promises, and then disappear without a trace with the money.
This incident underscores the importance of vigilance and awareness in the ever-changing cryptocurrency world. Investors should be aware of fraudsters methods and carefully monitor their investments.
Check Point specialists have committed to protecting the crypto community by actively monitoring domains associated with the identified fraudster's wallet.
