Wednesday, September 27

MetaMask’s cryptocurrency governance is fake and millions of reais were taken

A MetaMask portfolio governance cryptocurrency has appeared on the market, delivering a blow to thousands of investors at a decentralized brokerage.

Popular with Ethereum users and the DeFi market in general, with support for multiple networks, MetaMask allows easy interaction with this ecosystem. Furthermore, it is a highly adopted portfolio, with 21 million registered users as of the last month of November 2021.

With this project being one of the most important on the market, several scams have already tried to be applied to these millions of users, who move millions of dollars a day. In the past, a bug in the wallet made the user balance disappear for a few hours, but it was nothing but a scare.

MetaMask’s cryptocurrency governance is a scam

A MetaMask-branded cryptocurrency appeared at decentralized broker DexTools, drawing the community’s attention to the token appearing with verified status.

Thus, many assumed that the cryptocurrency was official of the project, as it had the verified mark. But what many investors didn’t know was that the verified stamp was just a lure for a market scam.

Fake token looked verified, but was swipe /Replay

According to a user attentive In the case by Twitter, the site’s code received a change, which allowed the scammers to change the appearance of the “MASK”. Even a pop-up on the platform confirmed that the official website team verified the token.

However, after the listing and various elements proved that MetaMask now had a governance cryptocurrency, the scam began to be made in the market. After reaching US$ 1 million in sales, negotiations were blocked by the contract, and it is expected that the scammers will now withdraw the amounts. Thus, BRL 5.64 million were taken by the fraud.

The DexTools team did not respond to the request for comments about the error on its website that caused a millionaire loss to those who bought MetaMask Governance, another sophisticated scam applied in the market. Those responsible for the portfolio also did not comment on the scam using their image.

“Don’t trust, check”

One of the most famous mottos in the market is “don’t trust, check”, which keeps gaining strength with the amount of scams being applied.

A recent report by Chainalysis recalled that the market is full of scams, more frequent and of short duration. That is, attacks on unsuspecting traders are quick.

Buying new coins on the market, even if they look legitimate, is a risky practice and should be done after much study, even if it looks promising. What matters in the cryptocurrency market and has been forgotten by many speculators is its disruptive power in finance, that is, the blow is in the market, whoever underestimates their knowledge and bets on empty promises will fall.