This hot new crypto release could actually just be a huge scam

Date:
Mon, 06 Feb 2023 17:28:00 +0000

Description:
Dingo Token transaction fees suddenly spiked to 99%, thanks to a backdoor installed by the project owners, researchers say.

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A hot new cryptocurrency that has gathered a lot of attention and investment might actually just be a scam designed to steal peoples money, researchers have claimed.

According to experts from Check Point Research (CPR), the developers behind Dingo Token designed the smart contract in a way that allows them to manipulate the fees and drain user's wallets.

Every cryptocurrency has fees - micropayments designed to incentivize people to participate in the network and be rewarded for validating the
transactions. But while fees are usually low-cost (with exceptions, obviously), Crypto Dingo Token owners included a function in the smart contract allowing them to ramp up the fee to 99%. A "clear scam"

CPR says the owners can take 95% of the transaction in taxFee, and an additional 4% in LiquidityFee. So far, the function has been used 47 times.

Crypto Dingo Token is currently ranked #5462, with a market capitalization of $4,159,936.

The Dingo Token is a clear scam. We found a backdoor code added to the token smart contract that allows the owner to change the fee charge, said Oded Vanunu, Head of Products Vulnerabilities Research at Check Point Software. They changed it to a staggering 99% fee. This is a common tactic that locks users' funds and eventually the scammers pull out all the money. Read more

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According to Vanunu, cryptocurrencies are a great industry for scammers as they allow for all sorts of malicious campaigns, all the while keeping their identities a secret. After all, most cryptocurrencies are pseudonymous, allowing people to obtain large sums of money while remaining anonymous.

Scammers are increasingly finding cryptocurrency attractive. They can stay anonymous. Its fast. Its lucrative. If youve incorporated crypto into your investment portfolio or are interested in investing in crypto in the future, you should use credible exchanges and buy from an established token with numerous transactions behind it. Here's our list of the best endpoint protection software right now



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Link to news story: https://www.techradar.com/news/this-hot-new-crypto-release-could-actually-just -be-a-huge-scam


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