Several members of the crypto community are reporting a scam involving the as-yet-unreleased MetaMask wallet governance token.
In early November, Joseph Lubin, founder of the technology company ConsenSys, founder of MetaMask, suggested that the wallet could make a native token.
Taking advantage of this information, malicious agents are supposedly running scams on hundreds of people.
According to Etherscan, the net number of victims of this scam could be close to 400. According to reports from enthusiasts, the fraud has already injured victims by $1 million.
Fake MetaMask Token Hurts Investors
The fake token appeared on the decentralized DexTools platform. The crypto assets were issued by the obscure “MaskDAO”, whose website was registered last Monday.
Thus, as there were rumors of the release of a native token, the MASK token soon caught the attention of unsuspecting investors who went to purchase the tokens believing it to be legitimate.
In addition, many were misled by the fact that the token was with the “verified” sign, as pointed out by the user @cobynft.
The user explained that the hackers injected malicious code into the description of the token that the DexTools website ran. This ended up resulting in the “Verified” stamp presented by the digital asset.
“Dextools has bad coding. Then, their website showed the coin as legitimate and even had a pop-up showing that the coin was verified”, detailed @cobynft.
@cobynft further revealed that the token put option was blocked after users purchased $1 million of the token.
Also on Twitter, the user @lindyape shared a screenshot of an ETH holder’s transaction history.
As the screen shows, he purchased the MASK tokens for 22 ETH (almost $88,000). However, it failed to sell them.
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