Beware of scams promising to distribute FTX 2.0 coins

Beware of scams promising to distribute FTX 2.0 coins

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Answer Beware of scams promising to distribute FTX 2.0 coins

PeckShield, a leading blockchain security firm, has shared details of a new scam.

A fraudulent actor designed a cryptocurrency that imitated the FTT cryptocurrency and tried to distribute it to major centralized and decentralized exchanges.

And the most insidious part is the distribution of fake FTX 2.0 on January 20, 2022.

PeckShield analysts revealed that the fake FTX 2.0 digital token released by the scammers reached 800 million coins in the Uniswap v2 liquidity pool.

As their price instantly rose in the FTX2/WETH pool, scammers started sending digital currencies to high-level centralized exchanges such as Binance, KuCoin, and Huobi.

Some investors and traders may think that this is an official airdrop by the FTX team.

In addition, the FTX 2.0 digital currency itself has built-in tools that allow it to cheat its holders.

For example, their price can be arbitrarily manipulated.

Also, some tech-savvy followers commenting on PeckShield’s Twitter post noted that the contract design has another serious feature: a function in the smart contract called “ask for approval,” which actually allows anyone’s credit to be burned.

Needless to say, any kind of interaction with this digital token can be extremely dangerous for crypto users.

The fraudulent digital currency FTX 2.0 came to prominence in particular after the new CEO of FTX stated that the company could return to work, which attracted gullible investors.

As a reminder, FTX collapsed in November 2022.

Read:What is the Shiba Inu (SHIB) digital currency? Why did the price explode?

Its CEO and founder, Sam Bankman-Fred, has been arrested and charged with using investor money for his trading company, Alameda Research.

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