A new scam has been uncovered by experts from Check Point.
This scam involves the use of bogus tokens to steal one million dollars from the cryptocurrency wallets of thousands of various investors. The investigation led to the discovery of forty separate Rug Pull frauds as well as a rogue cryptocurrency wallet that was utilized for illicit purposes. In order to make the tokens appear to be genuine, the con artists produce bogus tokens and then deposit money into the disposal pool.
Fake transactions are arranged in such a way that they appear to be genuine trades. Fraudsters will raise the supply of the token, which will give the impression that there is a huge demand for it. Once they have a sufficient number of customers, they will then remove money from the liquidation pool.
The GROK2.0 token, which may have originated from Elon Musk's GROK artificial intelligence system, was one example of the token that the researchers utilized. For the purpose of trading and artificially increasing the total amount of tokens, con artists utilized two smart contracts. There were 226 instances of one contract being used, while the second contract had a different address and made the token value appear to be greater than it actually was. There were 81 instances in which the criminals were successful in removing money from their disposal pool.
The Rug Pull scheme is comparable to the exit scam, in which con artists tell lies in order to steal money and then disappear without a trace thereafter. In the world of cryptocurrencies, which is always evolving, this event emphasizes the significance of exercising caution and being aware of changes.