Friend Tech Token deployer drained all the funds from the liquidity pool and successfully grabbed nearly 135 ETH from this scam.
Over the last 4-5 years, the crypto proponents supported the concept of high decentralized nature, to allow people to enter this sector as a developer & contributors without any big restrictions on identity but bad actors taking advantage of this freedom to conduct high-level scams easily without living traces.
On 19 Aug 2023, Crypto security platform Certik informed the crypto community that an unknown person, who deployed a fake meme token called Friend Tech Token, drained $226.5k funds from the Tech Token liquidity pool. Through this misconduct, this meme token deployer grabbed nearly 135 Ethereum (ETH) coins.
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We have detected a large liquidity removal on a fake Friend Tech token.
ETH: 0x2cf82a3Ad32AA580110278022a6493b631044beF
The deployer gained 135 ETH (~$226.5k).
Not to be confused with legitimate projects.
Read more below:https://t.co/MciIPYFVdD
— CertiK Alert (@CertiKAlert) August 19, 2023
Through this alert, the Certik platform suggested people invest only in genuine crypto projects.
A software engineer shared his opinion and advice to people to identify legitimate or scam crypto projects.
Note: Friend Tech is a genuine social media crypto project but here we reported about “fake Friend Tech Token”. In short, scammer succeeded to mislead crypto Investors
Earlier this, we reported that a Uniswap employee deployed a token & successfully drained 14 ETH from the liquidity pool. In both of these two cases, deployers drained the funds from their respective liquidity pool.
Frenstech (@FrensTech) $FRENS was deployed a few hours ago by the dev, @AzFlin a Uniswap employee.
One hour and four minutes ago he effectively rugged the project moving 14 ETH off of Base chain through HOP. https://t.co/UUpz1PYXLQ
Multiple people have confirmed he is the dev… pic.twitter.com/xMyQxbqj0f
—
(@UniswapVillain) August 12, 2023
Following the news of a Uniswap employee’s direct link with a crypto scam activity, the Uniswap co-founder fired the employee from the Uniswap project.
According to Certik, in the last 7 days, the crypto sector faced 12 incidents (5 Discord Hacks, 5 Phishing attacks, and 3 Twitter Hacks) in which the scammers grabbed a net $11.5 million.
Since last Friday we recorded 12 incidents resulting in ~$11.5M in losses.
So far 5 Discord Hacks, 5 Phishing attacks and 3 Twitter Hacks.
Stay vigilant & #DYOR! pic.twitter.com/JZhgG9QwwW
— CertiK Alert (@CertiKAlert) August 18, 2023
Read also: Ripple Exec brings light on the SEC’s appeal in the XRP lawsuit
Token developer drains $226,500 from the liquidity pool: Friend Tech Token Scam
https://bitcoinik.com/token-developer-drains-226500-from-the-liquidity-pool-friend-tech-token-scam/feed/
https://bitcoinik.com/token-developer-drains-226500-from-the-liquidity-pool-friend-tech-token-scam/feed/
