TL;DR Breakdown
- Scam Elona Musk tokens named after Elon Musk flood the crypto market.
- Rugpull crypto scams are on the rise.
- A rising need for crypto investors to exercise caution during financial trades.
Elon Musk is the world’s wealthiest person. His business ideas have had a significant impact on the global economy. When investors hear the term “crypto,” Elon Musk, aka the DogeFather, is generally the first person who springs to mind. In the last 24 hours, con artists have utilized the female version of the business magnate by setting up 16 honeypots. Further, Elona Musk tokens take name after Elon Musk.
Elona Musk scam tokens
PeckShield released a warning through Twitter after the crypto space became flooded with Elona Musk coins tied to the arrival of a female version of Tesla CEO. An unknown user on Twitter initially posted an image of Elona Musk, which Maye Musk–Elon’s mother, subsequently picked up.
#PeckShieldAlert #Elona #Honeypot PeckShield has detected ~32 $Elona were created between March 15 and 16 on #Ethereum.
15 out of 32 of these $Elona appear to be #honeypot. @elonmusk Do *NOT* fall prey to it.#ELONASHIBA #ELONAKONG #PRETTYELONA #SEXYELONA #ELONADOG #ELONvPUTIN pic.twitter.com/qphSrkgeRx— PeckShieldAlert (@PeckShieldAlert) March 17, 2022
Over 30 tokens appeared on various networks after renaming the account to Elona Musk. The scammers utilized the increased popularity of the meme to establish smart contracts with several backdoors. They are trying to maximize sales of the scammy tokens before being discovered. These backdoors allow the developers to remove funds from users’ wallets or use them in any other way.
PeckShield informed Elon Musk of the con artist’s advance into the crypto sector, warning him that a scammed ship was on its way. Scammers also utilized other popular cryptocurrencies and tokens in the names of their smart contracts: ELONASHIBA, ELONANFT, and ELONADOGE.
The recent crypto fraud targeting Elon Musk is no surprise to the cryptocurrency community. It isn’t the first or last time for trends to be used in a scam. It follows from this that scammers frequently utilize popular token names to promote fraudulent ventures, as they did with Tesla.
The most popular approach of stealing money is a rugpull technique: distributing (selling) coins or tokens to users, which promotes the market value of an asset. Then they sell the pre-mine or funds deposited in a developer’s reserve wallet.
Crypto scams on the rise
In detail, the Elona Musk deployer then minted 1 trillion $Elona tokens. Then the deployer burned 500 billion tokens and added another 500 billion as liquidity, along with 196.5 BNB. After that, the deployer then took away all the liquidity and obtained approximately 259,891,540,144.73 Elona Musk and 379.38 BNB. The deployer then sent all of the BNB (382.83) to different addresses. Tornado Cash received numerous transactions from the same address to transfer BNB in multiple stages over a period of time.
The cryptocurrency market is already highly volatile, and participating in it might be dangerous. However, any type of cryptocurrency fraud may be quite traumatic and result in significant losses. Many unlawful cryptocurrency investments took place last year, paving the way to greater fraud incidents.
The WAX Dynasty research firm recently published a study focusing on cryptocurrency scams. According to the report, cybercriminals have grown so powerful that they can hack into well-known DeFi sources and sell fraudulent tokens for cash.
By far, crypto scams are the most severe threat to cryptocurrency investors. Chinese authorities recently arrested eight individuals and froze nearly 6 million Yuan ($946,000) of digital assets linked to a crypto fraud earlier this year, following an initial move in Beijing’s efforts to combat cryptocurrencies.
Source: https://www.cryptopolitan.com/elona-musk-scam-tokens-flood-the-market/