Scam: Distributing fake “MetaMask” cryptocurrency and its price up by 2,600% and then disappearing with investors’ money


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Fraud, piracy and theft in the crypto market are still severely affecting investors, especially beginners, as fraudsters are creative in devising new ways that enable them to seize the money of their victims.

Recently, rumors circulated about a possible free airdrop distribution of the cryptocurrency “MetaMask” and its allocation for governance.

The rumors spread quickly on Twitter, and it appears that the scammers took advantage of this and were able to attract several hundred users to their schemes.

“MetaMask” is a wallet that works as an extension on the web browser and is considered one of the most popular wallets in the crypto market. The wallet runs on the Ethereum blockchain, and played a big role in the summer of 2020 DeFi.

Since the decentralized exchange Uniswap has freely distributed its cryptocurrency, many decentralized projects are doing the same.

Now, users are expecting MetaMask to do a free distribution of its cryptocurrency, and many seem to think they will get some in a few days, coinciding with the New Year.

But so far, these are just rumors and speculations that are far from true, as MetaMask has not confirmed anything officially.

Instead, the advertised airdrop is backed by crooks.

These scammers created a fake “MetaMask” governance cryptocurrency using the name “MASK” and then released it for trading on Uniswap last Tuesday.

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After traders discovered the order of the cryptocurrency, more than 390 users accepted the coin, with the volume of the trading of the new fraudulent cryptocurrency reaching more than $9 million.

Immediately after that, the cash was withdrawn.

One Twitter user reported that once nearly $1 million of the new digital currency was purchased, sales closed, and users started cashing out.

Then several other users also revealed that they were being deceived by this cunning process.

For our part, in Arab Bitcoin, we constantly warn against similar operations and not to invest until after conducting a full and integrated research on the digital currency to be entered.

Read also:

Abu Dhabi city becomes the center of crypto in the Middle East…Details here

Bitcoin struggles to reclaim the $48,000 level and drop its dominance over altcoins

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