Investors Lose $ 1.8 Million, Become Victims of Fake MetaMask ‘Rug Pull’!

 Rumors of a potential airdrop of the MetaMask governance token have been gaining ground on Twitter lately. But unfortunately, ‘scammer’ began to take advantage of this. The scam technique used is to trap investors into buying tokens in certain schemes.

MetaMask is the most popular non-custodial wallet for Ethereum and it has played a big role in the summer of DeFi 2020. Since Uniswap offered its governance token airdrop, many decentralized projects have done the same.

By the new year, users are speculating that MetaMask will do an airdrop and many believe that they will receive it in a few days. Yet, so far, it’s just rumors and speculation as MetaMask hasn’t officially confirmed it.

Scammers take advantage of this opportunity. Where the scam technique is used is to use the same image and create a fake MetaMask governance token with the MASK ticker trading it.

However, this can be detected immediately by investors, but unfortunately more than 390 users bought it because the token reached more than $ 9 million in trading volume. At the time of writing, it has been rugged (rugged pull).

A Twitter user reported that once about $ 1 million of the tokens had been purchased, sales were locked in "and they were likely to withdraw the money abruptly, in much the same way as they withdrew the initial money to fund liquidity."

Other users have also reported this scam. Taking note of this event, investors are advised to always review and do their own research.

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