Fake token on swap platform

[hakertajniak]

Could you give the name of the token so we can learn the smart contract of it ?
I guess this is why we should not buying token that hyped with no reason.
That could be the trap of the scammer developer to lure people to buy their token.

[1715135551]

1715135551

[cengat]

literately malfunction token. The problem is the token can only 'buy', but can't be sold. There are tricks in the selling code that only the owner (scammer) can sell. Outside people can only buy but never sell successfully. The scammers create the pairing pool using their token, then buy it to create an up-shooting curve. They will come back later to collect all ETHs leaving the garbage tokens stuck in tricked buyer's account.   

Are there any real examples of this?
I mean I totally can believe in such scam scheme, just curious to witness it myself.

[piebeyb]

one example of UNII tokens where they attract attention because people are busy discussing expensive free tokens from uniswap called UNI, they take advantage of market conditions and people who lag behind get free tokens, so many people buy those tokens too and finally those who make them throw away tokens become cheap, their way must be prevented by making threads like this, we see now people come to waste their money buying junk tokens on uniswap, there are many scammer exchange pairs there, so be careful there, by the way I also don't like tokens YFI and other families like YFII as well, that's really not cool

[Gayong88]

Yes. You are right, Talking about scammer will never end. There are many ways for them to drop and sign in especially the previous Uniswap and Defi Platform. What should we do? Get used to doing early anticipation by looking at team profiles, whitepapers, and other supporting literacy such as comments, comments, reviews using Trustpilot reviews so you don't get stuck.

[kindbtc]

literately malfunction token. The problem is the token can only 'buy', but can't be sold. There are tricks in the selling code that only the owner (scammer) can sell. Outside people can only buy but never sell successfully. The scammers create the pairing pool using their token, then buy it to create an up-shooting curve. They will come back later to collect all ETHs leaving the garbage tokens stuck in tricked buyer's account.   

Obviously you are talking about rug pulling which is easily the biggest issue being faced by the current projects and new projects being listed at instant swap exchanges like uniswap where liquidity is controlled totally by the team and being a dex anyone can take advantage and i think uniswap needs to come up with a way out.

[kenelmark]

Are there any real examples of this?
I mean I totally can believe in such scam scheme, just curious to witness it myself.

It is difficult to give clear examples, because the fraud committed by the scammer is very subtle and very cunning too, so to provide evidence it must be summarized thoroughly first so that we can all understand it well.

[Ridwan Fauzi]

The crypto currency sphere will always provide this thing, because a hype I mean when many people talk about the/new project they will forget everything.

The only focus is how to get the coin by hope they will got a good return. As has happened now, maybe your point has been happened in the UNISWAP but yeah hopefully the user here always check and read this thread clearly.

[AlexAtom]

That is a booby trap! If we can only buy the token and can't sell it, what is the purpose for buy the token then ?
Scammers are really trying hard to steal people's money in crypto.
We shouldn't buy new token without doing any research on the project first.

[noorammak]

It's one of the new tricks of the day. New projects mainly impersonating DEFI used the above method to raise capital and disappeared. The buyers consider it a lottery, and they take the risk.
There are several other scams in the past that I know of.
My friend made an OTC transaction to buy Tether and he got his fake Tether back. It is a token with Tether recording but when uploaded to other exchanges it is not possible because it is different from real Tether smart contract.
Another game is to spread fake news about projects on Binance DEX and make a profit.

[Teraboy]

That is a booby trap! If we can only buy the token and can't sell it, what is the purpose for buy the token then ?

When you are facing the advanced scammers who have been scamming the people throuigh their codes and then you must become more than it. It's quite simple that if anyone should do a lot of audits to the code but these days not so many people are capable to do that.

The scammers have been putting the minting and locked function. That makes the only scammer who will be able to sell or control the tokens.
So many rug pull cases happened in the past. Be careful with any contract that is not yet verified.

[darewaller]

There will be a ton of these, the vetting process is not big at all which causes a lot of scams and fakes to be listed there and it causes people to fall in thinking it is a legit coin which causes people to lose money and someone else to take profit. This is not really a new thing because it has been around for a long time and people have done this for a long period of time. There has been fake coins in regular cex listed as well and it isn't the first time this happens.

However there is a solution to this as well, if you want to use an exchange do not use everything you find, people are a bit idiotic that way because they believe into every single exchange and that causes people to just lose, but if you pick a great exchange like binance you will never be faked.

[Xembin]

literately malfunction token. The problem is the token can only 'buy', but can't be sold. There are tricks in the selling code that only the owner (scammer) can sell. Outside people can only buy but never sell successfully. The scammers create the pairing pool using their token, then buy it to create an up-shooting curve. They will come back later to collect all ETHs leaving the garbage tokens stuck in tricked buyer's account.   

Yes, the scammer  can buy  but never sell it Successful in the market because they fail to follow due process to sell the coins . I think with personal research  you can identify fake token in the platform which is be own by scammer and waiting for someone to scam.

[MCobian]

Therefore, don't be careless with investing without doing research first, because now there are so many new token on swap platforms
emerging. In which some new tokens were created by scammers to deceive and steal money from investors. So be careful choosing coins
for investment must be done, or avoid investing in new tokens and choose old tokens which is more safer.

[samcrypto]

There’s a lot of fake token ok Uniswap before and I don’t know if they already address this problem but you still have to be careful on swapping your token, you have to confirm first if its legit or not.

If you’re in hurry to trade, use the best exchange available for your token and this is more safe compare on swapping it normally. The fake projects are everywhere waiting for the new victim, be informed every time you invest.