Currently the crypto market is buzzing with the news of the arrival of a token called MASK, which is said to impersonate the much-anticipated governance token of the MetaMask wallet.
Ethereum-based token MASK is a Honeypot scam
Ethereum community scammed with MASK . impersonation token
ETH holders are currently reporting on a new honeypot project. Specifically, this is a token that can only be bought but cannot be sold, or rather this is a scam impersonating MetaMask's governance token - MASK, which has yet to be released.
Twitter user @liidyape shared a screenshot of the transaction history of an ETH holder who bought MASK for 22 ETH (nearly $88,000) and was unable to sell it. According to Etherscan, the real number of victims of this scam could be closer to 400. The token was issued by “MaskDAO”, the website was registered on December 27.
Really depressing. Dude tries to ape a coin 7 times upping ante each time. Fails each time. Gets in his entire net worth on the last go. Coin was a fake metamask token. Dextools exploit. Unsellable. What you're seeing here is a star going out pic.twitter.com/oDQXIVIuST
— Jeremy (@lindyape) December 27, 2021
In the first few hours, some buyers were able to sell tokens, but then things took a turn for the worse and people started to realize this was a scam.
Crypto enthusiast @cobynft explains, the MASK token issuers used a trick to get a verification badge on the popular DeFi app DexTool.
Later, @cobynft also revealed that the put option was locked after $1 million of liquidity was injected into MASK. Currently, the token is labeled as “honeypot” by automated analytics systems because its token has a line that does not allow sale.