Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home Altcoin News

A Dogecoin (DOGE) Offshoot Has Been Identified As A Scam By An IT Security Firm

Hania by Hania
February 6, 2023
in Altcoin News, General News
Reading Time: 4 mins read
A A
0
A Dogecoin (DOGE) Offshoot Has Been Identified As A Scam By An IT Security Firm
Share on FacebookShare on Twitter
ADVERTISEMENT

The IT security firm Check Point Research (CPR) has expressed concern regarding the Dingo (DINGO) token. The Dogecoin offshoot has a market capitalization of $10.9 million and is ranked #774 on CoinMarketCap

According to CPR, the project’s anonymous owner boosted the token’s purchasing and selling fees to an astounding 99% by using the “setTaxFeePercent” method, thus placing investors at risk of losing all of their money.

The website for the Dingo token has very little information on the project’s founders and simply includes a basic, four-page white paper outlining the project tokenomics.

The project claims to implement a burn plan that benefits long-term investors in its white paper, In the sake of openness, the website displays the total quantity of Dingo Tokens burnt. Realistically, though, the only thing being burned here are the wallets of unsuspecting investors.

You May AlsoLike

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod

September 27, 2023
Mixin Network Falls Victim to $200 Million Security Breach

Mixin Network Falls Victim to $200 Million Security Breach

September 25, 2023

A Dogecoin (DOGE) Offshoot Has Been Identified As A Scam By An IT Security Firm

A 10% fee per transaction is mentioned in the white paper. But after looking more closely at the smart contract’s source code, CPR found the above mentioned “setTaxFeePercent” function, which gave the owner the ability to alter the buy- and sell-fee amounts.

The current fee is set at 99% and the function has been utilized 47 times. A user invested $26.89 in a buy transaction, but only received 4.27 million Dingo tokens, or 1% of the amount invested.

CPR claims that the transaction is taxed at a rate of 95% tax and 4% liquidity fee, for a total fee of 99% on any transaction. In other words, the project is blatantly stealing money from its users.

A Dogecoin (DOGE) Offshoot Has Been Identified As A Scam By An IT Security Firm

CPR warns cryptocurrency users to exercise caution when purchasing tokens since scammers can generate scam tokens and hack contracts in a number of other ways.

Scammers will continue to develop new strategies to steal money with cryptocurrencies as long as the market is still in its adolescence. Investors need to exercise extreme caution and only purchase tokens after thorough study as cryptocurrency continues to gain popularity.

Read More:

Dogecoin: Became the second largest PoW cryptocurrency

Tags: crypto newsdingo token scamDogecoinscam alert
Share76Tweet47
ADVERTISEMENT
Previous Post

FTX Seeks To Reclaim Political Donations By The End Of February

Next Post

Best Low-Cap Cryptocurrency Investments For 2023

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod
Crypto Exchanges

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod

September 27, 2023
Mixin Network Falls Victim to $200 Million Security Breach
General News

Mixin Network Falls Victim to $200 Million Security Breach

September 25, 2023
Shiba Inu’s Price Turns Green After A Brief Bearish Phase
Altcoin News

Shiba Inu’s Price Turns Green After A Brief Bearish Phase

September 25, 2023
3 Cryptocurrencies To Avoid Trading In The Upcoming Week
Altcoin News

3 Cryptocurrencies To Avoid Trading In The Upcoming Week

September 22, 2023
Ripple vs. SEC Lawsuit Update For September 2022
Altcoin News

Ripple vs. SEC Lawsuit Update For September 2022

September 22, 2023
Crypto Taxes India: WazirX CEO’s Forecast For The Next Two Years
Bitcoin News

Crypto Taxes India: WazirX CEO’s Forecast For The Next Two Years

September 22, 2023
Next Post
Best Low-Cap Cryptocurrency Investments For 2023

Best Low-Cap Cryptocurrency Investments For 2023

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    201 shares
    Share 80 Tweet 50
  • Elon Musk’s Silence And Its Impact On DOGECOIN

    194 shares
    Share 78 Tweet 49
  • Grayscale vs. SEC Decision Boosts XRP

    194 shares
    Share 78 Tweet 49
  • 3 Cryptocurrencies To Avoid Trading In The Upcoming Week

    194 shares
    Share 78 Tweet 49
  • Bitcoin (BTC) vs. Worldcoin (WLD) Comparative Study

    192 shares
    Share 77 Tweet 48
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.