The cryptocurrency community has been warned after scammers made an official account by creating a fraudulent version of the Blur cryptocurrency.
In an attempt to fool consumers into believing it was the genuine Blur Airdrop, scammers allegedly generated a fake Blur token and sent it to Coinbase, Justinsun, and Yuga Labs, according to a tweet from PeckShieldAlert.
After removing liquidity, scammers also created a fake version of SHIBARIUM, a well-known cryptocurrency project.
Following the initial listing, the scammers’ manipulation generated significant gains in the Blur/WETH pair on Uniswap. Unfortunately, the price of the token was immediately reduced by the manipulators, which resulted in a substantial loss for those who provided additional liquidity.
#PeckShieldAlert Scammers pretend as @blur_io Deployer to deploy fake $Blur and airdrop to Coinbase, Justinsun, and Yuga Labs, in an attempt to trick folks into thinking it's the official #Blur #Airdrop. After removing liquidity, they created a fake $SHIBARIUM. Be alert! #DOGE pic.twitter.com/Lrs1v60g5c
— PeckShieldAlert (@PeckShieldAlert) February 15, 2023
The NFT marketplace Blur was designed for professional traders. Since there weren’t any fast and efficient NFT trading platforms available, Blur’s developers decided to construct one themselves. With this platform, consumers will be able to post on several marketplaces, manage their portfolios more quickly, and snipe reveals with greater effectiveness.
The members of the Blur team have expertise through MIT, Citadel, Five Rings Capital, Twitch, Brex, Square, and Y Combinator. Regrettably, this most recent scam serves as a warning of the dangers associated with cryptocurrency investment.
There are many scammers out there who want to take advantage of innocent investors, even though there are legitimate projects with tremendous potential. Before investing in trendy projects like BLUR or Shibarium, a comprehensive investigation is necessary.
The simplest way to do this is to compare the token’s contract address to the official one, which is available on reputable exchanges like Binance or on the official websites of market trackers like CoinMarketCap.