SNEAK PEAK
- Scam alert for Dingo Token due to unprecedented transaction costs.
- Check Point found a backdoor function called “setTaxFeePercent.”
- DINGO was trading at $0.000000004148 at press time.
Researchers at the IT security firm Check Point security discovered a mechanism that enables the project’s owner to manipulate trading fees that account for up to 99% of the transaction value. As a result, these researchers have raised the red flag on Dingo Token as a possible fraud.
The warning has been allegedly issued by Check Point after researchers at the business have already seen this fraudulent fee change 47 times.
In a blog post published on February 3, Check Point Research (CPR) stated that after analyzing the code that was used to create the Dingo Smart Contract, it had found a backdoor function called “setTaxFeePercent” that can change the buy and sell fee associated with the contract by up to 99%.
CPR also added;
When we saw a token raised by 8400% this year, we had to investigate the project and understand its uniqueness. We examined the Dingo Smart Contract and quickly found it seemed like a scam.
Check Point asserts that the project website needs to include genuine details about the individuals in charge of the initiatives. A white paper consisting of four pages outlines the project’s tokenomics. It is stated that the transaction cost is merely 10%.
Twitter users and users of the cryptocurrency market tracker CoinMarketCap have highlighted problems with the Dingo Token lately. In a post dated February 5, crypto trader IncredibleJoker said they could not sell their assets.
The new Dingo Token (DINGO) is trading at $0.000000004148 with a 24-hour trading volume of $63,716.18 at press time. DINGO (new) is up 55.86% in the last 24 hours, according to data from Coinmarketcap.