Fake MetaMask Governance Token Surged And Got Rug-Pulled

A fake Metamask governance token just surged by 2600% before getting rug-pulled and scammed hundreds in the process as we are reading more in today’s crypto latest news.

The rumors of a potential MetaMask governance token airdrop became quite loud on Twitter and it seems that the scammers took full advantage and have managed to bring in more users in their schemes. MetaMask is the most popular non-custodial wallet for Ethereum and it played a huge role in the Defi summer of 2020 but ever since Uniswap airdropped the governance tokens, most projects were doing the same. The users are speculating now that the wallet is going to perform an airdrop and most of them think that their snapshots will be taken in a few days.

There are a few rumors and speculations that the wallet hasn’t officially confirmed anything. However, this is where the scammers came into the picture. Someone create a fake Metamask governance token with the MASK ticker and it put it up for trading on Uniswap a day ago. This was detected by the traders right away and more than 390 users bought it as the token hit over $9 million in traded volume. At the time of writing, the liquidity was pulled.

One user even reported that about $1 million of the token was purchased and the sales were locked with chances of draining cash the same way they did the initial money to fund the liquidity. Other users also reported getting scammed by this.

As recently reported, MetaMask and Phantom wallets were targeted in the latest $500K phishing attack that has seen funds being stolen from the users’ wallets according to Check Point Research reports. Check Point Research discovered a crypto phishing campaign that saw the funds stolen from MetaMask and Phantom wallets as both Pancake and Metamask websites were mimicked in the scam. The research showed a huge search engine phishing campaign that has resulted in half of a million dollars worth of crypto being stolen from the users.

The scam was hitting MetaMask and Phantom users as two popular wallets with the scammer’s mimicking legitimate websites almost as they would the original. The report added that the researchers spotted a few phishing websites over the weekend that looked like the original website because the scammers copied the design. For the Phantom domain, the users were encountering phishing domains like Phanton.app or Phantonn.app as opposed to the original “phantom.app.”