"Scam Alert for Dingo Token That Charges 99% Fee"

Security researchers at Check Point have warned that a popular cryptocurrency is a scam after spotting backdoor functionality designed to effectively steal users’ funds.  Dingo Token is relatively small by cryptocurrency standards: its market cap of close to $11m meant it ranked down in 774th place by size when the researchers analyzed it.  However, its functionality has the researchers concerned.  The researchers stated that the token’s developers have embedded backdoor functionality in the token’s smart contract, which adds a 95% “taxFee” and a 4% “LiquidityFee.”  Manipulation of this “setTaxFeePercent” function in the smart contract code of the token has been used 47 times by its developers, according to the researchers.  The researchers noted that what they have found at Dingo Token is increasingly commonplace.  The researchers stated that this is a common tactic that locks users’ funds, and eventually, the scammers pull out all the money.  Scammers are increasingly finding cryptocurrency attractive.  The researchers recommended that if you’ve incorporated crypto into your investment portfolio or are interested in investing in crypto in the future, you should use credible exchanges and buy from an established token with numerous transactions behind it.  Recently, the value of Dingo Token has surged 36% in a day to reach over $67m.  That means it has shot up the rankings to reach #338, according to CoinMarketCap.  The researchers stated that the developers will probably activate the backdoor to take 99% of all users’ coins once they judge the value of the cryptocurrency has peaked.

Infosecurity reports: "Scam Alert for Dingo Token That Charges 99% Fee"