Hackers developed a fake FTX 2.0 Token to Deceive Users

Key takeaways:

  • Scammers are airdropping a fake version of the FTX 2 token to mimic an official FTX airdrop.
  • The scammers used the FTX Exchange wallet to give out the impression that they were affiliated with the exchange.

A bizarre token called FTX 2.0 was just generated and is now being airdropped to wallet addresses belonging to Justin Sun, Binance, and KuCoin, indicating that hackers are once again aiming the cryptocurrency industry.

The unscrupulous actors delivered the tokens to the FTX exchange under the guise of adding liquidity before airdropping them to other cryptocurrency exchanges, said blockchain security company PeckShield. Users are intended to be seduced into clicking malicious links that deplete or destroy their account balances.

Affected cryptocurrency investors are furiously protesting the FTX crash, while some are considering how they may profit from it. Con artists absolutely have no boundaries, recently  Europol cracked down on cryptocurrency fraudsters headquartered in Cyprus, Serbia, and Bulgaria.

Based on data from Arkham Intelligence and Etherscan, surprisingly little is known about this token, and there definitely wouldn’t be any cause to pay attention to it if it weren’t for transactions that disseminated this particular token from legitimate addresses of the now-defunct cryptocurrency exchange FTX.

Additionally, the token itself has tools that would enable it to deceive its owners. For instance, its price is subject to arbitrary manipulation.

The scammers created the token and on January 19 delivered its entire supply, or $1,000,000,000 (1 billion), to an FTX Exchange wallet account.

The token “also has the backdoor features,” according to the PeckShield, which enable the contract controller to “arbitrarily change any account’s balance.”

Due to the fact that those transfers might have been started using the keys controlling the FTX 2.0 token contract without requiring the FTX wallet’s keys, this functionality justifies the outbound transfers from a known FTX wallet.

Peckshield cautioned the investing public to stay away from the FTX2 cryptocurrency and its contract. The official native token of the FTX exchange is FTT, and no airdrops are being offered.

The only official talk related to FTX from a reliable source, is the new Chief executive officer talking about rebooting  the firm because the exchange has capability for the same.

Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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