Is Elona Coin a Scam?

Is Elona Coin A Scam?

So whenever we hear the word crypto, the first person who comes to our mind is Elon Musk, aka DogeFather. So now we are back once again with a new coin named after Elon Musk. Elon musk has now challenged Vladimir Putin for one to one fight in his recent Twitter post. So he is fighting under the name Elona.

So Crypto Scammers are back with a new coin named Elona. At 11:20:44 PM +UTC yesterday, around 379 #BNB (~$150K) was rug pulled by the $Elona deployer. The Deployer removed the liquidity and transferred 540 BNB to Tornado Cash. The Deployer removed the liquidity and transferred 540 BNB to Tornado Cash.

Elona Coin
Elona Coin

Now we will look into details of how he has performed the scam. So Firstly, Elona Deployer minted 1 trillion $Elona tokens. Then the Deployer burned 500 billion tokens and added the other 500 billion as liquidity, along with 196.5 BNB. Secondly, the deployer removed all the liquidity and got around 260,891,540,144.73 Elona and 379.38 BNB. Deployer then transferred all the BNB (382.83) to this address. BNB was transferred to Tornado Cash through multiple transactions from the same address.

Is Elona Coin A Scam?

As per the latest available information, PeckShield Team has detected ~32 $Elona were created between March 15 and 16 on #Ethereum. 15 out of 32 of these $Elona appear to be a honeypot. We recommend our readers not to fall for this.

Is Elona Coin A Scam?

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Yash Kamal Chaturvedi

Btech Computer Science, Maharshi Dayanand University, Rohtak (2023)