- Twitter User tanjero.eth has identified MetaUFO as a pumping and dumping scheme in his Twitter Thread, and this project is following the same path as MetakingsAI project.
MetaUFO claims to be a decentralized gaming platform with play-to-earn elements, NFTs, and its NFT collection combined with an auto battler. It aims to be the #1 BSC game regarding daily, weekly, and monthly active players.
So basically, this project is like any other traditional crypto scam where users play games and earn rewards in crypto. Like a traditional pump and dump scheme, its native token, i.e., MetaUFO, is multiplied by 8x in 15 days. If we check the number of hodlers, then just the top ten addresses are enough the crash its entire market.
Crypto pump and dumps scheme occurs when attackers use misleading information to raise the price of a cryptocurrency, after which they sell it at a profit. Squid Game token is the prime example of this scheme.
This is a classic style that spammers of these types of projects use on a daily basis. So Firstly, they create an excellent genuine looking website, then deploy the contract based on some pre-written code, get random wallet addresses from the DarkWeb, and distribute the tokens in those addresses, so the project seems genuine. Lastly, Create Twitter, Instagram, and Discord channels with fake followers and bots so that a typical user will find this project genuine.
So, If we look at the creator’s address, nothing seems wrong at first glance. However, once we scroll down, there’s just one more address sending BNB to this address. So So this particular address has sent over 910 $BNB to TornadoCash, i.e., equivalent to over $364 K. We all know why hackers use Tornado Cash.
Also, according to some Twitter users like Min, the total listed supply on the website is 10 billion, but the MetaUFO project has diluted 32 billion through numerous Airdrops. MetaUFO Team also uses numerous bots on Twitter and their telegram channel to increase its legitimacy. We advise our readers to avoid such projects and always perform proper research before investing.