Twitter alternative Damus Has At Least 15 Fake Tokens, Reveals New Report

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Key Takeaways:

  • Scam tokens posing as being affiliated with Damus have been released in substantial numbers.
  • The bogus tokens were released on BNB Chain and Ethereum.

The popularity of the decentralised social application Damus has led to the emergence of certain phoney contracts that pretend to be Damus tokens. PeckShield issued a warning today stating that 15 newly produced Damus fake tokens had appeared on Ethereum and BNBChain Contracts. Additionally, Nostr false tokens had also been observed on Ethereum.

The blockchain analysis and security platform issued a warning to users not to fall victim to it. One of the tokens was identified by PeckShield as a honeypot. The fact that seven of them had a high selling tax (100%) and the remaining ones had already lost 99% of their respective values was also noted.

Damus, a brand-new decentralised social media platform, recently made it into the top ten list of free social media apps in the American iOS app store.

Prior to PeckShield, Damus itself has cautioned of the same problem. The decentralised network made it very clear that it does not have a token and will never have one future as well. 

Any person who might have purchased a $DAMUS token has undoubtedly fallen victim to fraud. Although it’s unknown at the time how widespread the damage has been, some people have fallen for the hoaxes. 

Users should be attentive and wary of these bogus tokens, according to PeckShield. Scammers frequently utilise new and developing programmes to deceive unwary consumers and get money. The community  must be vigilant and keep an eye out for these fraudulent tokens.

The project has remained in the news headlines, with numerous developments in the last few days. In Hong Kong, where it is presently the fourth most downloaded app, Damus has surpassed TikTok in regard to popularity.

The fake token reveal, however, is not the most shocking thing for Damus supporters. Damus has now been declared illegal in China, according to reports.

According to the Chinese Cyberspace Administration, the app “contains content that is prohibited in China” because it is an “Information Service with Attributes of Popular Views or Competent of Social Mobilization.”

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Aadrika Sharma
Aadrika Sharma

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

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