Developer Steals $226.5k in Fake FriendTech Token Exit Scam: Details 


Developer Steals $226.5k in Fake FriendTech Token Exit Scam: Details 

A major crypto scam has rocked the crypto community as a fraudulent actor withdrew support from a project previously promoting it. In a recent tweet, CertiK, a platform known for real-time alerts on crypto hacks, informed the community of the latest exit scam.

According to the update, CertiK detected a considerable liquidity removal on a fraudulent version of a known meme coin project. The cloned meme project was Friend Tech token.

#CertiKSkynetAlert 🚨

We have detected a large liquidity removal on a fake Friend Tech token.

ETH: 0x2cf82a3Ad32AA580110278022a6493b631044beF

The deployer gained 135 ETH (~$226.5k).

Not to be confused with legitimate projects.

Read more below:

— CertiK Alert (@CertiKAlert) August 19, 2023

The security firm highlighted that the fraudulent deployer amassed 135 Ethereum (ETH) tokens from the exploit. The plundered fund amounted to approximately $226.5k. Furthermore, CertiK cautioned the crypto community to be vigilant and only interact with legitimate projects.

While CertiK did not explicitly identify the scam deployer, Coin Edition recently reported a case where a Uniswap employer pulled a similar stunt. Last week, Uniswap fired one of its developers after confirming he engaged in a scam involving the Frend Tech project.

According to the report, the developer removed liquidity from the meme coin project and sold the amassed fund worth $25,800.

Meanwhile, in another conversation, CertiK highlighted the sheer number of scams that swayed the community within the past seven days. According to the report, the crypto community witnessed 12 scam incidents. It involved five Discord exploits, five phishing attacks, and three Twitter hacks.

Cumulatively, the incidents resulted in a loss of over $11 million last week. “Stay vigilant and do your own research,” CertiK proclaimed in the security update.

#CertiKSkynetAlert 🚨

Since last Friday we recorded 12 incidents resulting in ~$11.5M in losses.

So far 5 Discord Hacks, 5 Phishing attacks and 3 Twitter Hacks.

Stay vigilant & #DYOR!

— CertiK Alert (@CertiKAlert) August 18, 2023

Concerning the recently exploited FriendTech, a software engineer explained the working principle of the real project. The developer highlighted that the pricing function for Friendtech shares is based on a pair bonding curve, an automated market maker used to price assets.


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