According to PeckShieldAlert‘s latest tweet, $ELONA tokens were created in response to the appearance of a female version of the people that the entire of the World have known, Tesla CEO Elon Musk. Originally, an anonymous Twitter user tweeted a photo of a female Elon Musk, which was picked up by Maye Musk–Elon’s mother.
After renaming the account Elona Musk, over 30 tokens named after the female Musk ($ELONA) appeared on several networks. PeckShield, a blockchain security startup, designated half of the tokens as honeypots.
Scammers took advantage of the meme’s growing popularity to create contracts with various backdoors that allowed the original developer to remove funds from users’ wallets or exploit them in any other way.
Musk was also cautioned by the security agency because the entrepreneur had previously posted or highlighted different meme tokens that were not scams but nonetheless had a limited community surrounding them and disliked developers.
Scammers even used trendy tokens and coins in the titles of their smart contracts, such as ELONASHIBA, ELONANFT, and ELONADOG. PeckShield has previously issued multiple warnings on cryptocurrency tied to projects such as Shiba Inu and Dogecoin.
Scammers use the names of popular tokens to promote, often fraudulent, ventures. The most popular method of stealing users’ funds is to employ a rug pull approach, which involves dispersing (selling) coins or tokens to users, increasing the market value of an asset, and then selling the pre-mine or funds transferred to a reserve wallet owned by the developer.
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