Cybersecurity team flags Dingo token’ smart contract a “Scam”

Check Point Research (CPR) investigated the smart contract code of the Dingo token and found that it can steal 99% of the funds of the Dingo token buyers. 

On 3 Feb 2023, Check Point Research (CPR) published a blog post to warn Crypto Investors about Dingo Token. 

CPR investigation noted that the code behind the Dingo smart contract is suspicious because it will automatically deduce the Investors’ funds during the buy swap step. The smart contract has a  function “setTaxFeePercent” that can change the contract’s buy and sell fee by up to 99%. 

In the Whitepaper, the project team mentioned that transaction fees are only 10% but that is wrong. 

So, if a person will buy Dingo tokens then the project owner can withdraw 99% of the investment during the swap process. 

The investigation noted that a person purchased 427 million Dingo tokens for $26.89 but he received only 4.27 million Dingo tokens ( approx. $0.27 in total). 

The investigation firm said that its team started investigating after the pump in the price of this token by 8,400% this year. 

“We all know that 2022 was a hard year in the crypto market. However, when we saw a token raised by 8400% this year, we had to investigate the project and understand what was unique about it. We examined the Dingo Smart Contract and quickly found it seemed like a scam,” the CPR blog post stated.

These things are showing that scammers are active at every level. In the last few months, the majority of crypto investors shifted their crypto trade activities to the Defi platforms because of the increasing risk of fraud at centralised exchanges (e.g FTX exchange). 

Here the Smart Contract blockchain network team should introduce a special kind of tool to prevent such kind of scam smartcontracts interactions.

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