Token developer drains $226,500 from the liquidity pool: Friend Tech Token Scam 


Friend Tech Token deployer drained all the funds from the liquidity pool and successfully grabbed nearly 135 ETH from this scam.

Over the last 4-5 years, the crypto proponents supported the concept of high decentralized nature, to allow people to enter this sector as a developer & contributors without any big restrictions on identity but bad actors taking advantage of this freedom to conduct high-level scams easily without living traces.

On 19 Aug 2023, Crypto security platform Certik informed the crypto community that an unknown person, who deployed a fake meme token called Friend Tech Token, drained $226.5k funds from the Tech Token liquidity pool. Through this misconduct, this meme token deployer grabbed nearly 135 Ethereum (ETH) coins. 

Through this alert, the Certik platform suggested people invest only in genuine crypto projects. 

A software engineer shared his opinion and advice to people to identify legitimate or scam crypto projects.

Note: Friend Tech is a genuine social media crypto project but here we reported about “fake Friend Tech Token”. In short, scammer succeeded to mislead crypto Investors

Earlier this, we reported that a Uniswap employee deployed a token & successfully drained 14 ETH from the liquidity pool. In both of these two cases, deployers drained the funds from their respective liquidity pool.

Following the news of a Uniswap employee’s direct link with a crypto scam activity, the Uniswap co-founder fired the employee from the Uniswap project.

According to Certik, in the last 7 days, the crypto sector faced 12 incidents (5 Discord Hacks, 5 Phishing attacks, and 3 Twitter Hacks)  in which the scammers grabbed a net $11.5 million. 

Read also: Ripple Exec brings light on the SEC’s appeal in the XRP lawsuit