Beware Of New Crypto Tokens Amid This Bull Run: HMZ Token Scam – Bitcoinik
Many new crypto projects are getting popular amid this crypto bull run and bad actors are taking advantage of it to scam people easily.
On 7 March 2024, Crypto security platform Cyvers reported that an artificial intelligence (AI) focussed new crypto project HumanizedAI ($HMZ) scammed crypto investors.
The fund deployer crypto address moved 173 ETH to a crypto exchange.
The official X (Twitter) account as well as the official website of this crypto project has been shut down by the project members. With this fake crypto project, the backend actor made a $665k profit.
Another crypto project Candy token (CANDY) recently launched on the Lena Network also showed a similar kind of incident.
Candy token was trading at $3.8 but crashed to $0.308, as people came to know about the unauthorised transfer of 753 Ether (ETH), equivalent to $2.9 million, to an exchange.
Later the team reported that the movement of that fund was not unauthorised and that was totally part of strategic decisions, and plans regarding LENA.
LENA Network voice out π’
LENA Network acknowledges the concerns and confusion from our community regarding the post-IFO launch and ‘rugpull’ allegations.
We sincerely apologize for any miscommunication and are here to set the record straight.π§΅πhttps://t.co/eWYMItF1tS pic.twitter.com/1eNhqRCJUE
β LENA β‘ IFO Launching (@LENA_Network) March 6, 2024
So here we can say that Candy token is not a scam token but people need to understand that any new project can easily conduct a scam without any prior indication.
Recently we reported that people are investing money in the new meme tokens to make huge amounts of money in a very short period.
Some bad actors are taking advantage of this meme token trend, bull run, & emotions of crypto traders.
Bitcoin price action
The current trade price of Bitcoin (BTC) is $67,203 & this trade price is 8.26% higher over the last 7 days.
According to some analysts, the trade price of Bitcoin is very near to face correction by 20% to 30% after the next few weeks, as the Bitcoin halving date nearing.
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