October 22, 2022

Key Takeaways

  • A fake MetaMask token project has scammed traders out of $1.8 million worth of ETH.
  • The scammers hacked the DEXTools app’s front end to convince users that their fake token was legitimate.
  • The fake MetaMask token is the third major scam to hit the crypto space over the holiday season.

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A fake MetaMask token has conned traders out of over $1.8 million. Hackers injected code into the DEXTools application’s front end, convincing traders that the token was verified.

The MetaMask Token Scam

A fake MetaMask token has left speculative traders reeling. 

Hundreds of traders fell victim to a MetaMask token honeypot scam Monday evening, with grifters making off with over $1.8 million.

The scam, which played on traders’ anticipation of a MetaMask wallet token, used a flaw in the popular DeFi trading app DEXTools to convince users of the token’s legitimacy. A scammer was able to inject code into the DEXTools app front end for the Uniswap WETH/MASK pair, which, when viewed, would launch a pop-up telling users that the MASK token was verified.

The fake MASK token pop-up. Source: @cobynft

After buying the fake MASK token, unsuspecting users found that they were unable to sell it. This style of scam is often referred to as a “honeypot,” allowing users to enter, only to find that the smart contract governing the token’s interactions prevents them from selling.

In the case of the fake MetaMask token, the scammer appears to have programmed…

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