Dingo Crypto is a Scam Cybersecurity Firm Says
Dingo crypto has been marked as a scam cryptocurrency by top cybersecurity firm Check Point Research after it found that a smart contract function which it identified as "setTaxFeePercent” can alter the buy and sell fees of a contract.
setTaxFeePercent is an essential part of the code behind the project's smart contract and can manipulate transaction fees, which could see owners of Dingo crypto withdraw up to 99% of transactions associated with the cryptocurrency when a buy or sell order is placed.
A red alert has been triggered by Check Point Research because the project’s whitepaper clearly states that only a 10% fee will be charged for every transaction.
According to the cybersecurity firm, an example of the use of the setTaxFeePercent was evident in the purchase of $26.89 worth of DINGO by one trader, which should have seen the person's wallet credited with 427 million tokens.
With the 99% withdrawal feature in place, the trader received 1% of the tokens, resulting in a total of $0.27 worth of Dingo tokens.
Like many shady projects, there is not much information about the development team behind the soaring crypto token. As of 6 February, the new token has spiked more than 70% since 30 January. It reached an all-time high (ATH) of $0.000000006993 on 5 February.
Dingo token has negative reviews on CoinMarketCap
CoinMarketCap is one of the most patronized crypto tracking portals in the decentralized finance space. Many crypto stakeholders have highlighted the potential dangers of engaging with the token.
One user who goes by the name mile80 warned potential investors, "For those who have not seen the research on this so-called token, it is a scam. You buy and, without knowing, they take 99% of your money as per contract and give you only 1% worth of this scam token."
Another trader with the name akhilbasnotra24 had problems with the tokens swapping ability. He pointed out that potential traders and investors should "stay away from this shitcoin.
Once bought, you won't be able to swap it back to another coin".
There are many scam cryptocurrencies on the market today, so do your own due diligence before throwing money behind a digital currency in 2023.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.