Blockchain security firm PeckShield on Sunday warned that DogeMother, one of the many Dogecoin offshoots, is actually a scam.
DogeMother, which has a total supply of 1,000,000 tokens, was once touted as “the most caring” new coin that was “unruggable.”
On its official website, it misleadingly claimed that one would be able to buy his or her mom a Lambo with profits made from an investment in the coin, a promise that is typically made by scammers.
The developers of the so-called meme coin promised people that they would receive guaranteed rewards for purchasing the token.
Typically, Honeypot scams cajole users into buying a certain cryptocurrency with big promises, only to prevent them from selling.
In January, PeckShield identified more than 50 potential scam tokens on the Binance Smart Chain.
According to PeckShield, the smart contracts for the tokens in question have been developed with clear malicious intent–allowing investors to buy the tokens, but then making it impossible to sell them as the asset price appreciates in value.
Last year, PeckShield alerted people about scam tokens being circulated in the crypto market.
