Floki Inu Knock-Off Ends Up Being Honeypot Scam
Snowflake Floki, a rip-off of the Floki Inu meme currency, is a honeypot scam, according to blockchain security firm PeckShield.
As the name implies, a honeypot hoax lures users into buying tokens while preventing them from selling them. Because all withdrawals are disconnected, the buyers’ money is basically stuck in the contract. Scammers usually ban all other wallets save their own.
This kind of con isn’t new. Honeypots have been a problem for Ethereum users for years. Because producing tokens on the Binance Smart Chain is substantially cheaper, such scams have become commonplace on the popular smart contract blockchain.
On December 27, 2021, Snowflake Floki debuted on PancakeSwap, a decentralized platform powered by the Binance Smart Chain, with some fans recognizing the red flag right away.
There’s now a simple way to recognize honeypots. However, it’s not foolproof. In order to verify whether or not a cryptocurrency project is a hoax, a honeypot detector replicates a purchase and sell transaction.
In late October, a token inspired by Netflix’s blockbuster survival drama series Squid Game made news when its price rose by a stunning 40,000 percent in a matter of days. However, there was a catch: due to an in-built “anti-dump feature” that played a significant part in raising the token price, buyers couldn’t sell it. The token, as expected, turned out to be a Ponzi scheme that duped customers of millions of dollars.
Many shady characters are also attempting to profit from respectable meme currencies like Floki Inu and Shiba Inu.
Thai tech company’s stock surges by 7,000% since its Bitcoin mining announcement
A Thai-based technology company’s stock has risen after broadening its services to delve into bitcoin mining.
According to Bloomberg, the shares of Jasmine Technology Solution have increased 6,700 percent year to date since it began crypto mining in July with 335 devices.
Interestingly, the company’s stock returns rank top among leading global technology entities, although the firm has a market capitalization of $2 billion.
The spike can be attributed to the growing popularity of cryptocurrencies that stood out in 2021. November’s $6.58 billion turnovers by the seven locally-listed crypto exchanges, the sector’s growth is evident.
“The strong response from investors has exceeded our expectations. There’s bullish optimism toward our new direction even though this is just the beginning,”
Chairman Soraj Asavaprapha.
Interestingly, Jasmine Technology has generated eight BTC through mining operations, and Soraj estimates that the venture will account for 80% of earnings in 2022.
In other news, sales of traditional telecommunications-related industries boosted the company’s net income by 436 percent year over year from January to September.
The company now intends to expand its activities by spending 3.3 billion baht ($98 million) on around 7,000 new devices.
Jasmine Technology has now joined the ranks of other local businesses venturing into the burgeoning cryptocurrency sector, which has emerged as one of the year’s best-performing asset classes.
For example, AJ Advanced Technology, a consumer electronics maker, has entered the Bitcoin mining business, while Siam Commercial Bank Pcl and Kasikornbank Pcl have expressed interest in crypto-related firms.
The regulatory hurdle
On the other hand, regulators are working swiftly to establish new rules as more corporations enter the Bitcoin industry. The Bank of Thailand (BoT) is now collaborating with other institutions to develop more precise regulations for the sector.
Young investors primarily drive interest in digital assets, taking advantage of existing local markets.
According to Finbold, the Bank of Thailand had previously warned banks operating in the nation against trading cryptocurrency because of the dangers associated with volatility.
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