LATOKEN Blog

Plans to Mock Shitcoins: the capitalization of the new SCAM coin rose to $70 million in one hour

A Tiktoker Andre Lewis (Dre) jokingly created the SCAM cryptocurrency, the rate of which suddenly began to rise — the capitalization of the asset reached $70 million in early May.

The SCAM creator claims he spent $400 to issue 10 trillion coins. According to a Tiktoker, he created SCAM to simply poke fun at other “shitcoins” that operate in a “pump and dump” scam scheme.

LATOKEN experts want to remind you that hackers can steal cryptocurrency by “pumping” funds through a specific cryptocurrency trading pair with low liquidity even without withdrawal permission.

SCAM reached a market capitalization of $70 million almost immediately after launch, then dropped to $7 million, and then to $2,5 million.

Dre claims that launching a new cryptocurrency these days is as easy as clicking a few buttons on a website.

By the way, even though this coin has an obvious name, it is still not so obvious here. SCAM, in this case, stands for “Simple Cool Automatic Money.” This is exactly what everyone longs for.

Are you already familiar with LATOKEN scam tips?

  • Always check the domain when you receive emails.
  • Install AntiPhishing code or something similar if the platforms you are using support such functionality.
  • Only fund reputable exchanges.
  • Set up an IP whitelist for login if the platform you are using supports this functionality.
  • Always research a crypto wallet before deciding to install it on your phone, even if it’s listed in the app store.
  • Set up a white list of IP addresses for API keys.
  • Do not invest in recently launched projects with no information about the team, investors, etc.
  • Make sure you download all the files from a trusted source.
  • Always make regular security updates for your operating system.
  • Download applications and their updates only from official websites.

Always keep in mind that along with the cryptocurrency market’s growth, new schemes for stealing funds and user data appear. You must be very careful with email, notifications, new apps, etc. That’s how it’s possible to protect yourself from crypto scams.