Blockchain technology is making the world of cryptocurrencies more innovative, but sadly, scammers are also coming in droves. Recently, a fake “Bone” coin demonstrated how important blockchain explorers like Etherscan are for keeping investors safe. Explore how Etherscan’s openness tools helped reveal this dishonest plan. This time, we’ll talk about “How Etherscan Helped Unveil a Bone Token Scam?
A Deceptive Bone to Pick: The Anatomy of the Scam
Fake tokens with the name “Bone” were used in the scam. The names were meant to look like the real Bone tokens used on the famous ShibaSwap decentralised exchange (DEX). Investors who didn’t know what was going on were tricked into buying the fake ShibaSwap Bone token when it was issued on the Ethereum blockchain.
However, one important detail that revealed the scheme was that they weren’t on ShibaSwap’s public channels. The ShibaSwap community depends on the real Bone token. You can easily find information about it on the ShibaSwap website and social media sites.
Etherscan: Shining a Light on Deception
According to Etherscan This is where Etherscan, a premier Ethereum blockchain study, came in. Potential investors who did their research on Etherscan probably saw warning signs about the fake Bone coin. In addition to showing the total amount of an Ethereum token, Etherscan also shows its transaction history and smart contract code.
Potential investors could have found important problems with the fake Bone coin by looking at it on Etherscan. Different from the real Bone token mentioned on ShibaSwap’s official channels, the token’s total supply, transaction history, and smart contract code would have probably been greatly altered.
Legitimate tokens usually have a limited total supply, while scam tokens might have an excessively large or unlimited quantity. Furthermore, the fake Bone coin’s smart contract code may have included clauses that let its creators change the price of the token or steal investor funds.
Also Read: Decoding ICOs vs IDOs Comparison-Your Guide to Acquiring Crypto Pre-Listing
A Lesson Learned: The Power of Transparency
As shown by the Bone token scam, investors need to be very careful when dealing with cryptocurrencies. Blockchain technology, luckily, has tools to fight scams. Enabling investors to carefully look over tokens before spending, Etherscan’s openness is a strong defence.
Here are some important things to remember:
- Verify always: Thoroughly study any token before investing in it to make sure it’s a real project. Learn about the project’s token on its main website and social media pages.
- Utilise bitcoin viewers: Attractive platforms like Etherscan give you useful details about the features and background of a token. Find any problems with the token’s total quantity, transaction history, and smart contract code.
- Notify yourself: Educate yourself on typical cryptocurrency scams and the safest ways to handle the market.
Conclusion
A lot of people helped expose the Bone Token scam by using Etherscan’s many tools, analytics, and investigation features. Beyond using blockchain transparency and data analytics, Etherscan keeps giving users more power and boosting trust in the cryptocurrency environment. Thanks for reading “How Etherscan Helped Unveil a Bone Token Scam?”
This article’s information comes from freely available data and blockchain analytics from Etherscan. For informational reasons only; it is not meant to be financial or investment advice. Prior to deciding to invest in cryptocurrencies or blockchain projects, readers are advised to do their study and due diligence. Author and distributor are not responsible for any money lost because of using or relying on this information.
