Cryptocurrency fraudsters have developed a fake token of the scandalous FTX exchange

Analysts at the blockchain security company PeckShield have drawn attention to a new cryptocurrency, FTX 2.0, developed by hackers. By creating a fake cryptocurrency of the bankrupt FTX exchange, the attackers hope to attract the attention of gullible investors.

According to PeckShield, the fraudsters sent FTX 2.0 to the FTX exchange, posing as the new management of the platform and trying to create the appearance of adding liquidity. In addition, they made an airdrop of the token to Justin Sun’s wallet and other well-known personalities, as well as to Binance and Kucoin exchange storages. In this way, the fraudsters wanted to attract the attention of users and make them believe that this was an official distribution of tokens from the FTX exchange.

Hoping to get other people’s money, the fraudsters used a standard scheme where the token’s smart contract states that it cannot be sold for a certain period of time after purchase. This means that users will not be able to get their money back by purchasing the token. And after some time, the attackers will withdraw liquidity (rug pull), leaving investors with nothing.

It is worth noting that the fraudulent token appeared on the market after the newly appointed FTX CEO John Ray announced the possibility of reviving the trading platform. Ray called the resumption of FTX’s work one of the options for restructuring the company and returning client funds. Amid rumors of a possible relaunch of the cryptocurrency exchange, the platform’s native token grew by 23.8% over the past day. According to CoinGecko, FTT has lost 95.3% of its value over the past year, all due to the FTX collapse.