Check Point Research (CPR) has revealed how scammers are altering smart contracts to create fraudulent tokens. They then use methods to "rug pull" money from people with altered smart contracts, leading to money heists.
The findings come after cryptocurrency research from CPR last October, where the research company identified crypto wallet theft on OpenSea, the world's largest NFT marketplace. In November last year, CPR also found that hackers were using search engine phishing campaigns to steal half a million dollars in only a few days.
The company says hackers will continue to set traps, and it shares four safety tips on how to avoid scam coins.
What scam coins look like