The above cryptocurrencies were only being traded on decentralized exchanges, which already requires a greater degree of knowledge. However, it is always recommended to follow the projects' official social media profiles to find the correct token contract address.

Cryptocurrency drops to zero after scam known as 'honeypot'.

At least 13 cryptocurrencies fell to zero between this Thursday and Friday with what appears to be a serial scam. In total, the scammers pocketed more than R$13 million in just a few hours.

According to information from the security company PeckShield, some of these cryptocurrencies used the name of real projects to deceive investors.

Others, however, were even stranger. As an example, there is a token called “Changpeng Zhao (CZ)”, the same name as the creator of Binance, which also lost all its value. Zhao obviously has no involvement in the coup.

Serial scam, 13 cryptocurrencies fall to zero and leave losses of R$13 million

The scams in question are identical in many ways. In addition to being new cryptocurrencies, the total supply of tokens also appears to be the same, a number close to 100 quintillion units.

“DarkProtocol (DARK) is down -100%,” reports PeckShield. “Address 0xb880…0832 exchanged 100,100,100,100,100,100,100,1001 DARK for 976.53 WBNB ($230,800).”

“GigaDAO $GIGS fell -100%”, points out PeckShield in the following tweet. “Address 0x1C12…AFF6 exchanged 100,100,100,100,100,100,100,1001 GIGS for 1,016.45 WBNB ($240,000).”

Although the two alerts appear to be about the same cryptocurrency, they are actually two different ones. The security company's tweets continue, with another 11 almost identical scams. As a note, PeckShield reminds us that such projects may be sharing the name of real projects.

According to an analysis by Livecoins, most projects had a warning that they were a “Honeypot”. In other words, investors were able to buy the cryptocurrency, but, due to smart contract limitations, they were unable to sell them.

Cryptocurrencies that fell to zero had warnings that they were scams. Source: Dextools.

The complete list of the 13 cryptocurrencies that carried out a million-dollar scam this Black Friday is as follows:

  • Jewels (JWL)

  • TrustPad (TPAD)

  • DarkProtocol (DARK)

  • GigaDAO (GIGS)

  • Web (WEB)

  • Croesus (CRE)

  • IPMB (IPMB)

  • DigiFund (DFUND)

  • Republic (RPK)

  • PapaBear (PAPA)

  • Changpeng Zhao (CZ)

  • AISurf (AISC)

  • Squid Game (SQUIDGAME)

As mentioned previously, some of these cryptocurrencies are named after real projects in order to deceive their victims. Therefore, they should not be confused with projects of the same name.

How to protect yourself from these scams?

The above cryptocurrencies were only being traded on decentralized exchanges, which already requires a greater degree of knowledge. However, it is always recommended to follow the projects' official social media profiles to find the correct token contract address.

In any case, the scams above contained multiple warnings that they were honeypots. Therefore, it is even strange that the scammers managed to raise so much money in a short space of time.

Finally, the last recommendation is to stay away from shitcoins, that is, focus on solid projects. Since the beginning of the year, for example, Bitcoin has appreciated by 128%, being a great example that it is not necessary to take unnecessary risks to obtain good profits in this market.