Skip to content

Dingo crypto token scam: Up to 99% transaction fees

  • by
  • 2 min read
is it possible to mine bitcoins on a phone? Here is how to mine on Android

The Dingo crypto token has been labelled a scam after Checkpoint researchers found a function in the source code that allows the project owner to change the transaction fee by as much as 99% of the transaction value. The researchers have observed this malicious fee change 47 times so far.

During source code analysis, the researchers found a function called ‘setTaxFeePercent’ that allows the project owner to change transaction fees during the transaction itself. There’s no way for the investor to reverse the transaction either, meaning they’re left at the mercy of the project owner.

Considering the white paper for the token, dubbed ‘Tokenomics’, only mentions a 10% transaction fee split into two 5% charges, this is alarming behaviour. One 5% share is redistributed to all existing holders, with the other 5% being split equally — one half is sold by the contract into BNB, and the other half is automatically paired with the previously mentioned BBN and added as a liquidity pair on Pancakeswap. 

A suspicious transaction with 99% fees as observed by Checkpoint researchers.

Checkpoint’s report mentions a case where a Dingo investor bought 427 million tokens for %26.89, but only received 4.27 million, exactly 1% of the transaction value. The fees charged were 95% tax and 4% liquidity, leaving only 1% for the investor. 

Dingo has been rising in popularity since its launch in 2021. The token is currently ranked #339 on Coinmarketcap and has a total market cap of $67,236,655. That said, despite its rising popularity, the project doesn’t have publicly available information about the owner. 

The 47 cases of this fee rising dramatically mid-transaction aren’t broad enough to draw a solid conclusion though. They could be tests run by the operator applying changes on all holders and cashing out before when the token reaches its maximum price. The Dingo development team has been silent on the issue so far. BleepingComputer has seen multiple reports from users on social media about trouble swapping their tokens. 

In the News: Bots offering “good content” can access Twitter API for free

Yadullah Abidi

Yadullah Abidi

Yadullah is a Computer Science graduate who writes/edits/shoots/codes all things cybersecurity, gaming, and tech hardware. When he's not, he streams himself racing virtual cars. He's been writing and reporting on tech and cybersecurity with websites like Candid.Technology and MakeUseOf since 2018. You can contact him here: yadullahabidi@pm.me.

>