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TRC10 Scam tokens

A typical TRC10 Scam approach reviewed.

Token Take Over scam

A typical scam is a token take over scam. Where an old no longer functional TRC10 token is taken over by a new entity to use it as a Scam token.

During the review of some of the TRC10 tokens we received, we found several examples where the token logo is not in line with the token name. We are using the PalaTRX token as an example for a little deep dive...

PalaTrx is one of the earlier TRC10 tokens on Tron Blockchain with ID nr 1001612 and created in 2018. The interesting thing is that the logo of the token is totally not aligned with its name. Reason enough to check it out a bit..

In Tronscan it has the status of being suspicious and its logo is not even shown.

The transaction history, clearly shows when the original PalaTrx token was revived as a token:

On October 3, 2022 more than 140k transactions took place. The interesting thing is that all transactions originated from a different wallet. This means that this scam token generated a couple of 100k new wallets by itself.

The site no longer exists. And also the original site of is dead. The founding wallet of PalaTRX is dead as well and the majority of Pala was sent to TG5TfnbtpN8T8kzkH9Y8zfoq79m2uFexd6 just after mint, but also this wallet ceased to operate and went silent in September 2022 just before someone took over the token. So this investigation is leading to a lot of dead ends.

Another token with similar behaviour will be investigated later hopefully leading to some better results.

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