Researchers at IT safety firm Examine Level safety have flagged Dingo Token as a possible rip-off after discovering a operate that permits the undertaking’s proprietor to govern buying and selling charges as much as 99% of the transaction worth.

The warning from Examine Level comes after firm researchers have already witnessed this malicious charge change 47 instances.

Dingo Token is at present ranked #619 in CoinMarketCap with a market capitalization of over $20 million. Its development in worth has been explosive, which makes it a magnet for high-risk investments.

Regardless of Dingo Token’s rising recognition, its undertaking’s web site would not include a lot details about the proprietor, and the revealed “tokenomics” white paper solely mentions a ten% (5% + 5%) transaction charge.

Nevertheless, in accordance with Examine Level, the supply code incorporates a operate known as “setTaxFeePercent,” which permits the undertaking proprietor to vary it on the fly when somebody buys or sells Dingo Tokens, receiving as much as 99% of the quantity.

The transaction charges are analyzed as 95% tax and 4% liquidity charges, leaving the buyers with the remaining 1% and no solution to reverse the transaction.

Examine Level says that in a single case they noticed, a person spent $26.89 to buy 427 million Dingo Tokens however as an alternative acquired 4.27 million, which is precisely 1%.

Whereas the 47 instances seen by Examine Level aren’t sufficient to affect the broader buyers’ base of Dingo Tokens, they may very well be a take a look at run by the operator, who can apply the operate change on all holders and money out shortly when the token reaches its most value.

BleepingComputer has discovered a number of reviews from customers that took it to social media to complain about hassle in swapping freely the tokens they’ve, with no response from the official Dingo Token accounts.

Examine Level’s findings are definitely alarming, so we reached out to the undertaking homeowners for remark. At publishing time we had but to obtain a reply.

Earlier than you place your cash into any cryptocurrency undertaking, analysis the token and the crew behind it and search for purple flags like incomplete information or too little data on the official web site.

Cryptocurrency buyers ought to overtly ask a couple of undertaking locally to listen to the expertise of different customers. When you’re moving into this buying and selling sport, it is suggested to make use of solely respected trade providers and diversify investments throughout completely different cash.