Social layer designed for decentralized exchange (DEX) traders, operating on the social media platform X Chainzoom, announced that scammers had established fraudulent ZOOM/WETH trading pairs on the Uniswap DEX to deceive users.
In response to the event, the project has decided to delay the token generation event (TGE) for its token ZOOM and plans to contact Uniswap to remove the fraudulent trading pairs and add the accurate ZOOM/WETH trading pair. Following this, Chainzoom will conduct an airdrop for all ZOOM holders to safeguard users’ interests.
Last week, the project publicly revealed its plans to launch the ZOOM token on Uniswap, intending to list a ZOOM-ETH trading pair with $500,000 liquidity equivalent to $250,000 in ETH on April 16th. However, a malicious actor swiftly surpassed the project in executing this initiative.
#PeckShieldAlert @Chainzoomxyz has reported that a scammer has set up a fake $ZOOM/$WETH pair on @Uniswap. The fake $ZOOM has already dropped by -42% within the last 1 hour. The fraud token deployer has interacted with #Binance. https://t.co/y14RkIRrX1 pic.twitter.com/I9sfu74tzm
— PeckShieldAlert (@PeckShieldAlert) April 16, 2024
Blockchain security firm PeckShield subsequently observed that the fake ZOOM token’s value had decreased by 42% within the last hour. Additionally, the fraudulent token deployer has interacted with the cryptocurrency exchange Binance.
What is Chainzoom?
Chainzoom provides a unique approach to social media trading by uniting analysis, discovery, and trading into a coherent process directly on X. This platform removes the necessity to navigate away from X, enabling users to trade a token instantly straight after the discovery. The goal is to minimize the time required and enhance value for users.
Chainzoom supports various blockchains, including Ethereum, Base, and Solana, with upcoming launches planned for Sui, Arbitrum, Optimism, Avalanche, BSC, and Polygon. Additionally, Chainzoom is connected with Jupiter, Kyberswap, LiFi, Thruster, and Flowx. Currently, the platform has over 120,000 connected wallets and has generated more than $30 million in trading volume.
Recently, Chainzoom concluded the ZOOM token public sale on Fjord Foundry, a platform facilitating Liquidity Bootstrapping Pools (LBPs), garnering more than $1.56 million in funds from 772 participants.
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