Counterfeit Linea Token Project Defrauds Users of Nearly $743,000

A recent fraudulent scheme involving a counterfeit Linea token project has resulted in users losing several thousands of dollars.

Certik, a blockchain security analyst, has unveiled a new instance of a rug pull scam, highlighting a bogus Linea token project that deceived users, stripping them of approximately $743,000. The victims have reported suspicions that a Russian individual using the alias ‘AltLex’ may be behind the scam, actively promoting the token across various social media platforms. It is believed that the scammer employed a honeypot strategy to divert users from the authentic Linea token, which operates as an Ethereum scaling network. Following the scam, the entire sum was transferred to the cryptocurrency mixer Tornado Cash, which has recently come under fire for allegedly facilitating money laundering activities for criminals and North Korean hackers, involving millions of dollars in stolen cryptocurrency.

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