Qatar 2022 World Cup Crypto Scam? Ronaldinho promotes questionable token

Crypto influencer FatMan warns of new token World Cup Inu. The team behind the token created a 4% swap fee, prompting growing concern on Twitter about a possible scam.

In a September 2022 statement, the World Cup Inu Token team confirmed the official launch on the Ethereum network. The ERC-20 token saw rapid growth in the first few days after its launch: In just 48 hours, over 800 crypto investors invested in the token designed for soccer and meme fans.

Crypto participates in the FIFA World Cup

The FIFA World Cup will take place in Qatar from November 20 to December 18, 2022. Together with the crypto exchange Crypto.com as a sponsor and the new metaverse “FIFA World”, crypto is now officially part of the next World Cup. However, along with the popularity of crypto in football, the number of crypto scams in this area also increased.

Twitter user FatMan of Terra Research Forum warned about World Cup Inu on Twitter. According to Fatman, the project’s developers have already paid out over $300,000.

“There are also contract features to unilaterally increase the swap fee and pause trading. Be careful – best to stay away.”

The token’s price has increased by over 1,000% in the past two weeks, according to CoinGecko, but has fallen somewhat over the past few days. In addition, the token’s trading volume on the crypto exchange Uniswap per October 19, 2022 close to $3 million.

WCI/USD chart image by TradingView

Additionally, the World Cup Inu team created a Web 3 betting platform that allows users to bet directly with Ethereum from their crypto wallets. According to World Cup Inu, the stake money remains in the smart contract until an oracle receives the necessary data to announce a winner. Word Cup Inu also charges a 10% fee on these lottery pool bets.

Ronaldinho promotes World Cup Inu

On the official Twitter account, Brazilian soccer player Ronaldinho promoted World Cup Inu, according to a Reddit post. Members of the Reddit community were outraged and described the footballer’s behavior as embarrassing.

Some members of the crypto community even called World Cup Inu a shitcoin and accused celebrities of promoting a pump-and-dump scheme.

Scams, carpet pulling and gaming tokens whose price dropped to zero in a short time are not uncommon in the crypto industry. For example, several fans of the Netflix series “Squid Game” lost several million US dollars in a crypto scam.

In addition, investors in Singapore filed several complaints against the managers of the play-to-earn game Neko Inu. The game reportedly cost its players more than $100,000 last year.

In addition to scams, crypto users should also be wary of hacks. BeInCrypto recently wrote about a report by the Atlas VPN team that showed blockchain hackers stole $478 million in cryptocurrencies in the third quarter of 2022. With 11 attacks and a total of 348 million US dollars stolen, the Ethereum ecosystem suffered the biggest losses.

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