An embarrassing white paper with a 'burn strategy' couldn't hide a 99% transaction fee
The white paper mentions a 10% fee per transaction. However, upon closer examination of the smart contract source code, CPR discovered the above-mentoined “setTaxFeePercent” function that allowed the owner to change the contract’s buy and sell fee. The function has been used 47 times, with the current fee set to 99%.
In a buy transaction, a user invested $26.89 and received only 1% of the invested amount in the form of 4.27 million Dingo tokens. According to CPR, the transaction is taxed with a 95% tax fee and a 4% liquidity fee, totaling a 99% fee on any transaction. In short, the project is effectively shamelessly stealing users' funds.
CPR warns crypto users to exercise caution when buying tokens since scammers can create scam tokens and hack contracts in various ways. The crypto market remains in its nascency, and scammers will always find new ways to steal funds using cryptocurrency. As crypto continues to gain popularity, it is crucial for investors to take necessary precautions and only invest in tokens after doing some research.
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