Fake Damus Tokens Wreak Havoc as Platform Popularity Surges

Bad actors have launched scam tokens claiming to be linked to the Damus app. The team has confirmed that there will be no token for Damus and that users should be wary of scams.

Bad actors are exploiting the success of the Damus app and have released multiple fake tokens that claim to be associated with the decentralized social media protocol. The fake Damus tokens were created on the Ethereum and BNB Chains. Some individuals have fallen for the scams, though it’s unclear at the moment just how widespread the damage has been.

The Damus team announced that the project does not have a token and “will never have a token.” The fake tokens began to surface a few days ago, shortly after the Damus app itself was released.

Crypto security service PeckShield also tweeted about the scam. It revealed that it had detected creations on Ethereum and BNB Chain. It also stated that one of them appeared to be a honey pot trap, while others had a high selling tax of 100%.

Scammers are clearly trying to exploit the success of Damus, which made headlines in the mainstream world when it launched. The project has continued to make the news, with many new developments taking place in the past few days.

Damus Exploding in Popularity

Damus is a decentralized social media app that runs on the Nostr protocol. It has received donations from the likes of Jack Dorsey and offers several benefits over centralized social media platforms.

However, while it has received a lot of praise from various sources, that welcoming acceptance is not universal. China has banned Damus from its app store. The country imposes strict controls on social media and communication channels, so it’s not surprising that it would ban a decentralized social media app.

That hasn’t stopped the app from surpassing TikTok in terms of popularity in Hong Kong, where it is currently the fourth most downloaded app.

The user base of the app has grown quickly since it was launched. It hit 45,000 members on its first day alone, simultaneously shooting into the Apple app store’s top 10 social media apps chart.

Damus also announced that its next version would allow users to earn satoshis directly on their posts. It pointed to a post that saw one user earn around $40 dollar for their post.

Almost $4 Billion Lost to Hackers in 2022

Hacks and scams continue to plague the crypto market, resulting in billions of dollars in thefts. In 2022, the crypto market saw nearly $4 billion lost to hackers, the highest figure yet.

There were several notable hacks in 2022, including the Ronin Bridge attack, which the Lazarus Group perpetrated. DeFi protocols, in particular, are a major target for attackers.

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