Why did Ethereum founder Vitalik Buterin have an abbreviation of “THE”? altcoin The fraudsters seem to have taken advantage of this, after asking if there was any and making fun of fake crypto money projects on this subject.
Security Companies Warn About THE Protocol (THE) Altcoin
A new meme coin, THE token, was launched on October 14, 2022, in response to Vitalik Buterin’s proposal. Ethereum (ETH) its founder wondered why this catchy acronym was still free.
Buterin expressed his opinion on this issue on Twitter as follows:
“Someone should do a project called “THE Protocol” so that every time the people who run this project say something, “Look, so and so mentioned THE!” so that he can say it.”
Someone should make a project called “THE Protocol”, so that their shills can say “Look, soandso mentioned THE!” pretty much any time anyone says anything.
— vitalik.eth (@VitalikButerin) October 14, 2022
Immediately after his proposal, a meme token contract was opened to Ethereum (ETH). 100 million THE (10% of the supply) was immediately transferred to Vitalik’s address.
Over the next two days, the token started pumping like other meme coins. However, PeckShield experts revealed that some contracts associated with THE supply are actually honeypots. In the Honeypot mechanism, users can deposit money into the protocols, but cannot withdraw their money due to fraudulent codes.
#PeckShieldAlert #THEProtocol PeckShield has detected ~25 $THE are newly created on both Ethereum and BSC
6 out of 25 of these $THE appear to be #honeypot 0x0cbA6 distributed 100M $THE to address Vb (Vitalik)
0x716Fb distributed 6.4M $THE to address vitalik.eth
Be Cautious! pic.twitter.com/nGNhR8kuj7— PeckShieldAlert (@PeckShieldAlert) October 18, 2022
Security company PeckShield said on Twitter:
“PeckShield has detected 25 newly created THE tokens on both Ethereum and BSC. 6 of these 25 THE seem to be honeypots 0x0cbA6 sent 100M THE to Vb (Vitalik) and 0x716Fb transferred 6.4M $THE to vitalik.eth.
Be careful!”
*Not investment advice.
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