Fraudulent Damus Tokens Threaten the Progress of Well-liked Platform

• Scammers have created pretend Damus tokens on the and BNB chains, making the most of the platform’s success.
• Damus has been banned from the Chinese language app retailer however has turn into the fourth most downloaded app in Hong Kong.
• The Damus staff has confirmed that there will probably be no token.

Decentralized social media Damus has triggered a stir lately, with the platform drawing widespread consideration amongst customers. Drawn by its success, scammers have created fraudulent tokens that purport to be linked to the Damus app, placing people in danger. These pretend tokens have been found on the Ethereum and BNB chains, elevating considerations in regards to the platform’s safety and consumer protections.

The Damus Group Confirms No Token Affiliation

The Damus staff rapidly moved to substantiate that “Damus doesn’t have a token and can by no means have a token” related to their mission. The surging tide of faux tokens comes within the wake of the profitable launch of the Damus app, which has garnered important consideration in latest days.

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SCAM ALERT Damus doesn’t have a token and can by no means have a token. When you purchased a $DAMUS token you might have been scammed.

— Damus (@damusapp) February 3, 2023

Safety service PeckShield uncovered the scammers’ efforts to learn from the recognition of Damus. One of many pretend tokens PeckShield recognized was purportedly a honey pot lure, whereas six others include a excessive promoting tax of 100%. PeckShield has additional warned customers of the potential risks posed by these fraudulent tokens.

#PeckShieldAlert #Damus #Rip-off PeckShield has detected 15 $Damus have been newly created on #Ethereum & $BNBChain1 of those $Damus seems to be #honeypot, 7 of them have a excessive promoting tax (100%) and seven of them have already dropped over -99% @damusappDo *NOT* fall prey to it https://t.co/P3bKjUZ2ZY pic.twitter.com/l8ZajkVZvO

— PeckShieldAlert (@PeckShieldAlert) February 6, 2023

The Rise of Decentralized Social Media: Damus

The Damus app, which runs on the Nostr protocol, skilled explosive progress in reputation following its itemizing on the Apple (NASDAQ:) app retailer. The decentralized social media platform has obtained notable donations from trade leaders equivalent to Jack Dorsey and provides options unusual in conventional centralized social media platforms, equivalent to management over the content material, resistance to censorship, and improved privateness of private knowledge.

Damus has confronted some obstacles, together with a ban from the Chinese language app retailer because of the nation’s strict social media and communication channels rules. Regardless of this setback, the app has seen great success in Hong Kong, surpassing TikTok in reputation to turn into the fourth most downloaded app within the area.

Since its launch, Damus has quickly grown its consumer base. On the primary day alone, the app attracted 45,000 members and rapidly rose to turn into one of many prime ten social media apps on the Apple app retailer.

On the Flipside

• Regardless of its rising reputation, Damus faces the problem of proving its viability as a sustainable various to centralized social media platforms. The absence of a Damus token raises questions on its monetization potential.
• The surge in pretend Damus tokens is a risk to people and calls into query the safety measures on decentralized platforms.

Why You Ought to Care

The swift rise within the reputation of Damus signifies a rising demand for decentralized social media platforms that prioritize privateness and safety. Nevertheless, the latest look of fraudulent Damus tokens and the resultant scams function a reminder of the persistent safety and consumer safety points that plague the cryptocurrency panorama.

Learn extra about Damus right here:

Damus, the Decentralized “Twitter Killer” Powered by Nostr, Launches on Apple’s App Retailer – DailyCoin

Learn how auditors like PeckShield are capable of detect scams:

How Auditors Detect a DeFi Rug Pull Rip-off: Can You Do It Your self? – DailyCoin

See authentic on DailyCoin