Recently Mando token had its contract hacked by who else than their developers. Mando token completely disappeared off the face of the internet. They do not have a social media anymore and their website is completely destroyed. They just exit scan and took thousands if not millions of dollars of hard-earned investors’ money.
People had come to know about this project by running into crypto influencers who were promoting this project. One such influencer on TikTok even issued an apology by posting a video. The TikTok creator claimed in his apology video that he too had been scammed and was robbed of his own $10,000.
The irony is that crypto influencer who promoted this project was more than likely to have been paid for it. The roadmaps for a lot of these similar projects reveal that they have a TikTok/YouTube fund where they reach out to crypto influencers. They try to get these influencers to talk about their project for some money.
Mando token picked up when it was promoted by TikTok sensation Matt Lorion. Matt promoted Mando like it was going to the moon and like investing in the token was a guaranteed profit. He even claimed that it was going to replicate Safe Moon, Elongate etc. He even showed the charge while claiming that Mando would go up and that investors would make lots of money.
The TikToker has over 60,000 followers and a lot of people who follow him are new to crypto. It is a given that if amateurs see someone making money through some alien means, they will fall for it.
However, now with his apology he is trying to make up to all his followers he had misled unintentionally or intentionally. In his apology Matt is seen taking responsibility for his actions. He also added that in future his management team would get in contact with each developer before taking up any project. He even assured his followers that he and his team would do background checks and ensure that what they promote is 100% legit.
Scams such as these aren’t something new and happen every other day. The increased interest in cryptocurrency as made cryptocurrency activities vulnerable to scams and fraudulent schemes. All you need for such scams is website promoting a new kind of crypto while promising high returns on it. These website developers with the help of social media influencers, youtubers, TikTokers and Instagrammers etc. have their crypto tokens and schemes promoted. As soon as people fall for the trap and invest huge sums of monies these developers just vanish.
Cryptocurrency is a fairly new concept and people are not much aware of how investments in the digital asset works. There is much hype surrounding it with people giving into the fever in fear of missing out on it before the trend gets old.