A token called FTX 2.0 (FTX2.0) is being spread among cryptocurrency users from an actual FTX address.
An legitimate FTX address is being used to distribute the FTX 2.0 (FTX2.0) token among cryptocurrency users, with one transaction sending 22 million to a wallet owned by Justin Sun, a co-founder of ethereum (ETH) and tron (TRX).
Only 62 transfers have been made with the token FTX 2.0 since its deployment on December 14, 2022.B ased on data from Arkham Intelligence and Etherscan, very little is known about this token, and there definitely wouldn’t be any cause to pay attention to it if it weren’t for transactions that disseminated this particular token from legitimate addresses of the now-defunct cryptocurrency exchange FTX.
About 20 hours prior to press time on January 19, one billion tokens were issued into one FTX address, and activity began. The FTX Token’s (FTT) Treasury, FTX Cold Storage, Alameda Research, four distinct Binance deposit addresses, a KuCoin deposit address, and another FTX deposit address were all passively receiving FTX 2.0 tokens as part of this unexplained activity.
A FTX-controlled address that has hardly ever been used since the exchange’s insolvency was almost completely relocated out of those transactions. This address has only sent one non-FTX 2.0 token transaction since January 5 and that was the withdrawal of Compound (COMP) worth $20,000 from the on-chain lending network.
In a Jan. 20 twitter thread, crypto cybersecurity firm PeckShieldAlert warns that the token is being spread by scammers “pretending to be the FTX exchange to add liquidity” and airdropping to Justin Sun, Kucoin and Binance. This activity, according to the firm, is meant to trick “people into thinking this is the official FTX airdrop.”
Perhaps more alarmingly, the PeckShield also warned that the token “also has the backdoor functions” allowing the contract controller to “arbitrarily manipulate any account’s balance.”
Due to the fact that those transfers might have been started using the keys controlling the FTX 2.0 token contract without requiring the FTX wallet’s keys, this feature explains the outbound transfers from a known FTX wallet.
Despite the best efforts of the alleged con artists, the token has not seen any trading volume over the 24 hours prior to press time, according to CoinMarketCap data, despite being listed against wrapped ethereum (WETH) on the Uniswap (UNI) decentralized exchange (DEX).The news comes in response to a recent article on YouTube by journalist CoffeeZilla, who outlined his suspicions about the project’s legitimacy.
