Researchers at IT security company Check Point security have flagged Dingo Token as a potential scam after finding a function that allows the project’s owner to manipulate trading fees up to 99% of the transaction value.
The warning from Check Point comes after company researchers have already witnessed this malicious fee change 47 times.
Dingo Token is currently ranked #619 in CoinMarketCap with a market capitalization of over $20 million. Its growth in value has been explosive, which makes it a magnet for high-risk investments.
Despite Dingo Token’s rising popularity, its project’s website doesn’t contain much information about the owner, and the published “tokenomics” white paper only mentions a 10% (5% + 5%) transaction fee.
However, according to Check Point, the source code contains a function called “setTaxFeePercent,” which enables the project owner to change it on the fly when someone buys or sells Dingo Tokens, receiving up to 99% of the amount.