The Dingo Token (DINGO) has reportedly been flagged as a “potential scam” by Check Point’s research division after it was allegedly found that a smart contract function has been used to rig transaction fees, as reported by Cointelegraph.
According to Cointelegraph, Check Point Research (CPR) claimed in a blog post on February 3 that it had examined the code for the Dingo Smart Contract and found a backdoor function called “setTaxFeePercent” that could alter the contract’s buy and sell fee by up to 99%.
Furthermore, when a user buys or sells the token, CPR claims that this effectively enables the project’s owner to withdraw up to 99% of the transaction amount, Cointelegraph stated.
According to Cointelegraph, the cyber security software provider saw one instance where a user attempted to buy 427 million Dingo Tokens for $26.89, but instead received 4.27 million, or $0.27, worth of Dingo Tokens.
(With insights from Cointelegraph)