PeckShield detects fake ZOOM-WETH trading pair on Uniswap, Chainzoom postpones token creation event

Social layer designed for decentralized exchange (DEX) traders operating on social media platform

In response to the event, the project has decided to postpone the Token Generation Event (TGE) for the token ZOOM and plans to contact Uniswap to remove the fraudulent trading pair and add the correct ZOOM/WETH trading pair. Accordingly, Chainzoom will conduct an airdrop to all ZOOM holders to protect users' interests.

Last week, the project revealed plans to launch the ZOOM token on Uniswap and plans to list the ZOOM-ETH trading pair on April 16 with liquidity of $500,000, equivalent to $250,000 of ETH. However, malicious actors quickly surpassed the project in executing this plan.

Blockchain security company PeckShield subsequently discovered that the value of fake ZOOM tokens had decreased by 42% in the past hour. Additionally, the fraudulent token distributor interacted with cryptocurrency exchange Binance.

What is Chain Zoom?

Chainzoom offers a unique approach to social media trading by integrating analysis, discovery and trading into a consistent process directly in X. The platform eliminates the need to leave X, allowing users to trade tokens immediately after discovery. The goal is to minimize time spent and increase value for users.

Chainzoom supports a variety of blockchains, including Ethereum, Base, and Solana, and releases are planned for Sui, Arbitrum, Optimism, Avalanche, BSC, and Polygon. Chainzoom also connects with Jupiter, Kyberswap, LiFi, Thruster, and Flowx. The platform currently has over 120,000 connected wallets and has generated over $30 million in trading volume.

Recently, Chainzoom concluded its ZOOM token public sale on Fjord Foundry, a platform that facilitates liquidity bootstrapping pools (LBPs), raising over $1.56 million from 772 participants.

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