• The HareKing ERC20 token was a scam posing as a DeFi platform.
• The developers have abandoned the project and now a new related crypto scam called HareGod Token has been launched.
• Investors should be wary of any similar projects that make exaggerated claims and lack transparency.
The HareKing Token Scam
The cryptocurrency industry is still trying to recover from scams such as the HareKing ERC20 token. This project, which claimed to offer various financial services like yield farming, liquidity pools, and staking, quickly gained traction in 2021 but it now appears to be nothing more than a rug pull. The website and white paper are no longer accessible and the Twitter handle associated with the project has been suspended. As it stands, there is still a token trading on PancakeSwap under the name of HareKing but its price cannot be accurately tracked due to lack of data.
HareGod Token
Adding insult to injury for investors, a new crypto scam project called HareGod Token has been launched by fans of the original HareKing token scam. Details about this new project remain scarce but it appears that it is also running on Binance Smart Chain just like its predecessor. It is worth noting that investors should exercise caution when investing in any similar projects as they may also turn out be fraudulent schemes with exaggerated claims and lack of transparency.
Red Flags
Right from the start, there were several red flags that suggested that HareKing was not legit despite its tall claims about being a decentralized finance (DeFi) platform. Firstly, nothing was known about who was behind this project or their credentials in the crypto industry; secondly, the website had login wall up which prevented users from registering or logging into their account; finally, the Twitter handle associated with this project had been suspended raising further suspicion about its legitimacy.
Lessons Learned
It goes without saying that investors must always exercise due diligence before investing in any cryptocurrency project regardless of how attractive their proposition might seem at first glance. They should pay close attention to who is behind such projects and research whether they have previous experience in developing successful products or services in addition to verifying if any regulatory bodies have given them approval where necessary. Investors should also avoid jumping onto bandwagon trends as these can easily turn out to be scams so it’s best practice to take time researching before committing funds..
Conclusion
Scams like those associated with the HareKing ERC20 token are unfortunately common within the cryptocurrency industry but fortunately investors can protect themselves against them by following best practices such as doing proper research into projects before investing and avoiding getting caught up in bandwagon trends.