- Musk Metaverse has released the latest possible cryptocurrency scam, the METAMUSK token.
- The project claims association with Elon Musk while only two wallets hold 80% of the tokens.
- The creators behind the METAMUSK Token scam remain unknown.
YEREVAN (CoinChapter.com) – METAMUSK Token appears to be the latest cryptocurrency scam released by Musk Metaverse. Everything about the project, from its website to the conduct of the creators, has red flags all around it. Hence it is not surprising that many posts on social media warn people to stay away from it.
It is no secret, that Tesla founder Elon Musk is one of the biggest movers in the cryptocurrency space. Every time he tweets something, the markets react to his tweets resulting in massive price movements. Most of the time, it is the dog-themed meme coins that stand to benefit, Dogecoin (DOGE), Floki Inu (FLOKI), and even Shiba Inu (SHIB). It, therefore, comes as no surprise that some projects want to show association with Musk.
Unfortunately, many scammers have also capitalized on the technique. According to reports earlier this year, scammers used Elon Musk’s name to steal over $2 million from investors. Musk Universe seems to be following the trend.
Is METAMUSK coin a scam?
The METAMUSK coin is a relatively new entrant into the cryptocurrency space. By the looks of it, it won’t be sticking around for long. Before we know it, everyone will be talking about another rug-pull scam, albeit too late.
One look at their website and you will think Elon Musk himself created it. They have used Elon Musk’s name, his picture, his companies and even named their upcoming tokens after his projects.
Currently, only the METAMUSK token is available for purchase. However, other cryptos yet to be released include SPACEX, TESLA, NEURALINK, and STARLINK. Convenient, right? The project also promised to create an NFT marketplace and a Musk Metaverse game in the future.
Since the METAMUSK token is their only crypto coin on sale, let us see what it is.
“MetaMusk Token’s fundamental objective is to transform the monetary system; it is a corridor mission to alter the way financial transactions are conducted, encrypt all cross-border transactions, and be utilized internationally. Becoming a widespread currency in order to reduce the fragmentation of money transactions and inefficiencies across countries,”the website claims.
Don’t mind their English, they do have ambitious plans. However, such ambitious claims fly out of the window once you dive deep into the details. To begin with, while they claim they created METAMUSK to honor Elon Musk, they also hint that Musk himself is somehow related to the project.
“Half of the token supply was given as a goodwill gesture to a very significant person in our organization. In the coming years, METAMUSK and other ecosystem tokens will be handed to ELON MUSK,”the website reads.
Notice how they subtly claim Musk is a part of their organization? Wouldn’t we all know if he was, considering how outspoken Musk is about everything he is involved in?
Who holds the METAMUSK tokens?
Since the project claimed they will be giving 50% of the tokens to Musk, we decided to check the details of the number of wallets that hold METAMUSK coins at the time of writing. According to BscScan, 542,419 addresses hold METAMUSK. However, just two wallets hold 80% of the total tokens. Does that sound like the perfect recipe for a rug pull scam? Once enough people fall for this and invest, the creators will withdraw everything from the liquidity pool, driving METAMUSK’s price to zero.
We tried to get some clarifications from the MetaMusk team. However, the Telegram group admins deleted our questions and banned us from the group. Other attempts to get any communication from them failed as well. It is not surprising, since other people have had similar experiences.
“Huge scamm the admin deletes any message that has to do with having an actual argument about the project and is full of bots that are constantly blowing up metamusk on the chat, and if you try to ask any serious question you get ban from the chat room”,one angry user complained under a YouTube video.
The project also has a very low safety rating on the website isthiscoinascam. According to the portal, MetaMusk coin scores just 0.5 in credibility and 1.47 in project safety.
People who rushed to buy the token are slowly realizing that they may have made a mistake.
“Won’t connect my MetaMask wallet and won’t let me add to MateMask says: not support ! and or error no provider found. Any help?”another user tweeted.
MUSK Metaverse Needs a Genuine Audit
For any project to be trustworthy, it has to pass through a genuine audit. The website claims that the audit of the project has been entrusted to Certik, a reputed name in the industry. However, the Certik Website claims the project is still under assessment.
Surprisingly, in their whitepaper, the creators of Musk Metaverse have given different information regarding their audit. The company mentioned in the whitepaper is Tech Rate Audit. However, their website has no information about the project. METAMUSK did not feature in their long portfolio, which, to be honest, comprises primarily of sh*tcoins. We reached out to the company via email for comment. However, at the time of publishing, we had not received a response from them.
Just to be sure we aren’t making assumptions, we decided to check for information on the project’s domain registration. The team has apparently registered the domain on 11 Nov 2021 (last month) and its validity expires in one year. For a project that has a goal of reaching 50 million members by 2042, it does raise questions.
The Musk Metaverse project created its YouTube channel one month ago. It has just 4 videos and 274,000 followers. The entire website is written in bad English, with numerous errors. Moreover, there is absolutely no information about the team behind the project. All credible projects have their team mentioned, yet other than claiming association to Elon Musk, there is no other name that we could find.
Meanwhile, CoinMarketCap is tracking the price action of the METAMUSK token since Dec 6. According to the data, the token is 20% below its all-time high of $0.000002087 on Dec 9. The current METAMUSK price is $0.000001584.
Considering all the red flags above, and the fact that the project’s team is still unknown and Elon Musk has not announced any association, it is safe to stay away from Musk Metaverse and its METAMUSK token. Everything about it suggests it is a rug pull scam.