The cryptocurrency sector is still in its infancy, and therefore there will always be scammers to take advantage of the unwary and newcomers in this sector. SafeMoon, apparently, is one of a series of “meme coins” that are being bought up by new crypto investors, undoubtedly due to the fact that they receive advertising on social networks. Everyone should beware and exercise due diligence, but also try to get advice from more reliable sources in the crypto industry. Powh Coin projects a “mirror image” of Safemoon, publishing snapshots of the similarity of the business models of both projects.
Thanks to this, the coin grew rapidly and reached a value of about a million dollars. However, it seems that the developers of Powh Coin encoded a loophole into the token, which allowed unidentified third parties to approve investor transactions and transfer them to other accounts. The malicious code behind the token allowed an unidentified person to sell on behalf of the investor without his knowledge. This also allowed them to direct the proceeds to their own account, rather than to the investor’s account.