Lifeform Fake Ethereum Token Rug
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The Lifeform project offers an identity solution featuring virtual avatars to help interact in the Web3 ecosystem. After much buzz for a special upcoming fireside chat with Kucoin, someone created a Lifeform token on Ethereum which was unrelated. After building up enough value on the new token, an unfathomably large number of tokens were dumped to drain the liquidity pool. It is unlikely that any recovery will be available for those who purchased the wrong token.[1][2][3][4][5][6][7][8][9][10][11][12][13]
About Lifeform
"Lifeform, a pioneering provider of decentralized digital identity solutions, empowers individuals to securely and seamlessly navigate the digital realm. With a vision of inclusivity, Lifeform aims to facilitate the integration of the next billion users into the web3 revolution.
At the forefront of innovation, Lifeform introduces hyper-realistic 3D virtual human avatars as NFT-based digital identities. These avatars are accessible across both web3 and traditional web2 platforms, offering users a unique and engaging identity experience. With the user-friendly Virtual Human Editor tool and cross-blockchain NFT storage, Lifeform ensures a smooth and intuitive process for creating and managing digital identities.
One of Lifeform's groundbreaking developments is the creation of the Universal Domain, which provides domain names with the .btc suffix. This innovation simplifies authentication and positioning in blockchain networks, granting users complete control over their identity information. Leveraging the robust network of Bitcoin, Lifeform ensures global recognition and usability, thereby enhancing security in digital identity management.
Backed by industry leaders such as Binance Labs and IDG Capital, Lifeform stands as a driving force in shaping the future of digital identity and web3 technology. With a commitment to innovation and inclusivity, Lifeform strives to revolutionize the way individuals interact and transact in the digital world."
"Every milestone of Lifeform since its establishment is the crystallization of our unremitting pursuit and hard work. In the long course of development, we have achieved impressive results in various fields such as products, technology, financing, activities and business collaborations, and have overcome obstacles one after another. In this era full of opportunities and challenges, our growth and development have always been accompanied by the prosperity of the industry."
"We thank every Lifeformer from all over the world for your support, and for building our community, for inspiring Lifeform to move forward. Welcome everyone to look back on this long and fulfilling journey and witness the highlights of our journey together. In the future journey, we believe that with your support, Lifeform will definitely shine brighter."
"We insist on providing the market with the highest quality products and services, building a digital citizen ecosystem, and creating a multi-metaverse." "Lifeformers can perform a large number of rich interactions, such as Avatar creating, facial capture, AI-chatting, AI virtual human generation, and metaverse space interaction." "Among them, the unique AvatarID system can help you complete the visual DID of Web3."
"We Forge Strong Partnerships, Harness Innovation, Unlock Opportunities, Drive Change, and Accelerate Your Impact." "Empowering Growth: Partner with Us for Success" "Building Together: Empowering a Thriving Ecosystem"
The Reality
The Lifeform project operates only on the Binance Smart Chain. They do not have any tokens on Ethereum.
What Happened
Many individuals were fooled into purchasing a fake version of the Lifeform token on the Ethereum blockchain.
| Date | Event | Description |
|---|---|---|
| May 8th, 2024 1:36:47 AM MDT | Blockchain Transaction | The transaction on Ethereum where 1,603,040,060,640,000 fake life tokens are swapped for 81.203220149487402451 ethereum[3]. |
| May 30th, 2024 3:45:57 AM MDT | Added To SlowMist | The DexTools link is reviewed in preparation for the token to be added to SlowMist[1]. |
Technical Details
The swapping happened through the Uniswap liquidity pool. Uniswap is a platform which allows anyone to set up a token.
In order to drain the liquidity pool, a large number of fake Lifeform tokens were required.
Total Amount Lost
The attacker reportedly drain 81 ETH worth of liquidity, which was given an estimated market value of ~$243K by SlowMist[1].
The total amount lost has been estimated at $243,000 USD.
Immediate Reactions
"Fake Lifeform (LFT) on Ethereum is suspected of an exit scam. The deployer called removeLimits() backdoor to mint additional tokens and dump them on the dex pair to drain 81 ETH (~$243K)."
"Be aware of this token! Team of this token has sold at least 81.203 ETH."
Ultimate Outcome
The Lifeform team has not acknowledged any Ethereum token or rug pull, nor provided any warning to their community. It is unclear if any investigation has been undertaken regarding the rogue tokens.
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
Ongoing Developments
It is unclear if any investigation has been undertaken regarding the rogue tokens.
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ 1.0 1.1 1.2 SlowMist Hacked - SlowMist Zone (May 30, 2024)
- ↑ https://www.dextools.io/app/cn/ether/pair-explorer/0x296a66bf9fcae305dadae225e39ade65785e9bdc (May 30, 2024)
- ↑ 3.0 3.1 Ethereum Transaction Dumping 1,603,040,060,640,000 Fake Lifeform Tokens for 81.203220149487402451 Ethereum - Etherscan (Accessed May 30, 2024)
- ↑ Address 0xb57b3644f87987fe4ece6c3cac689379367638fe | Etherscan (May 30, 2024)
- ↑ Lifeform (May 30, 2024)
- ↑ Notion – The all-in-one workspace for your notes, tasks, wikis, and databases. (May 30, 2024)
- ↑ Lifeform Token price today, LFT to USD live price, marketcap and chart | CoinMarketCap (May 30, 2024)
- ↑ https://www.binance.com/en/price/lifeform-token (May 30, 2024)
- ↑ Lifeform (LFT) Price, Live Chart and Data | KuCoin (May 30, 2024)
- ↑ Lifeform Company Profile: Web3, Investments, Contact Information, News, Activity, and Team – EdgeIn.io (May 30, 2024)
- ↑ Lifeform – Medium (May 30, 2024)
- ↑ @Lifeformcc Twitter (May 30, 2024)
- ↑ @kucoincom Twitter (May 30, 2024)