Scamsters use smart contracts to trick users into paying for their own tokens. Scam is a type of scam that happens when the creators cash out out the investors’ money and abandon the project after a huge amount is allocated to what appears to be a legitimate crypto project. In one instance, a legitimate contract was hacked after its developers inadvertently uploaded the wallet’s private key to their repository, enabling the exploiter to mint an infinite number of tokens and steal funds from the contract. The findings come as cyberattack campaigns have been observed leveraging phishing schemes.”]
Source: https://thehackernews.com/2022/01/hackers-creating-fraudulent-crypto.html