PENGU Team’s $66M Token Dump Sparks Chaos as Scammers Infiltrate Ecosystem

Another day, another crypto project making headlines for all the wrong reasons. The PENGU team just pulled off a $66 million token dump—because why bother with long-term growth when you can cash out overnight?

Meanwhile, opportunistic scammers are having a field day. The ecosystem is now flooded with phishing schemes, fake airdrops, and the usual parade of 'trust us, bro' rug pulls. DeFi innovation at its finest.

Here's the kicker: while retail investors scramble to pick up the pieces, the whales are already onto the next shiny token. Some things never change—crypto's cyclical theater of greed and regret rolls on.

PENGU scam warnings

Meanwhile, the PENGU token rally appears to have drawn attention from scammers who have initiated a new wave of phishing scams targeting the NFT project token holders.

On July 27, Beau, the security expert at Pudgy Penguin, explained that the new scam involves sending small amounts of PENGU tokens, known as “dust,” to random wallets. These tokens use vanity address names that double as fake website URLs.

The security chief pointed out that this scam is designed to manipulate users into searching for these vanity names via Solscan.

From there, victims may unknowingly click phishing links that mimic Pudgy Penguins’ branding. If users connect their wallets, they are prompted to sign malicious transactions that drain their assets.

Beau clarified that no legitimate PENGU airdrop or claim is currently active.

He also highlighted another scam involving counterfeit PENGU tokens engineered to act as honeypots. These fake tokens can trap users during swaps and steal their funds.

These events reflect the growing sophistication of crypto scams, especially during market rallies. As PENGU gains momentum, users are urged to stay alert, verify token sources, and avoid interacting with unsolicited airdrops.