Today’s post will examine CakeCore, a scam project hosted on the Core blockchain.

The rave at which scam projects spring up in the crypto verse is alarming.

Just last month (September 2023), I wrote about Catly.io, a scam project that promises mining rewards to users.

And today, it’s the turn of CakeCore.

Without further adieu, let’s dive into the business of the day.

CakeCore Scam Unraveled: A 5-Step Scheme

If someone asks me: Is CakeCore also a scam? 

The straight-to-the-point answer that I will give is a resounding YES!

In the Nigerian parlance, I will say ‘YES’ with my full chest.

And I am going to prove it; I have my receipts😊

From its whitepaper, CakeCore is a platform that aims to build a decentralized application ecosystem using blockchain technology, cryptocurrency, and metaverse systems.

They claim it is a project created to achieve people’s ideals and intend to pioneer the cryptocurrency ecosystem by establishing a 3-earn strategy:

• Mine to earn (Airdrop)
• Make-to-earn (NFTs)
• Play to earn

But the truth is that they are just spewing empty words!

All they are interested in is selling their worthless native token called Cake. 

These are the steps to their scam. 

Step 1: Choose a Crypto Familiar name 

They carefully chose the name to distract unsuspecting people into thinking it’s legit. 

The platform is CakeCore; the native token is called Cake and is built on the Core blockchain. 

Did you get that? 

Let me explain:

PancakeSwap is the biggest decentralized blockchain on the BNB blockchain, and its native token is called Cake. This is legit. 

Core is a layer one blockchain that Dapps can be built on.  Its native token is called Core. This is also legit. 

Cakecore is a platform that formed its name by combining the names of two legitimate platforms. 

Cake from Pancakeswap and Core from the Core blockchain.

Let’s get to number 2.

Step 2: Offer Familiar Crypto-Native Services

As stated earlier, they intend to pioneer crypto by establishing a three-earning strategy.

1. Mine to earn – where users can mine the CakeCore native token.

2. Make to earn – where users can create an NFT and sell it immediately

3. Play to earn – where users can play games and earn their token and 

Step 3: Carry Out An ICO

After tricking people into the platform with their familiar name and services, they will sell the worthless Cake tokens through an ICO.

ICO stands for Initial Coin Offering.

It is a popular term in cryptocurrency used to refer to fundraising for creating a new coin.

With this, they will rip people off their hard-earned funds with the promise of a worthless coin.

On to the fourth step.

Step 4: Offer Services Shrouded in Scam 

Incorporate scams into the services offered. 

From the services listed above, Play to Earn is not enabled yet, and the NFT is only sold by the Team. 

They also introduced Staking, which I will talk more about when explaining how the whole thing works.

Let’s see the last step that they take to defraud their users.

Step 5 – Collect Users’ Information

In crypto, users troop to decentralized exchanges because they do not users to do KYC.

But on CakeCore, you have to do KYC.

Tell me what else they will be doing with people’s information if not to use them for their next scam. 

Below, I will tell you how they carry out their scam.

How CakeCore Carries Out Their Scam

First, you have to visit CakeCore’s website to register an account. You will need to complete KYC. 

This is the first red flag.

Once you complete KYC, you will receive 150 Cake tokens as airdrop.

Don’t be too excited; this is a worthless token that you cannot sell.

After receiving the airdrop, they will persuade you to buy the Cake tokens for 100% return.

You can stake or delegate the CakeCore token or the Core token.

The Core token is the legit token of the Core blockchain.

100% return sounds exciting, right? 

The problem is that staking is easy; unstaking is the problem.  

If you staked the Cake tokens and want to unstake, you must pay 30% of whatever you have as a fee.

And you will pay it in the Core token! 

And if you staked the Core tokens and want to unstake, you will pay 30% of your stake in the Core token.

But they will not still give you your Core tokens. 

They want to give you the worthless Cakecore token and hold on to the Core token that they can sell on any supported exchange. 

So, this is a plain scam; I don’t know why people can’t see that it is a scam. 

And there have been warnings.

This video below is a warning.

Again, the main Core DAO team issued a warning on Discord concerning CakeCore, warning people not to interact with CakeCore.

There’s also IcecreamSwap, a DEX on the Core DAO blockchain.

They, too, alerted people that the CakeCore smart contract allows the admins to:

• Clear anyone’s balance
• Mint an unlimited amount of tokens, and
• Send out tokens from wallets.

On review platforms, I found that CakeCore has really low ratings:

i. ScamAdviser, the platform has a rating of 22 out of 100.

ii. The Paranoid marks it as a low-trust site and suspicious.

iii. I also checked in with Trustpilot. It has a rating of 2.2 out of 5.

This further confirms its illegitimacy.

Conclusion

When you look at the Cake Core website, you should be skeptical of how poorly it is built. 

If you have already given your information to them, be careful of phishing emails.

They can send you phishing emails claiming to be legitimate platforms.

All they need you to do is click on the email link, thinking it’s from a legitimate platform. 

Ensure that the sender’s address is correct before clicking on any email, and have an antivirus installed on your computer. 

Stay safe out there.

If you want to learn how to trade crypto profitably, join Afibie, the #1 crypto trading school.

You can also join us on Telegram, where we share trading signals and hold live sessions.

Till I write to you again, stay safe out there.