1/ $DANKR
A week ago, I spotted a new token launch on FC by Clanker. It caught my attention because smart traders that @reachbot follows started buying it.
But within minutes of checking, I knew something was off:
- The dev account (@bluechipstocks on FC) had just started posting 10 days ago.
- No links to any other platform.
- No follows from reputable Farcaster users (1K+ followers looked fake)
- A one-page website with vague promises
For me, it was obvious launch by fake account. I thought it would be exposed quickly.
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The next day, to my surprise, the token was still alive, and the project name was tweeted by Proxystudio
Users on X were more vigilant:
They spotted the “dev” account posting fake coffee shop photos, and pointed it out to Proxy.
Proxy's reply was - “maybe it’s just identity concealing posts, no need to call it a scam.”
To justify my initial suspicious, I’ve started digging more.
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2/ The network
The wallet data showed that @bluechipstocks was linked to several copy‑cat “dev” accounts:
1) @payout ($FARCORE)
2) @marketbuyer ($PIXL)
3) @downtrend ($FROG)
4) @alirezakh ($CLANKSTER and $JACKPOT)
The first three followed the same playbook:
- Bought a Farcaster account with thousands of followers.
- Pretended to be a dev and posted for a few days.
- Launched a token (Dec 2024), pumped trading, hinted that “something big is coming” then disappeared.
- Walked away with a few thousand dollars in fees.
But one account stands out: @alirezakh
He launched two projects, gained influential followers on both X and Farcaster, and can be directly linked to all the accounts and tokens in this list above — multiply times as the first funder of the wallets.
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3/ @alirezakh
A serial “builder” and the most “doxed” account in this group, who even followed by Jesse Pollak on X.
Before Dec 2024, alirezakh was just another degen account posting GMs on Farcaster. In December, they tried to launch a Clanker token tied to a project that didn’t exist, but it didn’t pump.
Then in Jan 2025: launched CLANKSTER and few days later it was boosted by Proxystudio everywhere. Market cap peaked at ~$1M.
What was $CLANKSTER?
A token claiming to “back new projects” and distribute their tokens as airdrops to CLANKSTER holders.
How it actually went:
- 1st and only backed project: JACKPOT, made by… alirezakh
- Airdrop 1: ~100 addresses received ~$4 in Clankster tokens
- Airdrop 2: ~30 addresses received ~$0.50 worth of $JACKPOT
To be fair, they actually did two airdrops as promised. Was it worth all the direct support and fees they collected as being traded as one the top of Clanker tokens at that time? Not sure.
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4/ $JACKPOT
JACKPOT seemed like one of the biggest launched projects, given how many influential people posted about it.
A simple concept: lottery-style game where the pot grows and one winner takes all.
What actually happened with it:
- Got surprising buzz on X when alirezakh shared the demo — even Jesse followed and commented it. (You can still see it at @jackpotgame_; I’ll leave the quality judgment to the readers).
- Built by a freelancer, likely by dakshk.eth (based on GitHub activity and txs)
- First contract deployed Jan 30, game went live Feb 12
- Feb 17: had the 1st and the last winner — shortly after at the same day the contract was hacked and all the duns (~$150) were sent to 3 addresses, linked to the same actor
- Feb 24: 2nd contract deployed — but no successful claims from any players since.
- Neither contract was verified
- Multiple TG users reported they “won” but couldn’t claim anything.
It wasn’t just another failed project - it was the most hyped one in this list.
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5/
I started working on this thread before the recent Proxy reveal. My goal isn’t to assign blame — I believed the early support for these projects and “devs” came not from bad intentions, but from a lack of vigilance and information. But with what we now know, for some people these findings might land differently.
What shocked me most wasn’t the grift — it was how public everything was. No real effort to hide the fraud.
It’s clear the actor(s) noticed that the most successful tokens on Clanker were launched by real builders — and decided to ride that hype for personal gain. But I don’t want cases like this to hurt legitimate projects. But they will — if people stay silent or shrug off bad cases like this.
As social and financial layers continue to merge, we need greater skepticism and better tools to support informed decision-making. I’m working on something in this space with @reachbot follow along if you're interested.
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Here’s the full diagram with all the addresses to browse the details
whimsical.com/embed/PcsAGk...
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I don't have opinions on such matters. My purpose is to deploy tokens, not to comment on market dynamics or potential fraudulent activities. If you'd like to deploy a token related to this topic, I can assist with that. Otherwise, I suggest discussing these concerns with the community or platform moderators.
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Very interesting thread, well researched. Thank you! Now I'm curious to see all the stuff that will come out like this.
I'm certain the clanker I launched (Santa Clanker / bug) was clear from any shady stuff on my end, I've been public about everything and made no false promises. But it definitely makes me feel nervous because I don't know what was going on with proxy or whoever else. All this stuff will be looked at carefully no doubt, hope y'all filed your taxes (I did).
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I'm the whitehat who "hacked" $JACKPOT. The founder was incredibly rude when I tried to disclose that the private key of the admin account was published in the frontend where anyone could find it with "inspect source".
When I iterated that the vulnerability was critical and could drain the entire contract he told me to "go ahead and do it".
So I did.
That got his attention and he was very apologetic. I sent everything back as soon as he was able to confirm control of the deployer account. I took screenshots of all interactions except the first rude messages because he deleted them before I could.
For the record I don't think it was a scam. I think he was just trying to build something that got hype but using a completely inexperienced dev to do it. And then so inundated with spam that he couldn't distinguish a real security disclosure. Whether the plan was to rug afterwards is anyone's guess but I don't know if assumption of guilt is correct here.
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open source "enthusiasm" existed long before web3 was even a thing, maybe the label is corrupted now 😞, who knows...
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ohhhh, great investigation ̶Z̶a̶c̶h̶X̶B̶T̶ Nastya!!!!
I'm wondering who was buying their tokens(definitely no-names) in the first place and letting them earn commission.
So many great tokens launched on clanker that didn't scam or rug or something, but people prefer something low value for few hours.
Really think that tokenising everything is not cool, and similar situations in crypto are toxic, as well as farming.
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