Binance has announced the listing of OBOL on its Alpha platform for trading!
Here's what you need to know to stay safe and avoid scams — read the full article.
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Spotting Fake Tokens on Binance Web3: A Real Case and How to Stay Safe
Crypto is evolving fast — and so are scams. With the rise of Binance Web3 Wallet, users enjoy seamless token swaps and on-chain interactions. But as this ecosystem grows, malicious actors are exploiting it to list fake tokens and deceive unsuspecting users.
In this article, we’ll explore a real-world example of a token scam involving a fake OBOL token, show you how to spot these scams, and share essential tips to protect your assets.
The Scam Unfolded: Real Wallet Activity
The screenshot above shows a series of transactions from a Binance Web3 Wallet:
Millions of OBOL tokens "swapped" using small amounts of BNB (e.g., 0.0001 BNB for 113,986 OBOL).Large token approvals of nearly 100 billion OBOL tokens.No real value received in return — just fake tokens sitting in the wallet.
Figure 1
There are multiple fake tokens with the same name, and two of them have suspiciously increased by over 13 trillion and more than 1,000 trillion. Is this a joke?
Figure 2
Market cap $> 1000 T with a liquidity $0.02
This is a classic example of a honeypot scam:
The fake token (OBOL in this case) is made to appear legitimate and tradable. However, once purchased, it's either unsellable or instantly drains value via malicious smart contracts.
Why These Fake Tokens Are Dangerous
Deceptive Listings: Scammers create fake tokens with real names (like “OBOL”) to confuse users into thinking they’re trading authentic assets.No Liquidity: Even if you receive tokens, there's no way to sell them — you're stuck.Draining Wallets: Some fake tokens have embedded contract logic to steal funds during approvals or swaps.
How to Stay Safe on Binance Web3
1. Always Verify the Token Contract
Use Binance Web3 Wallet’s contract viewer or check on BscScan or Etherscan. Real tokens are:
Verified (with green checkmarks)Backed by liquidityListed on CoinMarketCap or Binance.com
2. Use Built-In Scam Warnings
Binance Web3 Wallet integrates warning flags for suspicious tokens and contracts. If you see red warning symbols (like in the screenshot), reconsider the transaction.
3. Avoid “Too Good to Be True” Trades
Getting millions of tokens for a fraction of BNB is usually a trap. Real tokens have real value — and that value is never given away.
4. Revoke Token Approvals
If you've approved a suspicious token (like OBOL in the image), use tools like Revoke.cash or the wallet’s native revoke tool to cut off access.
5. Join the Community
Follow @BinanceWeb3, join Binance Discord/Telegram, and stay updated on scam alerts and verified token lists.
What Binance Is Doing to Help
Binance has made Web3 exploration safer through:
Smart contract risk scanningToken blacklist integrationEducational alerts built into the wallet UI
Still, the decentralized nature of Web3 means you are the first line of defense.
Closing Thoughts: Web3 Is Powerful — But Vigilance Is Key
As Binance Web3 continues to grow, so do the opportunities and risks. The OBOL fake token example is just one of many targeting beginner and veteran users alike.
Stay alert. Double-check everything. And when in doubt, don’t approve.
#BinanceWeb3Wallet #CryptoSafety #CryptoScamAlert #CryptoAwareness
In this article, we’ll explore a real-world example of a token scam involving a fake OBOL token, show you how to spot these scams, and share essential tips to protect your assets.
The Scam Unfolded: Real Wallet Activity
The screenshot above shows a series of transactions from a Binance Web3 Wallet:
Millions of OBOL tokens "swapped" using small amounts of BNB (e.g., 0.0001 BNB for 113,986 OBOL).Large token approvals of nearly 100 billion OBOL tokens.No real value received in return — just fake tokens sitting in the wallet.
Figure 1
There are multiple fake tokens with the same name, and two of them have suspiciously increased by over 13 trillion and more than 1,000 trillion. Is this a joke?
Figure 2
Market cap $> 1000 T with a liquidity $0.02
This is a classic example of a honeypot scam:
The fake token (OBOL in this case) is made to appear legitimate and tradable. However, once purchased, it's either unsellable or instantly drains value via malicious smart contracts.
Why These Fake Tokens Are Dangerous
Deceptive Listings: Scammers create fake tokens with real names (like “OBOL”) to confuse users into thinking they’re trading authentic assets.No Liquidity: Even if you receive tokens, there's no way to sell them — you're stuck.Draining Wallets: Some fake tokens have embedded contract logic to steal funds during approvals or swaps.
How to Stay Safe on Binance Web3
1. Always Verify the Token Contract
Use Binance Web3 Wallet’s contract viewer or check on BscScan or Etherscan. Real tokens are:
Verified (with green checkmarks)Backed by liquidityListed on CoinMarketCap or Binance.com
2. Use Built-In Scam Warnings
Binance Web3 Wallet integrates warning flags for suspicious tokens and contracts. If you see red warning symbols (like in the screenshot), reconsider the transaction.
3. Avoid “Too Good to Be True” Trades
Getting millions of tokens for a fraction of BNB is usually a trap. Real tokens have real value — and that value is never given away.
4. Revoke Token Approvals
If you've approved a suspicious token (like OBOL in the image), use tools like Revoke.cash or the wallet’s native revoke tool to cut off access.
5. Join the Community
Follow @BinanceWeb3, join Binance Discord/Telegram, and stay updated on scam alerts and verified token lists.
What Binance Is Doing to Help
Binance has made Web3 exploration safer through:
Smart contract risk scanningToken blacklist integrationEducational alerts built into the wallet UI
Still, the decentralized nature of Web3 means you are the first line of defense.
Closing Thoughts: Web3 Is Powerful — But Vigilance Is Key
As Binance Web3 continues to grow, so do the opportunities and risks. The OBOL fake token example is just one of many targeting beginner and veteran users alike.
Stay alert. Double-check everything. And when in doubt, don’t approve.
#BinanceWeb3Wallet #CryptoSafety #CryptoScamAlert #CryptoAwareness
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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