https://s.binance.com/CUTb7RSP
Fake token attacks are common cryptocurrency scams where criminals create fraudulent assets that mimic legitimate cryptocurrencies, using them to steal users’ money or sensitive data.
These scams often use platforms such as Telegram, WhatsApp or WeChat to spread misinformation. A common tactic is running token “pre-sales,” attracting victims with promises of a higher future “listing price” compared to the current “pre-sale price.”
In most cases, losses are irreversible. Binance encourages users to stay vigilant, be aware of common threats and red flags, and constantly learn to protect themselves.
Enticing investors with the promise of getting in early on a groundbreaking project. Once they collect funds, they disappear, leaving investors with worthless tokens.
Airdrops and Giveaways: Fake tokens are sometimes distributed through airdrops or giveaways, where users are asked to provide personal information or pay a small fee to receive the tokens. This can lead to further scams or identity theft.
Pump and Dump Schemes: Scammers may artificially inflate the price of a fake token through coordinated buying (pump) and then sell off their holdings at the peak (dump), leaving other investors with devalued assets on their hands.
Launchpool Token Scams: The schemes described above can be complicated and costly to pull off, so scammers may resort to lower-cost methods, like fake Launchpool token scams. In these scams, criminals take advantage of the publicity generated by a reputable exchange's promotion of an asset. They may, for example, falsely claim to offer these tokens at a discount via unofficial channels that are not associated with the platform, like Binance, which conducts the original promotion.