Fake alert! New projects pose as prominent brands to lure crypto investors

0
221

Creating a new crypto project is seriously simple: you need to generate a token, pick a bar, sell it to the crypto community through coin information sites like CoinMarketCap or CoinGecko, and then list it on decentralized exchanges or thousands of new centralized cryptocurrency exchanges. will do anything. cash.

Attackers might come up with a catchy brand name, or better yet, hijack a popular brand and mix it up with some keywords that might lead crypto newbies to think it’s related to its legitimate counterpart. For this reason, the cryptocurrency market is full of tokens that have nothing to do with the name or brand they have in mind.

We have compiled a short list of crypto projects that are not related to the well-known brands they appear to be.

Mini Tesla
This project starts with a Tesla car bouncing up and down with the Mini Tesla logo. The Mini Tesla brand targets visitors who are “fed up of scams and scam projects” and encourages people to buy the token on PancakeSwap. However, the community members are disappointed by this and call it a scam.

Several Twitter users, including JaferiMo and KabakciNiyazi, accused the project of being a scam.

Furthermore, while it aims to be like a legitimate electric car manufacturer, there are no official announcements regarding this project on Tesla’s official channels.

jurassic symbol
Many people have grown up loving the Jurassic Park series and the newer Jurassic World movies. However, dinosaurs are no good when used by unaffiliated teams pretending to be part of a franchise to make a quick buck.

With a website full of dinosaurs and the same fonts as popular movies, Jurassic Token tries to encourage users to purchase the original digital resource. However, as with the other projects on this list, there is no indication that the project is related to the original Jurassic Park and Jurassic World film series.

MetaNFT Market
The recently launched MetaNFT Marketplace project caught the attention of the crypto community by appearing in the list of CoinMarketCap’s biggest winners in 24 hours. Using an Infinity logo and a website that reflects the technology conglomerate Meta’s branding, the project positions itself as a cross-networked NFT (Non-Fungible Token) marketplace. But apart from the lack of an announcement from the official Meta platforms, it seems that some users are not convinced by the project.

In a Reddit thread created by MetaNFT that claims the platform is “security is everything”, user u/Pronoobing thinks otherwise.

Source: Reddit
Related: Scammers, Beware! New malware targets MetaMask and 40 other crypto wallets

Animuka Metaverse Token
One of the most significant recent cases of well-known brands using unaffiliated fraudulent tokens was when an ERC-20 token called Animoca Brands Metaverse, which is allegedly linked to Hong Kong venture capital, was registered.

However, the official company Animoca Brands quickly responded by declaring that it is not affiliated with the Ethereum-based token.

Source: CoinTelegraph

LEAVE A REPLY

Please enter your comment!
Please enter your name here