tl;dr
CoinMarketCap, owned by Binance exchange, has issued a scam alert, warning the global cryptocurrency community about fake CMC tokens circulating in the market. The company emphasized that it does not have its own CMC-tokens or coins and advised investors to be cautious of such scams. Binance also sp...
CoinMarketCap, owned by Binance exchange, has issued a scam alert, warning the global cryptocurrency community about fake CMC tokens circulating in the market. The company emphasized that it does not have its own CMC-tokens or coins and advised investors to be cautious of such scams.
Using its official X account, CoinMarketCap warned that fake CMC tokens might be circulating on the market at the moment. The CoinMarketCap team clearly stated that it does not have its own CMC-tokens or coins. If investors see the promotion of such crypto assets, those coins are definitely scams and not tied to CoinMarketCap but just trying to attract potential victims using the CMC brand name.
This is a common type of scam in the crypto space, in which fraudsters launch fraudulent tokens. They impersonate organizations with a high reputation and popularity level in the crypto space. Users are highly recommended to avoid falling for such scams – DYOR. This acronym is very popular within the crypto community, and it means “do your own research.” It is what influencers and coin teams often recommend users should do before investing in any new cryptocurrencies.
Binance also spotlighted a case where it intervened to help a crypto user who fell victim to a scam involving the purchase of luxury home cinema systems using USDT, showcasing the industry's efforts to combat fraudulent activities.
Two days ago, Binance boss Richard Teng published a post spotlighting a recent case in which the Binance team stepped in to help a scam victim. The case was not about investing in fraudulent tokens; it was about purchasing luxury home cinema systems using USDT, a cryptocurrency. According to a proudly published article by Binance, an experienced crypto user failed to detect a scam on a forum he had used for many years. He then bought some equipment, paying for it with USDT. Since he had communicated with everyone on that forum for years and knew all the users, he transferred the whole amount to the seller. After the payments were received, the equipment was never sent to the payer. That is when the Binance team intervened. They traced the USDT on a Binance account, froze it and returned it to the unfortunate buyer. In the world of crypto, where people are scammed not only by mistakenly buying fake coins, crypto platforms often join forces to fight scammers and help their customers. Recently, when the Bybit exchange was hacked, other exchanges, including Binance, immediately lent millions in ETH to support Bybit with liquidity.