Fake CMC Tokens Spread as Scammers Target Unwary Crypto Traders
Digital wolves prowl the crypto markets—fake tokens masquerading as legitimate listings on CoinMarketCap.
Scammers deploy sophisticated phishing campaigns, creating counterfeit versions of popular assets to drain wallets.
Unwary investors fall prey to these polished deceptions, lured by promises of explosive gains.
Security experts warn: always verify contract addresses directly through official channels.
Another day, another scam—because why innovate when you can just replicate and steal?
Rising Scam Operations Across the Industry
Besides fake token schemes, scammers are using crypto ATMs and other platforms to deceive investors. DC Attorney General Brian Schwalb filed a lawsuit against Athena Bitcoin for allegedly enabling scams.
According to Schwalb, 93% of Athena’s deposits in its first five months in DC came from fraudulent activities. He revealed that Athena charged hidden fees of up to 26% per transaction while ignoring obvious signs of fraud.
“Athena knows that its machines are being used primarily by scammers yet chooses to look the other way,” Schwalb stated.
U.S. Sanctions Global Scam Networks
Notably, the U.S. Treasury Department has slapped sanctions on 19 individuals and entities linked to major cryptocurrency scams.
These operations, which are reportedly based in Myanmar and Cambodia, have been accused of employing forced labor, violence, and coercion to operate their fraudulent platforms. OFAC identified nine scam operators in Shwe Kokko, a notorious hub for organized crime.
These developments show the need for tighter regulations and stronger investor awareness. Staying aware and cautious may help in defense for all crypto users.
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