Fake tokens have emerged on Coinbase’s BASE blockchain.
Floki Inu, the prominent meme-inspired cryptocurrency project, has issued an alert about scam tokens impersonating FLOKI, its native token, on the Solana and Base networks.
“It has come to our attention that there are scams claiming #Floki has a token on #Base or #Solana,” warned the project in a post on X.
The team noted that the real FLOKI is only hosted on the Ethereum and Binance Smart Chain blockchains. Users were advised to use the official contract addresses, including 0xcf0c122c6b73ff809c693db761e7baebe62b6a2e (Ethereum) and 0xfb5b838b6cfeedc2873ab27866079ac55363d37e (BSC), to avoid scams.
Fake Tokens!?!?
Floki Inu also advised users to only trust information from its official channels to avoid falsified information and deceiving attempts.
Scam tokens are a common tactic used by cryptocurrency scammers to steal funds from victims. Fraudsters usually create tokens impersonating a legitimate token to lure victims to their websites, where they are tricked into signing transactions that drain their wallets.
BASE has increasingly become an ideal place for scammers to lauch their fake tokens. Earlier this month, PancakeSwap had issued a scam alert warning users about fake IO tokens being traded on BASE.
The team noted that it has not launched the official IO token on the BASE blockchain. Any tokens being traded under that name are scams meant to defraud users. PancakeSwap also urged the community to be cautious and stick to official PancakeSwap channels to stay updated on legitimate token launches.
In April, Omni Network (OMNI) faced a similar issue with a fake token using the same OMNI ticker to take advantage of its token launch hype. The scam developers behind the fake OMNI token dumped a massive amount of tokens, causing its price to crash 100%. The rug pull resulted in $400,000 in losses for users, according to Peck Shield Alert.
To avoid scam tokens, users need to be very cautious of unsolicited airdrops and never share the private keys or recovery phrases. It’s also advised to only interact with official crypto websites and apps of the legitimate project.
In addition to scam tokens, Floki Inu is facing challenges from the Hong Kong Securities and Futures Commission (SFC). In January, the Hong Kong financial watchdogs issued a public warning against unauthorized staking programs promising high returns with FLOKI – “Floki Staking Program” and “TokenFi Staking Program.”
Floki Inu Ecosystem Grows
Launched in June 2021, Floki Inu is among the projects that survived the cryptocurency winter following major collapses of crypto exchange FTX and LUNA/UST. The project has seen a resurgence in market sentiment, with investors showing renewed interest in the previously overlooked memecoins.
Floki Inu recently launched the Floki Name Service, a decentralized domain name service, exclusively on the BNB Chain mainnet.
The service allows users to create decentralized .floki domain names backed by the Space ID architecture for interoperability with numerous decentralized applications (DApps), including popular wallets and exchanges like Trust Wallet and PancakeSwap.
The launch of the Floki Name Service is part of the project’s efforts to enhance the functionality and utility of its ecosystem. It comes as Floki Inu continues to expand its roadmap for 2024, which includes plans for regulated digital banking accounts, NFTs, gaming, and other real-world use cases.
The introduction of regulated digital banking accounts is set to allow users to establish and fund bank accounts directly with FLOKI tokens. The accounts will support SWIFT payments and SEPA IBANs across strategic locations like Canada, Spain, Dominica, Australia, and the UAE.
The roadmap also includes plans for Floki Inu to integrate with the Venus DeFi protocol. With the integration, FLOKI holders can use their tokens as collateral for borrowing assets such as DAI, USDC, BNB, and ETH, to seamlessly access DeFi services.
