Crypto Scams: Fake Tokens

Fraud based on fake tokens involves taking advantage of the carelessness, carelessness or ignorance of the victim. “Fake tokens” are deceptively similar to their real prototypes, but unlike them - they have no value.

In the world of cryptocurrencies, where technology and innovation are developing at a breakneck pace, scammers are constantly trying to take advantage of the ignorance, the moment of inattention and the naivety of users. They know well and make great use of the fact that the weakest link in reliable blockchain technology is man and his inattention. One of the increasingly frequent scams is sending fake cryptocurrencies that are deceptively similar to real cryptocurrencies like USDT, BTC or ETH. The difference is that they have no value, unlike their real counterparts.

Identical name, zero values

Scammers create fake tokens that are almost identical in name to real cryptocurrencies. For example, they can create a token called “USDT,” which can look like a real stablecoin “USDT” (Tether). Fake tokens are designed to look like genuine cryptocurrencies. This can mislead users who do not notice subtle differences in the name. For example, fake tokens can pretend to be their original counterparts, but be issued on other blockchains, such as BNB Smart Chain instead of Ethereum. It is not uncommon for scammers to “conquer” the statistics of fake tokens by investing their own (although in fact, probably previously stolen) funds in them, thereby generating artificial demand.

Scammers use advanced techniques and manipulations to convince users that they are offering them real cryptocurrency and encourage them to transfer funds to their wallets. They often offer very favorable terms of transactions, and they twist everything additionally with the limited nature of the investment (only a certain amount of cryptocurrencies at a given price) or time pressure (the offer is valid only today or only for an hour).

Fake tokens for real money

When users transfer funds, scammers send them fake tokens with an identical name. However, these tokens are worthless and have no value in the market. Unfortunately, an inexperienced or inattentive person will not even check it and remain for a short while with the thought that they have just made a golden deal. It is not difficult to guess that users who fall victim to this scam lose their funds irretrievably, as fake tokens have no real value and cannot be sold or exchanged for real cryptocurrencies.

How to protect yourself from scams using fake cryptocurrencies?

This is a type of scam that is difficult to detect at first glance, as scammers exploit the similarity of the names and appearance (e.g. colors, logos) of fake tokens to the real ones. To avoid falling victim to such a scam, users should exercise extreme caution.

Always carefully check the name of the cryptocurrency you are dealing with and make sure it is the original token. Make transactions only on reliable exchanges and cryptocurrency exchange platforms. Do not believe in super deals on incredibly favorable terms. Usually, if someone wants to sell something very quickly and very cheaply, you can be sure that it is a book scam.

What can I do if I have been deceived in this or that way?

If you have been affected by a similar situation, you can:

  • submit a notice of the possibility of committing a crime,
  • consult with a legal adviser or lawyer,
  • decide on further legal steps after consultation.

Legal commentary

The described actions can be considered, among other things, a crime of fraud, specified in Article 286 of the Criminal Code. The perpetrator of such a crime is subject to imprisonment from 6 months to 8 years. In the so-called minor cases, the offender is subject to a fine, a penalty of restriction of liberty or imprisonment of up to 2 years.
In order for the proceedings to take place, it is necessary to file a notice of the possibility of committing a crime. The notice can be submitted in writing or orally to the protocol in the nearest unit of the Police or Prosecutor's Office. In the event of a conviction, the court may order, and at the request of the injured party, order the obligation to compensate (in whole or in part) the damage caused by the crime or to make reparation for the harm suffered. The application can be filed until the court wire is closed at the main hearing. Compensation or compensation may also be sought in civil proceedings. To do this, you need to file an action and file a corresponding lawsuit.

lawyer Rafał Lorent, counsel at 3DOTS Law

Fake cryptocurrency scams pose a real threat in the cryptocurrency world. It is always a good idea to remain vigilant and carefully check all trades and offers before transferring any funds. Avoiding dodgy offers and using only reliable sources can help minimize the risk of falling victim to this type of scam.

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