New fraudulent tokens have begun to surface on the BASE blockchain managed by Coinbase.
In an alert, Floki Inu, famous for its meme-themed cryptocurrency, warns of alert fake tokens pretending to be their native FLOKI within Solana and Base ecosystems.
“We've been made aware of fake claims about #Floki having a token on #Base or #Solana,” stated the project team via a post on X.
The authentic FLOKI is only found on Ethereum and the Binance Smart Chain. Users are encouraged to verify using official contract addresses: 0xcf0c122c6b73ff809c693db761e7baebe62b6a2e (Ethereum) and 0xfb5b838b6cfeedc2873ab27866079ac55363d37e (BSC) to prevent being scammed.
Fake Tokens!?!?
Floki Inu further advises users to rely exclusively on its verified communication channels, deterring the spread of phony information and deception.
Scam tokens are a frequent strategy among cryptocurrency fraudsters, designed to dupe victims into donating funds. Scammers typically generate tokens resembling legitimate ones to seduce users into malicious websites, tricking them into signing transactions that empty their wallets.
BASE has become a preferred platform for scammers launching counterfeit tokens. Just this month, PancakeSwap cautioned its users against phony IO tokens trading on BASE.
The PancakeSwap team clarified they haven't deployed an official IO token on the BASE blockchain, marking any token under that name as scams aiming to deceive users. They strongly urged their community to follow only official PancakeSwap updates to remain informed about legitimate token releases.
In April, Omni Network (OMNI) also confronted a scam with a fake token sporting the same OMNI symbol, deceiving users amidst the excitement of their token launch. The culprits behind the counterfeit OMNI token flooded the market with tokens, leading the price to tumble by 100%. Peck Shield Alert reported that this fraud cost users $400,000.
To guard against bogus tokens, it's essential for users to be wary of unexpected airdrops and never disclose private keys or recovery phrases. Engaging only with official crypto websites and apps is highly recommended.
Apart from counterfeit tokens, Floki Inu is also fending off issues from the Hong Kong Securities and Futures Commission (SFC). In January, the Hong Kong regulatory body issued a public alert about unauthorized staking programs promising soaring returns with FLOKI – namely, the “Floki Staking Program” and “TokenFi Staking Program.”
Floki Inu Ecosystem Grows
Unveiled in June 2021, Floki Inu was one of the projects that made it through the bear market that followed major downturns like the FTX and LUNA/UST crises. The project's appeal has resurfaced, with investors reigniting their interest in these once-neglected memecoins.
Floki Inu recently introduced the Floki Name Service, a decentralized domain name system, on the BNB Chain mainnet.
This service empowers users to construct decentralized .floki domain names, leveraging the Space ID structure for seamless interoperability with multiple decentralized applications (DApps), including leading wallets and exchanges such as Trust Wallet and PancakeSwap.
Introducing the Floki Name Service aligns with the project's mission to broaden the usefulness and operability of its ecosystem. It aligns with Floki Inu's ongoing expansion for 2024, featuring ambitions for regulated digital banking accounts, NFTs, gaming, and various real-world applications.
With the forthcoming regulated digital banking accounts, users will be able to set up and fund banking operations using only FLOKI tokens. These accounts will accommodate SWIFT payments and SEPA IBANs, strategically targeting regions like Canada, Spain, Dominica, Australia, and the UAE.
Part of the plan is to blend Floki Inu into the Venus DeFi protocol. This integration will allow FLOKI holders to leverage their tokens as collateral in borrowing other assets like DAI, USDC, BNB, and ETH, bolstering their DeFi access.
