Crypto ranking platform CoinMarketCap has sent a warning to the crypto community. The advisory remains timely following an increase in impersonation schemes and fake token launches intended to exploit the popularity of major crypto brands.
In a recent tweet, the CoinMarketCap X account issued a scam alert to the crypto community, saying it doesn’t have a token or coin. It further added that any CMC token promotion is likely to be fake or a scam.
“Scam Alert: CoinMarketCap does NOT have a Token/Coin. If you see a promotion for CMC-Tokens, it is a Fake/Scam,” the tweet reads.
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The warning remains essential to prevent users from falling for fraudulent promotions circulating online. Scammers create unofficial tokens leveraging popular tokens or names in an attempt to trick investors with the ultimate aim of stealing their funds.
Warnings issued
In recent times, there has been an increase across the crypto market in scams involving fake exchange tokens, impersonation websites and social media promotions promising early access or special investment opportunities. These often target unsuspecting users as well as inexperienced traders and investors.
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In this light, CoinMarketCap reiterates that any token claiming to be from CoinMarketCap or using “CMC” branding should be treated as fraudulent. This is because it does not have an official token.
In a separate tweet, CoinMarketCap warns of bad actors seeking to impersonate its members. It urges crypto holders never to be too trusting and to always verify sources. Likewise, any call claiming to be from CoinMarketCap should be taken as fraudulent, as it will never call users.
“Beware of scammers trying to impersonate CoinMarketCap members. CMC does NOT have a phone-number and we will never call you. When in doubt, always contact CMC-CS for verification,” CoinMarketCap wrote.
CoinMarketCap has not launched any cryptocurrency, nor will it call users, according to its recent scam warnings to the crypto community.