The fake altcoin appeared on the PancakeSwap decentralized exchange after the original coin was listed on Binance. Losses of traders on buying a token amounted to $ 24 thousand.
Unidentified persons created a fake version of the Beta Finance token, which at 15:00 Moscow time began trading on the centralized crypto exchange Binance and rose sharply by more than 6500%. A fake token appeared on the PancakeSwap decentralized crypto exchange.
Also, unknown persons carried out a spam attack on the official Telegram channel of the Beta Finance project, during which they sent out the address of a “fake” smart contract. Users who bought tokens under this contract cannot sell them.
When trying to get rid of the token, the trading platform gives an error. According to the DEXTools service, as of 16:30 Moscow time, the trading volume of a counterfeit copy of the Beta Finance token exceeded $ 24,000. Based on the fact that the counterfeit token cannot be sold, traders purchased them for $ 24,000. At the moment, the real Beta token is traded on PancakeSwap Finance.
Beta Finance is a cryptocurrency trading platform that allows clients to issue loans in digital assets. The key feature of the site is that users can issue loans not only in large cryptocurrencies, but also in little-known tokens.