Scam tokens generated nearly $3.7 million in trading volume on decentralized exchanges on the Base network.
Coinbase recently introduced “Base” to foster a community of developers dedicated to constructing decentralized features for its users. While Base is geared toward enhancing the exchange’s utility and encouraging greater customer engagement, this new blockchain attracted more than 500 fraudulent tokens in a relatively brief period.
generating an excessively large number of new coins through “minting” and subsequently selling them, causing the DEX pair to lose its Ether reserves, amounting to $300,000.Besides the existence of hundreds of scam coins, the researchers at Solidus observed “deceptively touted and traded” cryptocurrencies that made it to Base between mid-July and its public debut in August.
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