CoinMarketCap, a popular website that offers data regarding the current prices, market capitalization, trading volume, and similar metrics, owned by Binance exchange, has addressed the global cryptocurrency community with a scam-alert today.
Warning from CoinMarketCap
Using its official X account, CoinMarketCap warned that there are fake CMC tokens might be circulating in the market at the moment. The CoinMarketCap team clearly stated that it does not have its own CMC-tokens or coins. If investors see a promotion for such crypto assets, those coins are definitely fake, scam and are not tied to CoinMarketCap but just trying to attract potential victims using the CMC brand name.
SCAM ALERT: CoinMarketCap does NOT have a Token/Coin. If you see a promotion for CMC-Tokens, it is a Fake/Scam!
— CoinMarketCap (@CoinMarketCap) March 19, 2025
This is a common type of scam in the crypto space when fraudsters launch fraudulent tokens. They impersonate organizations with high reputation and popularity level in the crypto space. Users are highly recommended to avoid falling for such scams – DYOR. This acronym is very popular within the crypto community and it means “do your own research” – this is what influencers and coin teams often recommend that users should do before investing in any new cryptocurrencies.
Binance steps in to save user from scammers
Two days ago, Binance boss Richard Teng published a post spotlighting a recent case in which the Binance team stepped in to help a scam victim. The case was not about investing in fraudulent tokens; it was about purchasing luxury home cinema systems using USDT, a cryptocurrency.
According to a proudly published article by Binance, an experienced crypto user failed to detect a scam on a forum he had used for many years. He then bought some equipment, paying for it with USDT. Since he had communicated with everyone on that forum for years and knew all the users, he transferred the whole amount to the seller. After the payments were received, the equipment was never sent to the payer.
Here is when the Binance team intervened. They traced the USDT on a Binance account, froze it, and returned it to the unfortunate buyer.
In the world of crypto, where people get scammed not only by mistakenly buying fake coins, crypto platforms often join forces to fight scammers and help their customers.
When recently, the Bybit exchange was hacked, other exchanges, including Binance, immediately lent millions in ETH to support Bybit with liquidity.
