Home Crypto Fake alert! New projects pose as prominent brands to lure crypto investors

Fake alert! New projects pose as prominent brands to lure crypto investors

By
Jodi Moore
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9
Fake alert! New projects pose as prominent brands to lure crypto investors

Creating a new crypto project is dangerously easy: One needs to generate a token, pick a ticker, market it to the crypto community through coin information websites such as CoinMarketCap or CoinGecko, and then get it listed on decentralized exchanges or the thousands of new centralized crypto exchanges that will do almost anything for money.

Malicious entities can simply think of a catchy brand name or, better yet, grab a prominent brand, and sauce it with additional keywords that could make crypto beginners think it’s related to its legitimate counterpart. Because of this, the crypto market is full of tokens that have nothing to do with the name or brand they bring to mind.

We created a quick list of crypto projects that are unaffiliated with the prominent brands they resemble.

Mini Tesla

This project starts off its website with a Tesla car bouncing up and down carrying the Mini Tesla logo. Aiming at visitors who may be “tired of rug pulls and scam projects,” the Mini Tesla brand encourages people to buy its token on PancakeSwap. However, community members are frustrated with it and are calling it a scam.

Several Twitter users, including JaferiMo and KabakciNiyazi, are accusing the project of being a scam.

Moreover, while it aims to look similar to the legit electric vehicle manufacturer, there are no official announcements from Tesla’s official channels about being affiliated with this project.

Jurassic Token

Many people grew up loving the Jurassic Park movie series and the more recent Jurassic World movies. However, dinosaurs are not as fantastic when used by unaffiliated teams pretending to be a part of the franchise to score quick bucks.

With a website filled with dinosaurs and the same font as the famous films, Jurassic Token tries to lure users into buying its native digital asset. However, like with other projects within this list, there’s no indication that the project has ties with the original Jurassic Park and Jurassic World movie franchises.

MetaNFT Marketplace

The newly launched MetaNFT Marketplace project caught the crypto community’s attention by being featured on CoinMarketCap’s biggest 24-hour gainers. Using an infinity-sign logo and a website that captures tech conglomerate Meta’s branding, the project markets itself as a cross-chain nonfungible token (NFT) marketplace. However, apart from not having an announcement from Meta’s official platforms, it seems that some users are not convinced with the project.

In a Reddit thread created by MetaNFT that argues how its platform is “all about security,” user u/Pronoobing thinks otherwise. 

Source: Reddit

Related: Hodlers beware! New malware targets MetaMask and 40 other crypto wallets

Animoca Brands Metaverse token

One of the most significant recent cases of using prominent brands to offer unaffiliated scam tokens was when an ERC-20 token called Animoca Brands Metaverse was registered and pretended to be affiliated with the Hong Kong-based venture capitalist.

However, the official Animoca Brands firm responded swiftly and announced that it is not associated with the Ethereum-based token using its brand name.