Crucial Scam Warning Issued by CoinMarketCap

Prominent crypto data website owned by Binance, CoinMarketCap, has published a warning on its X page, spreading the word about a new scam targeting the crypto community.

No native token run by CoinMarketCap

In a recently published tweet, CoinMarketCap stated that there is no native coin/token launched and run by this crypto data platform. The tweet warns that should crypto users see an advert or any subtle promotion for such a coin, it is definitely a scam and they should not fall for it.

The warning comes during the bull run in the crypto market, which is a typical time for crypto scammers to become more active than usual – they are targeting both experienced and especially new users who have joined the crypto space recently. The latter view crypto as a field to make a quick buck in; therefore, they are particularly vulnerable to fraudulent activities and scams on social media.

According to a Chainalysis report published in 2023, at that time, the number of illicit crypto transactions surpassed a whopping $14 billion; those scammers often used impersonation tactics when they targeted platforms like CoinMarketCap.

SHIB team publishes DAO scam warning

Overall, many crypto scam warnings are usually published on the X platform. One of those came out earlier this week as the Shiba Inu team issued one of those. It was published by the SHIB team’s marketing lead, Lucie, who warned the SHIB army to beware of DAO (decentralized autonomous organization) scams.

Lucie warned developers to be careful with DAOs, since “in the past, Web3 has seen bad actors repeatedly take control of them.”