Crypto Platform Issues Warning Over Fake BSC Token

Distinguished crypto analysis agency SoSoValue has warned a couple of bogus token, SOSO, deployed on the Binance Good Chain (BSC).

The corporate clarified that it had not launched any official cryptocurrency and urged customers to stay cautious to guard their belongings.

Scammers Use Funding Information to Lure Victims

SoSoValue’s warning got here after on-chain analytics platform CoinSpeedrun flagged the faux contract, recognized as 0xa484…5c8ac9, which is circulating on the BSC community.

It’s the second warning the group has issued within the final 48 hours after one other alert on Saturday the place it suggested followers to be cautious of suspicious accounts on X spreading phishing hyperlinks utilizing posts purporting to promote its spot crypto index protocol, SoSoValue Indices (SSI).

The corporate, which makes a speciality of AI-driven funding analysis, lately announced that it had secured $15 million in Sequence A funding, pushing its worth to $200 million. The spherical was co-led by present shareholders HSG and SmallSpark, with the funds earmarked for enhancing the SSI product and defending the platform and its customers from malicious actors.

It’s this information that one of many accounts accused of spreading the phony hyperlinks shared in no less than two posts, one written in Polish and one other in Japanese.

Nevertheless, hidden inside the real details about the funding was a fraudulent net deal with, ssi[dot]sosovalue[dot]wager, ostensibly directing customers to purchase SSI. Evaluation of the location revealed it to be a phishing portal that might rip-off crypto customers who clicked on it.

Rising Threats

This incident is the newest reminder of how unhealthy actors are more and more leveraging bogus cryptocurrencies and spoofing schemes to take advantage of unsuspecting traders.

In December 2024, hackers took over the X account of Animoca Manufacturers co-founder Yat Siu and used it to advertise a faux token on Pump.enjoyable.

Additionally, in the identical month, one other crypto investor lost greater than $300,000 after attempting to open a sham work assembly hyperlink. In accordance with the person, the online deal with was straight messaged to them on X, and upon clicking on it, it appeared non-functional, main them to dismiss it as innocent. Nevertheless, the URL secretly put in malware onto the particular person’s system, compromising their digital wallets and siphoning crypto.

Blockchain detective ZachXBT additionally beforehand revealed how criminals used phishing emails disguised as pressing messages from X relating to copyright infringement points to achieve management of high-profile accounts on the social media platform. They then utilized the accounts to advertise faux Solana meme cash, with unwitting customers reportedly dropping as a lot as $500,000 by way of the scheme.