Coinbase vs. Scam Coins | Coinbase Blockchain Network Falls Victim To Over 500 Scam Coins |

In a shocking revelation, Coinbase's new layer 2 blockchain, Base, has fallen victim to a relentless influx of over 500 scam tokens, sending shockwaves through the crypto community. Solidus Labs, a New York-based crypto watchdog, has unveiled a staggering $2 million in earnings made by scammers exploiting these fraudulent coins. But that's not all – amidst the chaos, a surprising NFT debut took place on Base.

Coca-Cola, an unexpected player in the crypto space, made its grand entrance with the launch of its inaugural NFT collection on August 13. This collection, presented during the Onchain Summer event, boasts iconic pieces such as Edvard Munch's "The Scream" and Johannes Vermeer's "Girl with a Pearl Earring." While Base grapples with a wave of scams, it continues to forge major partnerships, demonstrating its resilience and potential.

The scam coin saga began when Bloomberg reported that more than 500 scam tokens infiltrated Base's network, exploiting vulnerabilities from mid-July to August 9, just before the main net went live. Among these scam tokens were BASEPEPE (BPEPE) and Baby Yoda (YODA), enabling creators to mint an endless supply of coins, thereby influencing market value. Sadly, unsuspecting Base users were lured into these scams, with 60 tokens proving impossible to resell.

As the investigation deepened, it was uncovered that certain tokens harbored 70 smart contracts with concealed transaction fee modifiers, further magnifying the impact. Astonishingly, the scammers raised $3.7 million through exchanges supporting Base, pocketing $2 million from purchases totaling $2.7 million, sales amounting to $700,000, and wash sales reaching $300,000.

Security experts at Solidus Labs issued a stern warning about the tactics employed by scam token creators, capitalizing on hype, promises, and manipulation of price and volume. This caution is particularly relevant in the case of Base, where heightened excitement serves as fertile ground for such activities. Blockchain analysis leader, Chainalysis, echoed these sentiments, revealing that public blockchains often fall victim to token scams, with 24% of the 40,521 tokens introduced last year participating in severe pump-and-dump schemes.

Despite the disheartening prevalence of scam tokens, Base continues to defy the odds by welcoming significant partnerships, including the landmark collaboration with Coca-Cola. As the crypto community grapples with this alarming revelation, it is evident that the journey toward a secure and trustworthy crypto ecosystem is one that demands constant vigilance and collaboration. Join us as we delve into the intricate web of Coinbase's battle against scam coins and explore the unforeseen triumphs amidst the turmoil.

Coinbase vs. Scam Coins | Coinbase Blockchain Network Falls Victim To Over 500 Scam Coins
Coinbase
Coinbase News
Coinbase News Today
Coinbase vs. Scam Coins
Coinbase Blockchain Network Falls Victim To Over 500 Scam Coins
Coinbase Scam Alert
Coinbase Under Siege
Coinbase Fraud Epidemic
Coinbase on the Brink
crypto mash
crypto mash news
crypto mash news today
Crypto Mash Podcast
English
Crypto Podcast
Podcast
crypto
crypto news
crypto news today
cryptocurrency
cryptocurrency news
cryptocurrency news today

Telegram Channel Link: https://t.me/CryptoMashNews

Disclaimer – We make videos to educate people, so if you decide to invest after watching our video, we will not be liable for any profit or loss encountered by you in the process.
DISCLAIMER:
"Copyright Disclaimer under Section 107 of the copyright act 1976, allowance is made for fair use for purposes such as criticism, comment, news reporting, scholarship, and research. Fair use is permitted by a copyright statute that might otherwise be infringing.
==================================
#CoinbaseScamAlert #CryptoFraud #BlockchainVulnerabilities #cryptopodcast #podcast