As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of shady dealings and fraudulent activities. The incident involving LBank and the DOGS token is yet another grim reminder that no corner of the financial world is immune to such malicious acts.
As a researcher delving into the realm of digital currencies, I’ve recently come across an unsettling event that has shaken the community. Specifically, it involves LBank – a prominent Chinese cryptocurrency exchange – which stands accused of listing and promoting a presumably fraudulent DOGS token.
A few days prior to the scheduled launch of the DOGS coin, LBank introduced a token with an identical name. Rather than an accidental mix-up, the exchange actively endorsed this counterfeit token, causing its value to skyrocket to $0.04. By doing so, they deceived unsuspecting investors into buying a token that had no connection to the DOGS project itself. This was an unscrupulous act.
In response to recent developments, the DOGS project team swiftly issued a declaration, labeling the transactions on LBank as fraudulent and disavowing any connection to the coin traded there. They emphasized that since their official DOGS coin has yet to be listed on any exchange, all trades conducted on LBank should be considered illegitimate.
Many individuals bought the fake cryptocurrency token due to their trust in LBank, unaware later on that they had been deceived. This incident acts as a stark warning about the potential dangers present within the crypto market, even when dealing with well-known trading platforms.
Moreover, LBank has disclosed that the DOGS token community is working together with them to organize an event in honor of the exchange’s ninth birthday. In this celebration, DOGS token owners on LBank will be entitled to a piece of the 100,000 USDT reward, distributed according to their holdings following the token’s launch.
However, this announcement was only found on the Twitter handle of the LBank but there is the official announcement from the DOGS.
Regardless of LBank’s actions, the authentic DOGS token is moving forward as planned towards its launch. The schedule includes exchange listings and Telegram Wallet availability by August 23, followed by non-custodial wallet claims starting from August 26. The Token Generation Event (TGE) and listing are set for 12 pm UTC on August 26.
LBank’s involvement in the fake DOGS token scam is a sobering reminder that even large exchanges can be complicit in fraudulent schemes. Investors must remain vigilant, conduct thorough research, and critically assess the legitimacy of token listings.
Read More
Sorry. No data so far.
2024-08-21 17:56