Odaily Planet Daily News Blockchain risk monitoring company Solidus Labs stated that from mid-July to August, developers have deployed more than 500 fraudulent tokens on the Coinbase Layer 2 chain BASE, such as BASEPEPE (BPEPE) and Baby Yoda (YODA). About 300 of these tokens allow their creators to mint infinitely, and another 60 tokens prevent buyers from reselling them on exchanges. The scam tokens traded around $3.7 million on the Base-based decentralized exchange, and the scammers made about $2 million in profit.
Solidus also said that in addition to the hundreds of scam coins, other “deceptively hyped and traded” cryptocurrencies also entered the Base network. The creator of the meme token Bald hyped the token on Twitter and jacked up its price on LeetSwap, earning more than $5.2 million. Solidus reminded that “the hype around the Base network is no exception, so please be cautious about tokens on this network.” (Bloomberg)