Coinbase's Incubated Base Blockchain Attracts Over 500 Scam Tokens: Report

Scam tokens generated nearly $3.7 million in trading volume on decentralized exchanges on the Base network.

Coinbase recently introduced “Base” to foster a community of developers dedicated to constructing decentralized features for its users. While Base is geared toward enhancing the exchange’s utility and encouraging greater customer engagement, this new blockchain attracted more than 500 fraudulent tokens in a relatively brief period.

generating an excessively large number of new coins through “minting” and subsequently selling them, causing the DEX pair to lose its Ether reserves, amounting to $300,000.Besides the existence of hundreds of scam coins, the researchers at Solidus observed “deceptively touted and traded” cryptocurrencies that made it to Base between mid-July and its public debut in August.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Crypto_Potato /  🏆 568. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Coinbase Exec: Seeing 'Mainstream Users Start to Come in' on Base BlockchainBase, the new Ethereum layer 2 blockchain built on OP Stack by the U.S. crypto exchange Coinbase, went live on Wednesday. Jesse Pollak, creator of Base and Coinbase's head of protocols, joins 'First Mover' to discuss the launch in the latest move that aims to bring mainstream awareness to the the on-chain economy. Plus, Pollak's outlook on DeFi and crypto regulation in the U.S.
Read more »

Coinbase Layer 2 BASE beats Arbitrum and Optimism in daily transactionsCompetition among Layer 2 networks intensified with the launch of Coinbase’s blockchain BASE. BASE opened its mainnet for all users on August 9. Since
Read more »

Court sides with government in Coinbase-backed suit over Tornado CashSeveral Coinbase employees filed suit last year to roll back the sanctions, with the crypto exchange financially backing the suit.
Read more »

Coinbase Will Suspend USDT, DAI and RAI Trading for Canadian UsersThe exchange expanded its services in Canada earlier this week.
Read more »

The 3 Things Coinbase Says Will Determine the Future of CryptoCEO Brian Armstrong has outlined ways for the industry to beat crypto winter, including a new lobbying group.
Read more »

| Coinbase Secures NFA Approval to Offer Crypto FuturesThe latest price moves in crypto markets in context for August 16, 2023.
Read more »