The crypto platform issues a warning about the fake BSC token

Prominent crypto research firm SoSoValue has warned about a fake token, SOSO, deployed on Binance Smart Chain (BSC).

The company clarified that it has not launched any official cryptocurrency and urged users to be careful to protect their assets.

Fraudsters use funding news to lure victims

SoSoValue’s warning came after on-chain analytics platform CoinSpeedrun flagged the fake contract, identified as 0xa484…5c8ac9, circulating on the BSC network.

It is the second warning the organization has issued in the past 48 hours after another alert on Saturday where it advised followers to be wary of suspicious X accounts spreading phishing links through posts that seek to sell their index protocol spot crypto, SoSoValue Indices (SSI). .

The company, which specializes in AI-powered investment research, recently announced that it had secured $15 million in Series A funding, increasing its valuation to $200 million. The round was co-led by existing shareholders HSG and SmallSpark, with the funds intended to drive the SSI product and protect the platform and its users from malicious actors.

It is news that one of the accounts accused of spreading the fake links shared at least two posts, one written in Polish and one in Japanese.

However, hidden within the genuine funding information was a fraudulent web address, ssi(dot)sosovalue(dot)bet, which apparently directed users to purchase SSI. Analysis of the site revealed that it was a phishing portal that would scam crypto users who clicked on it.

Increase in threats

This incident is the latest reminder of how bad actors are increasingly taking advantage of fake cryptocurrencies and counterfeiting schemes to exploit unsuspecting investors.

In December 2024, hackers took over Animoca Brands co-founder Yat Siu’s X account and used it to promote a fake testimonial on Pump.fun.

Also, in the same month, another crypto investor lost over $300,000 after trying to open a fake work meeting link. According to the individual, the web address was directly messaged to X and upon clicking it appeared non-functional, leading them to dismiss it as harmless. However, the URL secretly installed malware on the person’s system, compromising their digital wallets and bypassing cryptography.

Blockchain detective ZachXBT also previously revealed how criminals used phishing emails disguised as urgent messages from X about copyright infringement issues to gain control of high-profile accounts on the social media platform. They then used the accounts to promote fake Solana meme coins, with unwitting users losing up to $500,000 to the scheme.

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