More than 500 scam tokens have reportedly been deployed by developers on Base, the new blockchain launched by crypto exchange Coinbase.
These efforts have resulted in scammers pocketing around $2 million, Bloomberg reported Wednesday (Aug. 16), citing figures from New York-based crypto market integrity platform Solidus Labs.
Coinbase did not immediately reply to PYMNTS’ request for comment.
A company spokesperson told Bloomberg: “We encourage consumers to do their research diligently before participating in any dapp [decentralized application], on Base or any other chain, just as they would on the open internet.”