Scam Alert: CoinMarketCap Warns Traders About Fake CMC Tokens

CoinMarketCap, one of the trusted cryptocurrency platforms, has warned traders and investors about a possible scam using the fake CMC Token. CoinMarketCap has confirmed that it does not own a specific cryptocurrency named“CMC-Token,” and any promotion using the name is confirmed to be fake or a scam. They believe that these fraudulent schemes aim to confuse and trick users with the recently launched CMC20 index token. CMC20 is a new, tradable crypto index token launched by CoinMarketCap in association with Reserve Protocol. CMC20 tracks the 20 largest cryptocurrencies by market cap, excluding stablecoins and wrapped tokens. 

CoinMarketCap specifically mentioned the name “CMC-Token” in their scam alert post. CoinMarketCap warned the traders and posted on X that it did not have a token or coin and that if they saw a promotion for CMC-tokens, it was a fake or scam.

CMC20 is an index token created by CoinMarketCap and powered by Reserve Protocol. The token is only meant to track the top 20 cryptocurrencies by market capitalization, and CoinMarketCap’s role is to be the index provider. Traders and investors should note that CoinMarketCap is only an index provider, not the token issuer. Crypto platform DiversiFi replied to CoinMarketCap’s scam alert and posted on X that it was an important reminder that data aggregators don’t issue coins and that if there was no official contract on their website, it should be assumed to be a scam. 

Multiple crypto-related pages and platforms are confirming that CMC does not have its own CMC Token or coin, and any impersonation could be fake. They all warn users to be cautious and aware of the situation. greenwhiteblack, a crypto learning platform, replied on X that CMC had never launched a token, so anything claiming to be CMC-related was guaranteed to be fake. They advised to always double-check contract sources before touching anything.   

CoinMarketCap has officially clarified that CMC20 is not a native CoinMarketCap token and any claims suggesting otherwise are false. What CoinMarketCap does in this collaboration is develop and maintain the index, meaning that it decides which cryptocurrencies are included in CMC20’s tracking list based on market cap rankings. According to the latest information, CoinMarketCap does not issue or own a crypto token itself like CMC20. The token is built and deployed by third-party collaborative partners using platforms such as Reserve on the BNB Chain.

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