Counterfeit Cryptocurrencies on Ethereum: A Growing Threat

Identification and Characterization of Counterfeit Tokens

In a groundbreaking study, researchers have uncovered the alarming presence of 2,117 counterfeit ERC-20 tokens on the Ethereum blockchain. These malicious tokens mimic the appearance and functionality of popular cryptocurrencies, targeting unsuspecting investors.

Impact and Prevalence

The study reveals that these counterfeit tokens have a significant impact on the Ethereum ecosystem. They target 94 of the 100 most popular cryptocurrencies, posing a serious threat to investors' trust and the stability of the blockchain.

The researchers have meticulously analyzed over 190,000 tokens and identified a range of fraudulent behaviors, including token creation, manipulation of trading activity, and misleading advertising campaigns.