CoinMarketCap (CMC) is the most widely used cryptocurrency information site, providing real-time updates on all information regarding prices, market capitalization, volumes, and exchanges. CMC, like most sites in the crypto industry, is no stranger to the belief of “Coin Market Cap scams.” While CMC is not a scam, scammers have and can utilize its user base and information.
What CoinMarketCap Really Is?
CoinMarketCap is not a broker or exchange. It is simply an aggregated and displayed due diligence of crypto-market data. A listing does not mean endorsement or legitimacy. This misperception is one of the main contributors to the rumors of the “Coin Market Cap scam.”
Why Coin Market Cap Scams Rumors Exist
- The Real Issue of Fraudulent Tokens – Some fraudulent projects or tokens may be found on CMC, which may mislead users into the belief that the site endorses those tokens.
- Ownership Issues – After Binance acquired CMC in 2020, there were raised questions surrounding transparency and the ranking structure. This was just an oversight, not proof of a scam.
- User Assumptions – For the most part, if a user sees a listing, they have the assumption that it is safe. CMC merely displays market data readily available to users.
Recent Warning: Fake Wallet Prompt Scam
CoinMarketCap issued a warning in 2023 after several users reported a false wallet prompt appearing on its platform. This malicious pop-up was intended to prompt the user to connect their wallet and steal from them. CMC confirmed that it “identified and removed” the malicious pop-up in short order.
While CMC itself had not been affected as a business, this incident indicates that scammers are looking for any way into users’ accounts. Through advertisement placement and vulnerability, CMC appeared to be getting attacked; however, CMC was quick in identifying a scam and removing it.
Key Lessons from This Incident
- Double-check wallet prompts before connecting.
- Use the official wallet website or app; don’t use pop-ups.
- Keep current with your browser and extensions to reduce exposure.
How Users Can Stay Safe
Practical Safety Measures
- Verify token contracts through block explorers.
- Check liquidity and whether tokens had to go through an audit before buying tokens.
- Do not use suspicious wallet prompts and pop-ups.
- Cross-reference information from multiple sources regarding the project.
Use Cybersecurity Support When Needed
If you think you may have clicked a fake wallet prompt (or worse, lost funds), then you need to act quickly. A local cyber helpline or cyber security helpline can follow your signs and give you useful instructions on how to suspend transactions, secure accounts, recover funds to a limited degree, and report fraud. You may also search “cyber security near me” to identify local people and organisations. It will also be prudent to write down a cyber security number from your local authority or service provider, which can help you get business in emergencies.
At BrokersReviewer.com, we encourage you to stay alert, stay informed, and act fast whenever you face suspicious online activity.
Conclusion
The term ‘CoinMarketCap scams’ can be confusing. CoinMarketCap is a data aggregator and, as such, not a scam. However, scams can come up around it, such as fake wallet prompts or even vice-versa tokens, which are listed on the site. Certainly, the platform has shown some effort to keep users safe by removing dubious activity quickly, but ultimately, investors should always take due diligence!
Make sure that you rely on up-to-date research, execute good behaviour when trading, and keep your cyber helpline on hand in case of emergencies.
For more updates, follow us on:
Leave a Reply